IRS Schedule C, examples of potential abuses (don't do this!)

Описание: The "Gig Economy" is catching on! A big reason unemployment is lower in 2019 is that people are earning income as 1099 contractors, not employees. However, this puts an obligation on the earner to understand the tax laws, and in particular how to keep track of expenses, how to keep track of income, and how to apply those expenses to that income for the purpose of determining taxation.

This specific video is part of a playList related to an episode of "The Profit", where a company owner (Matt) is very openly admits to mis-use of tax principles, including (likely, we can't tell), completely blowing off Schedule C altogether. But we include it in our IRS Schedule C playList also.

Unfortunately, many people neglect this. Its the type of tedious, mind-numbing task that people avoid, or put last on their priorities. Don't put the IRS last.

Next, an important distinction: nobody is saying "the IRS is your friend". However, viewers should be aware, the IRS is trying to help us. The IRS does not want to tax us on earnings that should be non-taxable. But that requires we properly document what we earned, first, and then how much of that earned income should be taxed.

We made this video because, again, like this entire YouTube channel, this is a topic people find dull and uninteresting. Like patents, people typically do not find Schedule C issues interesting. Well, we try to find a way to make them interesting.