William O'Connor
Member
its my ambition to have youtube as a career, I never thought about taxes.
Understanding Taxes for Self-Employed YouTubers
- Thread starter Kleineganz
- Start date
smoothhuntress
Well-Known Member
Wow, you sure did your research, thanks for posting!
I've done a lot of research about these taxes and would like to know if I have the right idea...
Alright, so before my videos can be set up for monitization I have to fill out a W9 which is to give my employer my TIN. Given that I receive more that 600$ in a year I need to fill out a W4 to set to the IRS and to my employer, and I should expect to receive a 1099-MISC in the mail from my employer, not a W2 because I wouldn't be considered an employee of YouTube. This 1099-MISC would already be filled out my employer, and it isn't for me to fill out. Lastly, I should not be receiving the cover page of the 1099-MISC which is the 1096-MISC because that is only to be received by the IRS.
Did I get this right? Also, I still need to learn about the 1040, can anyone give me information concerning that? Thanks! =)
Alright, so before my videos can be set up for monitization I have to fill out a W9 which is to give my employer my TIN. Given that I receive more that 600$ in a year I need to fill out a W4 to set to the IRS and to my employer, and I should expect to receive a 1099-MISC in the mail from my employer, not a W2 because I wouldn't be considered an employee of YouTube. This 1099-MISC would already be filled out my employer, and it isn't for me to fill out. Lastly, I should not be receiving the cover page of the 1099-MISC which is the 1096-MISC because that is only to be received by the IRS.
Did I get this right? Also, I still need to learn about the 1040, can anyone give me information concerning that? Thanks! =)
Kleineganz
Opinionated Vlogger and Gamer
Sorry I never saw an alert about this question ... you will not need to fill out a W4 ever for self-employed work. W4 is *only* if you are hired as an employee. So all you need is a W9, and you'll receive a 1099-Misc if you earn $600 or more in a calendar year. You use the information on the 1099-Misc to fill out your annual tax return.
It's understood. Thank you for the information.
If I understand correctly, I use the information on the 1099-MISC to fill out the 1040 form; right?
Kleineganz
Opinionated Vlogger and Gamer
Yeah, although I can't say I've done it myself. I have an accountant that helps me do my taxes (most of my 1099 income comes from my business, not YouTube).
Alright, thank you for your help! I'll continue to look for more information on taxes; again, thanks for your help!
After doing a lot of research, I had another question.
Do you know if your accountant fills out Schedule C or C-EZ, D, and/or SE for you YouTube related work. I wasn't sure if those needed to be filled out.