Self-Employed: LLC Taxes and Schedule C Basics

Are you a self-employed entrepreneur? Do you get a 1099, own a Single Member LLC, and file a Schedule C tax return? This video post covers the critical self-employed tax basics to keep you in good graces of the IRS.

Offers for Entrepreneurs
🔥Sell a Business: https://pinewoodadvisors.com/
💳AMEX Platinum Business http://refer.amex.us/CHADP1XYH?XLINK=...
💵 Get Payroll with Gusto ($300 Bonus!): https://gusto.com/r/chad2248

My Social Media Channels
😊Instagram:   / chadcpatax  
🔥TikTok:   / chadcpatax  

You will have to file a “Schedule C” with your individual tax return. What is a Schedule C?

WAIT! Here’s How Taxes Work

You only pay tax on your business’s net income
You pay TWO types of taxes as a self-employed
Income Tax (on your profits)
Self-Employment Taxes (15.3% of ALL profits)
You do NOT pay additional taxes on distributions
You SHOULD pay estimated taxes (each quarter)
You file ONE tax return per YEAR (Schedule C, on your 1040)