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Video instructions and help with filling out and completing Fill Form 944 Pr Proprietorship

Instructions and Help about Fill Form 944 Pr Proprietorship

Hey guys welcome on into today's video where we're gonna be filling out a schedule CEZ form 1040 this is gonna be the net profit from a business for a sole proprietorship now if you're not a sole proprietor and you're a partnership or a joint venture then generally you have to fill out a form 1065 I've also made an example video of how to fill out that particular form it's a bit more complicated I'll link it down in the video description for those that are looking for that particular form example but for today's a schedule CEZ form 1040 example we're gonna be doing it for a business who's going to be making a youtube video so they're a YouTube content creator pretty topical here considering I'm gonna be uploading this to YouTube but even if you're not a YouTube creator you have other form of sole proprietorship that you're running and making an income from for your business you should also be able to apply what I talked about in this video to that as well so to fill out the schedule CEZ instead of the regular Schedule C you have to have had business expenses of 5,000 or less use cash method of accounting instead of accrual accounting and for most of you that are just running a sole proprietorship small business particularly out of your home you're probably not going to be using accrual method of accounting just you're getting cash in and cash is going out you're not doing accounts receivable and all that other more complicated stuff depreciation all that kind of stuff so moving on here did not have an inventory at any time during the year did not have a net loss from your business had only one business as either a sole proprietor qualified a joint venture or statutory employee had no employees during the year do not deduct expenses for business use of your home so just quickly had no employees that doesn't count if you let's say you hired out contract work that doesn't count as an employee so if you hired out some extra contract work don't worry about that that doesn't count as an employee and then of course use of your home you're not deducting that then you're good to go here do not have a prior year uh nalaut a severity losses from this business and are not required to file a Form 4562 for depreciation amortization for the business so if all of these apply to you and you can check off all those boxes then you're going to be able to fill out this very simple Schedule C easy but if one of these applies to you then you're gonna have to go ahead and fill out the Schedule C so working our way through here right at the top name of the proprietor that's where you're gonna type your name the person whose sole proprietorship this is and then their social security number we're just gonna make one up here alright moving on down here to Part A principal business or profession including product or service so like I said we're gonna be doing an example here for a YouTube creator and their principal product is going to be videos all right now we're gonna enter the business code and you can look this up on Google for whatever you do maybe you're having a lawn mowing service or you know it could be a number of things thousands of different things but for a YouTube creator the code that you're gonna want to use is five one six one one zero and like I said it's gonna be a different code depending on what business you're in so be sure to look that up on Google they'll have a lot of helpful information for you there now moving on down here a lot of this stuff on the rest of this forum you're probably not gonna have to fill out especially for someone who's a YouTube content creator so business name if you don't have a business name as part of what you're doing then you can leave this blank and also if you have an employee identification number if you don't have that you can leave that blank as well but if you do have a registered business name with an employee identification number of course fill out those respective boxes and then Part II is basically just your business address but if it's the same address that's on just your regular tax form page one so your home address then you're not gonna have to fill that out as well and if you're creating YouTube content you're probably working out of your home so more than likely you're not gonna have to be filling out part II here either alright moving on down here to F did you make any payments in 2022 that would require you to vile forms 1099 now basically there's about ten different things that you could do where you need to fill out a form 1099 a couple of examples would be hiring out contract work that was over six hundred dollars or maybe you had attorneys fees there's ten different things I'll link it down in the video description so you can look at all those different things that you might need to fill out a form 1099 form but most of you probably aren't going to have to fill out those particular forms especially for a youtube creator so just check no in that instance if you do need to fill out a form 1099 maybe you hired out some contract work or something like that and you click yes here then you're gonna have to click yes in G because it basically says if yes in Section F will you file the required forms 1099 if you clicked yes in F then you should absolutely click it in.

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