How to Save for Taxes Self Employed - 1099 Money Management

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How to save for taxes self employed - in this video I share a few of the best practices that have helped myself and many other 1099, solopreneurs, and self employed individuals about how to save for your taxes. Self employment can be quite challenging, but if you are able to create systems and habits that help you to operate your self employed business efficiently then I believe you will have a more desirable outcome.

Step 1 - Segregate your cash flows - personal expenses should be transacted with your personal checking account & personal credit card / charge card. Business expenses should be transacted with a different account. This will help you when it comes to updating your Profit & Loss Statement & when doing your self employed tax return.

Step 2 - Create, update, & monitor your Profit & Loss Statement. Revenue up top, expenses down below, don't forget to allocate money for taxes.

*I forgot to mention this in the video, but I typed it on the screen in post production....after I review my Profit & Loss statement I then transfer my own monthly estimated tax payment into my completely separate TAX account.

Hope you found a nugget or two in this one. Cheers!
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Music: Epidemic Sound - I Wanna Go Down (Instrumental Version)
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ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.

My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.

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DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

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