Hello, welcome to the first video for the accounting spreadsheet. So, when you go into your spreadsheet, you'll see one sole proprietor income statement. That's for if you have not formed a business and you're just working for yourself. Maybe you got a 1099, you can use this spreadsheet. If you're an LLC and you've created an LLC, be sure to watch at least watch the video that goes into more depth on this spreadsheet so that you understand it. Because it's how you should be keeping your records for next year. Here we have the spreadsheet. Now, I'm gonna show you how you can expand this spreadsheet as much as you need. So, to get started, I wanted to keep it small so that I could talk about it in one place. So first of all, you can just go through your bank account, which is what I typically recommend, or all of your accounts at the same time, and start with January and go into all of them and enter the income amounts. And if you keep track and you want to put in every little detail, like every customer or every service, you can add lines here. But make sure you add them above this bottom line, and then it will stay in the calculation. So for example, you click right here on 11, and then you hold down and drag that. Or I double click and I go insert 4 above. Always do above because it will stay in the calculation. You won't need to reset it. So, you can expand this as much as you need. The way you enter your income in here, you can do it whatever makes sense. You know this year has gone by, so I recommend updating this spreadsheet as...
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Self employment income and expenses Form: What You Should Know
Tax Form 940 — If your self-employment income exceeds 50,000 (123,000 if a married filing jointly). (Self-employment income can include wages, self-employment investment income, interest, dividends, and capital gains) Tax-exempt organization — An organization that is exempt from federal taxes. Tax information sheet and Form 990 — General information in connection with IRS tax requirements. Forms and Publications on Self-Employment — IRS. Form 990 — IRS Form 990 is a summary of your self-employed income and net operating loss for the year. Tax Schedules and Worksheets — IRS. Form 1040-ES — Internal Revenue Service form for employees who use certain self-employment tax forms. Form 1040EZ (Individual Retirement Arrangements) — IRS form for small business owners who have a Roth IRA. Other Forms — IRS. Other Income and Expenses for the Self-Employed — IRS. The following forms should not be needed: Forms 1040, 1040A, 1040EZ, 1045, 1040A — Self-Employed. Forms 941 — Non-Self-Employed income. Publications and Forms for the Self-Employed — IRS. Form 941 — Non-Self-Employed Income For tax year 2014, the Self-Employment Tax Act of 2013, Pub. 503, has come into effect and replaced earlier Self-Employment Tax Acts. Form 941 — Non-Self-Employed Income For tax year 2015, Form 941 is no longer used for the determination of self-employment tax. Instead, Form 940 will be used. If no Form 941 is necessary, please complete section K-1 for all your self-employment income. Section J-7 — Schedule K-1 (For the tax year ending in December) Income from Other Sources — Section J-1 (For the tax year ending in December) Self-employed individuals have an unlimited amount in the following types of income: Qualified dividends from a business. Qualified profits (other than small business, family-owned, or cooperative business), and Qualified investment income. There are two types of investment income: (1) capital gain, (2) interest. Capital gain is income from the sale of property. Interest is income from loans made to you.
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Video instructions and help with filling out and completing Self employment income and expenses form
