In this video I set the stage to be ready for 2023 Tax Returns & 2024 Tax Filing Season. This video covers gathering information necessary to prepare your tax return. Issuing and receiving Form 1099 NEC. How do deal with Form 1099 K. How to reconcile revenue for Small Business taxpayers. Estimated tax payments.

00:00 Introduction
01:39 Business Income Information Gathering
03:18 Schedule C Revenue Forms 1099-NEC, 1099-MISC and 1099-K
05:01 Entering Schedule C Information in Turbo Tax
09:08 Product Returns | Cost of Goods Sold
10:02 Payments to Independent Contractors (1099-NEC, W-2, W-3)
12:14 Business Deductions (Schedule C Expenses)
13:02 Vehicle Expenses (Deduct Business Mileage)
13:19 Home Office Deduction (Simplified Method)
13:46 Beneficial Ownership Information (FinCEN Reporting)
14:17 Schedule E Rental Property (Rental Real Estate)
14:58 Personal Income & Deduction (Information Gathering)
16:14 Roth IRA Conversions (Traditional vs Roth IRA)
17:34 How Does Your Tax Information Get Into Form 1040
18:39 Business Revenue (Third Party Payment Processors)
22:38 Example 1 - Revenue Reconciliation (PayPal 1099-K)
26:18 Discrepancies Between Books & Tax Forms
35:55 How To Deal With Revenue Discrepancies Using TurboTax
40:50 Exceptions To Filing Form 1099-NEC per IRS
43:25 Flow Charts For Paying Vendors Cash | Check | Credit Card
46:40 How To Stop Filing 1099-NEC In Your Small Business
51:21 What Is Reported on 1099-K
55:44 Excluding Personal Transactions in Turbo Tax
1:00:06 How To Create Tax Return Supporting Workpapers
1:01:32 Classifying Revenue & Expense Items
1:09:51 Preparing Tax Support In Case You Get Audited
1:15:29 What If You Don't Get A 1099-K
1:16:57 Safe Harbor Rules for Estimated Tax Payments
1:22:28 Estimated Tax Payment Calculator
1:29:23 Estimated Tax Payments For State Taxes

Personal Tax Planning Template Available Here:
https://numbercrunchnerds.systeme.io/...

** 2024 Tax Planning **
Roth IRA Conversion Video Series
- Part 4:    • Roth IRA Conversion (Part 4) 2024 Tax...  
- Part 3:    • Roth IRA Conversion (Part 3) | 2024 T...  
- Part 2:    • Roth IRA Conversion (Part 2) | 2024 T...  
- Part 1:    • Roth IRA Conversion | 2024 Tax Planni...  

#deductions #smallbusiness #2023 #taxes2023