Ernest Jones

THIS ACCOUNT IS NO LONGER ACTIVE; Find me elsewhere

CPA, CFE, I do taxes

Any advice (tax, investing, anything) is considered general and not specific to you

[Ernest Jones @WarbNull]

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)

[Ernest Jones @WarbNull]

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

[Ernest Jones @WarbNull]

@JStaatsCPA Please and thank you

[Ernest Jones @WarbNull]

@JStaatsCPA Matches my quick calculator the dollar.

[Ernest Jones @WarbNull]

@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

[Ernest Jones @WarbNull]

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

[Ernest Jones @WarbNull]

@renee @iFooYa @hanner also TRUE and REAL

[Ernest Jones @WarbNull]

@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

[Ernest Jones @WarbNull]

@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

[Ernest Jones @WarbNull]

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

[Ernest Jones @WarbNull]

@J0CCH Already did it

[Ernest Jones @WarbNull]

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

[Ernest Jones @WarbNull]

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

[Ernest Jones @WarbNull]

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.

https://t.co/9U3LA3wfNK

[Ernest Jones @WarbNull]

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)

[Ernest Jones @WarbNull]

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