Good morning YouTube okay it is Friday almost noon so I'm here to work on my tax return so I know in my last video I have mentioned quite a lot of different things but I just want to share with you some information and some updates the first update I want to give is about this coming weekend now we know a st. Patrick's Day today wait a minute I'm so happy to wear what is this green eyelid meant to wear as I just drew this on so but anyways for all those Irish drivers happy st. Patrick's Day let's go with you let the cond know you know that's corny so anyways so after spending all night up staying up till about 3:30 ish in the morning working on my website and just going online looking at YouTube videos and everything else then I also came across some information this morning about strife now strife is the company that I guess not just uber but a lot of these ride sharing companies somehow I know that this company offers different products and services now they offer stride health which basically allows you to buy health insurance which I did not buy because I don't know what the what's gonna have to with Obamacare and personally I'm not gonna buy insurance and paid $300 or whatever the case may be and then turn around if something was to change no one can't guarantee me that I mean does that mean I get my money back so I'm not gonna sit there and buy money paid for something and I don't know what you know it's gonna happen regarding what the Congress is gonna do but the legislations gonna do about that you know you buy insurance at Obamacare...
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Who needs 1099-K Form: What You Should Know
Number of Payments that an Individual Received by Dec 22, 2018, a Single Entrant The Revenue Service requires each payment settlement entity to send a Form 1099 to its owners and the Internal Revenue Service. When you receive a Form 1099-K — the IRS knows who received your money. When the tax information is reported on the IRS Form 1099-K, the income received by the company will be calculated on the income tax return of that company's owners. How the IRS Calculates Income Received The IRS calculates taxable income the same way every business must report taxable income, regardless of your business's size. The IRS uses the following method to determine your taxable income. This is not to be confused with the IRS income method used in many cases by employers. In these situations, however, the IRS has an additional option to calculate taxable income for small- or medium-sized businesses. If the income is more than 75,000.00 in one year, or 200,000.00 in two or more years—a business is considered a Small Business —that amount is added to Schedule C, Part I of the individual's federal tax return. The business' self-employment tax, Social Security and Medicare tax, and any other tax due will be added to that amount. The business then reports the additional income on its federal tax return. The IRS has provided another way for businesses to calculate income that is different from the way listed above. It is a complicated way that may not apply in your situation, but a form is available for businesses who need a way to determine income. For businesses with over 75,000.00 of taxable income from a single or multiple income sources in a single year—the Business Income Method is the method of calculation for all income from all sources. The business only has to report taxable income for income received in that year. The business only reports its tax on the tax it actually paid, not on any income already reported on the business return. What are the IRS Form 1099-K Reports For? The IRS allows you to report the income it receives from payments settled between you and the settlement entity in a specific form on your 1099, Form 1099-K. How to Report on Your Copy of the IRS Form 1099–K | IRS If you are receiving payments from the settlement entity, report the amount you earn each time you receive a payment on the 1099-K.
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