Ernest Jones

Someone just told me they got their Twitch 1099s. Time for general tax advice for all US based new media creators. Yes, you need to file if you have at least $400 in NET self-employment earnings (non W-2). But, here's the trick - the IRS doesn't know your expenses (1/14)

@YourLocalTaxGuy Naw, just run it down. It'll be fine.

The. Returns. Are. Not. Ready. Until. You. Tell. Us. What. The. Rules. For. The. Returns. Are. 🙃

@JStaatsCPA Please and thank you

Ok it's here! We worked with the 14 leading cloud practice management systems for <$10M accounting firms 14 products 200+ features 8 feature categories 0 sponsors The report's available today, it's a better way to pick the best PM for your firm The report is organized into three sections: A heatmap summary of the functionality each product is most invested in Dedicated pages for all 14 products, a comparison to the most similar products, notable features they have & lack, and comments from the company on who they're best for + what they're building next And a massive data grid of over 200 features across 8 feature groups, and their support by all 14 products A few examples of the questions this report answers, that we frustratingly stumble into by accident: Workflow Management: Subtasks? 1 level deep? 2? 3!? Dependency tasks? Recurrence? Weekly? Days of the week? Days of the month? Block creation of next recurrence? File Management: Folders, subfolders or tags? Templates? Enforce folder template structures? Share files via link? Share with non-clients? Email: Does it associate emails with clients or contacts? Can I send & receive emails direct from the PM? Can I create tasks from emails? Client Portal: Can I assign tasks to clients? Does it include invoicing? Project statuses? Scheduling? Can clients log in via magic link, password, 2FA, MFA? Contact Management: Can I tag and/or custom field my clients? Can I view, sort, filter & multi-filter by tags/fields? Are contacts separate from clients? Time & Billing: Can I associate time to a client, task and/or work code? Can I start a timer? Multiple timers? Associate WIP to an invoice & sync to QBO? Run a realization report by client, staff or task? Pricing: Can I get a trial? Do I have to get on a call to see it? Do they not share their pricing publicly? Support: Can I get onshore support? Can I pick up the phone and call someone? Is there built-in chat support? I hope it saves you a pile time working through a stressful, loveless process Reply & I'll DM you a copy, no strings attached, no spam etc I just need the engagement bc 6 people worked really hard for the last 2 mos to put this together 😅

@JStaatsCPA Matches my quick calculator the dollar.

Somebody mind running the numbers on this GPT-4 generated federal extension estimate?

@Watte_Tv @HRBlock The 1099-MISC covers royalties. Because you actively are streaming that should be reported on Schedule C. You report that income and all other platform income on Schedule C and any expenses related to earning that income would offset it Look at my pinned tweet for more info

@LucidFoxx Got a panel today and a few other commitments so need to stay con adjacent

@WarbNull Come to the zoo Ernest 👀

@renee @iFooYa @hanner also TRUE and REAL

@WarbNull @iFooYa @hanner no I think it's nature emotionally abusing us

@thetattooadvisr @galenhdec Correct and the reason using flesh is relevant is there is unique nuance as it relates to packing ink and spacing that a canvas cannot replicate

@WarbNull @galenhdec That makes sense. So a receipt for consulting rather than a receipt for a tattoo.

#TaxTwitter Tattoo artist client asked a question If they get a tattoo by another artist with the intent to learn something in the process (new style, different way to shade, etc), could that be an educational expense? They’re essentially the canvas in the “seminar”

@TreborrayTTV If you got one it would be under statements > tax documents Keep in mind you have to have 20k AND 200 transactions for 2021 for it to be issued

Twitch creators - You'll be getting two tax documents for 2020 1099-MISC with royalty income for subs/ad share 1099-NEC for your bit income If Twitch payouts go into PayPal, you won't receive the 1099-NEC Always cross check your tax documents with what you've been paid

@J0CCH Already did it

@WarbNull you won't

@Bloody @STPeach Yeah, not in SoCal. But DMs open and willing to answer any questions

@STPeach @WarbNull is awesome! Works remotely I think? but I still highly recommend ^_^

Anyone know a good accountant for the streamer industry in SoCal area? Really appreciate any help, thanks!

Want to save on taxes? These are simple things you can do File your taxes timely Make sure to report all your income Maximize your expenses Look at saving in a tax advantaged way (401k, HSA, SEP, etc) Explore your legal need for an LLC and if you can benefit from tax structure

Remember if you are actively creating content and you receive royalty income that it should be reported on Schedule C, NOT Schedule E.

Welp, it is January which means tax season is upon us once more. I reviewed my thread from last year and it's still pretty accurate because tax changes tend to be slow moving but there are a few new things to discuss. twitter.com/WarbNull/statu…