1099 Tax Benefits Explained

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

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Are you a business owner or real estate professional?
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As a 1099 Contractor you are a BUSINESS OWNER.

Therefore, you have much more tax codes to leverage than a W-2 employee.

As a contractor you need to make sure that you are providing proof of purchase and something that shows that it is/was being used for business purposes.

That may be a lot of work, but by doing this you are able to write-off business expenses up to 100%!
(This next year business meals will be 100% deductible, save your receipts!)

For more tax tips check out my channel and follow me on social media @karltondennis

#forbes #business #entrepreneur #taxsaving #goals #motivated #tax

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

Karlton Dennis

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Hey Karlton can you please do a video on taxes for owning a business and working a 9-5?

Ardley

Man the information you provided is invaluable! So I’m a day trader that trade the foreign exchange market. But I trade through a Prop firm that issues you a 1099 at then end of the year. Now I wasn’t sure if it would be best to apply to the firm under an LLC or just my own name. I would LOVE if you made a video on this subject for the self employed in the Trading space! Thank your for your content! 🙏🏼

donmarquez

Karlton, I just found your channel 2 days ago! I love your videos! I have learned so much! I was wondering if you could talk about married couples where one is a 1099 income earner and the other is a W2 earner. I am active duty military and my wife is 1099. Thank you for all the helpful information you have put out!

deanholstein

Great content. I’ve been in business 12 years and I wish someone would have share this quality of info with me in the beginning

lisaamos

Great video, you’re a natural teacher. I know it’s similar, but a video specifically on “Kit or Equipment Rental” for those who earn both W-2 income, and perhaps an additional 10% as 1099 “Kit Rental” would be much appreciated.

peteransel

Hi brother. it seems like you love what you're doing more then getting paid. Great personality by the way. Just start a construction business .great information. That i really needed to hear thanks bro 🙏 💯

lorenzodickson

I saw you on another channel, and you had great info. I subscribed because I'm new to 1099 income and I don't know where to start.

CAPITAL_KB

Thanks for the quality content!!! Love your work and appreciate the knowledge that you are sharing!!! I've been subscribed and liking the videos. Keep up the great work!!!

vivekpatel