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Help! I Just Got a 1099 - What Is It and What Do I Do Now?
Season 7 Episode 18
Are you feeling overwhelmed by tax obligations as a freelancer? This episode dives into the concerns of Angie's journey as a new freelance graphic designer facing the anxiety of tax responsibilities, particularly after receiving multiple 1099 forms. Ralph Estep Jr. offers practical advice on managing finances, including how to handle deductions, the importance of setting aside money for taxes, and the value of seeking professional help. The discussion also clarifies the crucial differences between tax credits and deductions, explaining why a tax credit is generally far more beneficial than a deduction. Tune in for insights that align financial decision-making with biblical principles, ensuring you're not only compliant but also finding peace of mind in your financial journey—especially if you just got a 1099.
Check out the full podcast episode here
Podcast Timestamps:
00:00 Episode Overview
01:45 Bible Verse
02:26 Gratitude Statement
03:16 Listener’s Question
06:40 Practical Steps for Freelancers
15:08 Listener’s Question #2
16:28 Single Parent Tax Benefits
23:25 Action Steps for Custody and Tax Documentation
25:32 Listener’s Question #3
26:24 Tax Credits vs. Tax Deductions: Understanding the Difference
27:16 Tax Credits: The Heavyweight Champions
28:22 Tax Deductions: Discounts on Taxable Income
31:34 Strategic Tax Planning: Credits and Deductions
34:37 Saggio Management Group: Your Financial Ally
38:18 Closing Thoughts
Takeaways:
- Managing finances involves both practical steps and spiritual integrity, as discussed by Ralph.
- Freelancers must understand their tax obligations, including the importance of 1099 forms.
- It's crucial to differentiate between tax credits and deductions, as they impact savings.
- Setting aside 25 to 35% of income for taxes can prevent financial stress later.
- Organizing financial documents and receipts is key to successful tax preparation.
- Seeking professional help for tax issues can provide peace of mind and clarity.
Links referenced in this episode:
- askralphpodcast.com/taxprep
- Ask Ralph Insiders Community https://mailchi.mp/askralph.com/group
- Ask Ralph Show Live https://askralphpodcast.com/live
- What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
- Join our email list and get a free copy of “Mastering Your Finances” at https://askralph.com/
Companies mentioned in this episode:
- QuickBooks
- Intuit
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Published on 11 months ago