yo yo yo CPA strength here back again with another video this is like 200 days
in a row or something I don't even know I'm in my happy place I woke up super
tired this is good this videos gonna be out at like an hour or something so yeah
we're running behind but like don't my super happy place we're gonna hit 37
thousand subscribers today probably so if you want to be a part of that hit
subscribe you'll be a part of that 37 thousand what a blessing so please
subscribe also please you're gonna cookie if you subscribe to if you like
you get good luck for us to your life you think the little leprechaun guy and
getting his gold I'm in the middle of January now yeah I don't even know the
date I just know it's January sometime and I need to get my ne get my stuff
together because it's almost tax season and this is is what I does I was
basically going over something very similar this last night with a client
longtime friend etc etc smart people pay me for this information so hey I'm gonna
pass it on and teach teach everybody if they want to listen you know start off
with your name Social Security and address when you start a job before you
get it first before you get any first monies that would be smart to do you're
either gonna fill out a w-4 rw9 w-4 is if you're an employee w9 is if you're an
independent contractor but basically both are saying both you give them your
name your social security number and your address and these would be a w-4 w9
these just stay in the office or whoever is paying you the money it just stays in
their records yeah so basically you're just filling that out this one saying
well there's no taxes taking out and this one is saying hey it's giving you
some questions like are you mayor how many withholdings do you want
because I over here are trying to figure out how much vision we're trying to
figure out how many federal withholdings to take out so you end up with a little
bit of a refund at the end of the year but we're here they're not taking
anything out of the w9 all right we've gone over that enough both places
whether you're an employee or an independent contractor right you're
working we be working dog both places you working over here you're supposed to
show up at a certain time use their stuff over here and independent
contractor w9 land you're your kind of your own guy you come as you go you have
your own tools etc etc' didn't know we're down to here we're down to here on
our January 31st you got to send them in the mail whoever's paying you that money
should be sending you in the mail or giving you either either a w-2 or 1099
no you're not the same thing not even close really well I guess I guess kind
of close it's how much money I guess they are close how much what do you made
during the year w2 is gonna have taxes out because you're an employer you
filled out a w-4 1099 is not gonna have any taxes taken out because you're an
independent contractor or your own boss the w9 side you're gonna get a w-2 and
you get a 1099 by January 31st also you get a copy and IRS gets a copy you go to
w2 and IRS gets a w-2 you get a 1099 IRS gets a 1099 so they're gonna be
expecting so they're gonna be expecting you to report that you can't just put it
under your pillow I've done that doesn't work and much one eased out I was like
wha I'm gonna get over yeah I didn't get over on nuttin I lost money
they got over mommy January 31st you got either a w-2 or 1099 depending on if you
filled out a w-4 or a w9 right I put here the w-2 is gonna have taxes taken
out tax is taking out Social Security Medicare aka FICA and federal
withholding so you have federal holding back a dog for another thing you
probably are gonna get it you're probably gonna get a refund over here
you might get a refund or there's a good chance over here in 1099 land no taxes
taking out no Social Security no Medicare no federal holdings so most
probably you're gonna get you're gonna owe money most probably no taxes taken
out you're gonna owe money yeah that's over here in 1099 land so yeah you've
got either a w-2 or 1099 now you're gonna take both of these and you're
gonna fill out you're gonna take that you're gonna take your copy of IRS as a
copy so they're waiting by April 15th it's not actually I don't know if it's
ever been April 15 since I've been tax preparer say April 16 17 18 it's like
the days there's a patriot day or something April 15 Phil you have a w-2
or 1099 you're gonna file a personal tax return with whether you got w-2 or 1099
you might have even both you might you might have more you know some people
have both maybe you're filing jointly maybe you have a w-2 and your wife has
the 1099 or something like that that happens
everybody's different there's no there's 200 million people in the US and there's
300 million different you know different tax situations so this is trying to just
basic and of course I can ramble on and I could I could talk for eight hours on
this probably whether you have a w-2 or a 10-9 you
know and you're gonna you're gonna do a ten file a 1040 with both of these and
that's a personal tax return you start working you sued you do it w4r w9w for
would be if you're employed of nine if you're an independent contractor January
31st if you fill out w-4 you would get a w-2 in the middle by your by your
employer January 31st you follow w9 you get a 1099 by your contractor I guess
it's not only your employer but the person who gave you money
both you and IRS get a copy of your w-2 and 1099 ten nine nine nine nine nine
nine nine nine so they're waiting they're waiting we're waiting for you
taxes taken out w2 so you might get a refund no taxes taken out 1099 so you
probably will owe exceptions to everything of course April 15th
thereabouts you're gonna file you're gonna take your go to - you're gonna
take your 1099 and you're gonna file a personal tax return which is a 1040 both
of these guys personal tax return so you figure out how much how much you owe the
government you get any back you owe more all that good stuff I'm in my happy
place I gotta get going because I gotta edit upload title tag description answer
comments all this stuff I love this YouTube way too much I am way too happy
right now it's the first thing I think about when I wake up so why would I stop
anyways until tomorrow we're doing a move on so I forgot last Lots less talk
about anyways until tomorrow deuces