Self Employed-What You Need to Know 6080 Tax Preparation 2023-2024
Channel: Accounting Instruction, Help, & How To
Date: 2024-04-09

Self Employed-What You Need to Know
Tax Preparation 2023-2024
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5z5yILFZbmY3xGO-B6sCKQ
Quizlet Course: https://quizlet.com/join/ryFQgpkBD

0:00 Setting the context: Income tax for the year 2023-2024
0:36 Income tax formula mirroring Form 1040
3:16 Business Income Reporting
3:39 Questions for Self-Employed Individuals
5:53 Key Considerations for Self-Employment Tax
9:53 Tax Year, Accounting Methods, and Reporting
12:35 Reporting Business Income and Deductible Expenses
16:00 Handling Business Losses and Taxpayer Rights
19:32 Business Meal Expenses

"Welcome to our comprehensive guide on income tax for the year 2023-2024! In this video, we delve into the intricate details of the income tax formula, mirroring the Form 1040, and understanding business income reporting. We explore the essential questions every self-employed individual should know, along with key considerations for self-employment tax. Learn about tax years, accounting methods, and proper reporting practices. Discover how to report business income and deductible expenses effectively, and understand the nuances of handling business losses and taxpayer rights. We also cover business meal expenses and provide encouragement for self-employed individuals to seek professional guidance. Join us as we navigate through the complexities of income tax and empower you with valuable insights for managing your finances."