Show Notes | December 19, 2019 | Episode 011
Let’s Talk Taxes
Understanding taxes is a foreign concept to most of us. Host Kimber sat down with taxation expert Brandyn Cox from BMC Accounting LLC to discuss 1099 contractors, W2 employees, the Military Spouse Residency Relief Act, and so much more! Brandyn dives into understanding the difference between a W2 wage employee and a 1099 Independent Contractor as well as what you need to know about the two when it comes to filing your taxes.
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As virtual positions begin to grow, so many of us have questions about what it means to work in a virtual workspace.
What does it mean to work remotely? Will I have to commute to an office? What is the difference between a 1099 contract and a W2 position?
Quite frankly, these questions will scare you out of the opportunity to work in a virtual environment if you don’t have the resources that can properly answer your questions. Today’s episode will provide helpful insight on what it means to be a W2 employee, 1099 Independent Contractor, and most importantly the tools needed to help you prepare for filing.
VirtForce founder and podcast host Kimber sat down to talk with Army veteran and amazing accounting professional Brandyn Cox of BMC Accounting LLC, to talk all things taxes. Don’t worry, we made sure to leave out all of the things that make you cringe when you hear taxes. Instead we are talking Military Spouse Residency Relief Act, an exciting educational master class available to our VirtForce members, LLC versus S-Corporation for your business, and so much more.
Brandyn was a military police officer in the U.S. Army before he developed an interest in accounting.In 2017 BMC Accounting LLC was born. Brandyn wanted to focus on convenience, value, and affordability for small business owners, not knowing this would turn into a national business with clients in 40 states.
Since 2017, Brandyn has helped countless service members and milspouses with tax preparation and has taught them how they can be better prepared moving forward. In this episode, Brandyn talks about how to avoid tax penalties, W2 vs 1099 Independent Contractor, rental properties, and how they can be a good thing for your taxes. Now, I’m sure you’re wondering what all of this means and how does it affect you when it’s time to file taxes.
One topic that is really important to everyone, but more specifically the milSpouses and veteran community, is understanding the difference between a W2 employee and a 1099 Independent Contractor position. When a company lists a position, they’ve already decided if it will be a W2 or 1099 position. You don’t get to choose which type of position you want. A W2 wage employee has their taxes automatically deducted from their checks each pay period to include social security and medicare. A 1099 independent contractor is responsible for taking out at least 20% to cover Social Security, Medicare and to protect against tax penalties.
Brandyn shared so much helpful information with us during this podcast and wants to dive deeper in explaining taxes for Independent Contractors and Businesses. If you are interested in working from home, becoming an Independent Contractor or starting a business listen and subscribe now!