What's up, everybody welcome back to the channel, so today's video is going to be about American Express they are sending out 1099 miscellaneous forms. I'm gon na get into the video, explain to you what they are, not a good stuff, so make sure you like share and subscribe. If you like my content, we talked about travel credit and not to put those two together, so you can get free or treat free or a cheap travel, and also you know how to build, maintain and you know, rebuild credit scores. So let's get right into the video alright, so everybody knows how much.

I truly appreciate the things that American Express does as far as signup bonuses, especially Amex Platinum Card in my school car, and I recently just got my first American Express business credit card. So if you guys want to see that unboxing, you want to see with the credit card, I have make sure you comment that below and also hey guys. Yes guess what I'm business card I got. So, let's get right into the video, the video, so this right here is what we call a 1099 miscellaneous form.

Okay, I'm going to show you guys also make sure I have everything blurred out alright, so this is a 10. I mean that miscellaneous form right here, as you can see right here, it says 550. This is just one of them. So what this is a lot of companies do this.

So, for example, if you do any, maybe it's considered a miscellaneous so like other income, so not like you have a business or something like a Schedule C or anything like that and that's taxes. Okay, so I'm just worried about the 1099 miscellaneous form, because that's what I got in the mail and it's for other income, other income that you might have done - that's the uber lift door, typically like a independent type of contractor, or something like that, and that's pretty Much what it is is other income and it's typically over $ 600 within a count of the year. So, from January 1st, to the last day of December, then, if you make over 600 hours when let's say lyft or uber or Dora or whatever you do, or even American Express they're going to report that to the IRS. So that's what that's what happened here now? This didn't happen to me last year.

I suppose videos of this happening to other youtubers last year and 2019 was with a big year for me. As far as my channel - and I appreciate everybody, we really took off really took off with also referral bonuses, but with great power comes a responsibility right of having to pay the man who does none of the work, but once always your profit, that's just what it Is I hate it, but it is with this. So let me just so. These are all from referral bonuses.

So let me make that clear. These are not signup bonuses. If you get a signup bonus, you will not get a 1099 in the mail and I believe don't quote me because I am NOT an accountant of any sort or financial advisor of any sort. But if it's under 600 I do not believe it's reported.

But again, do not quote me: don't take this no courts. This is just me giving my personal opinions on what I believe I do know, but don't take it as any 100 percent legal advice. Alright. So let me just go over the forms here, because I got a bunch of them, so here's the funny part.

I had an appointment with my accountant tomorrow. Actually no I'm sorry today, but I did not go. I had to reschedule, because I wasn't feeling too well and thank goodness I did reschedule because of I did not. I would probably have an IRS sent me a letter like hey.

Why did you not report this income on your taxes? I got about four more of these ten million Latta forms from American Express. So yesterday I got one in a mill for $ 200 and I was like oh okay. Only 200 bucks, I'm good! That's this one right here, only $ 200! I'm good like I got! I don't even tell you how many, how much money I think I've earned as far as referral bonuses I have about six or seven American Express cards, and all of them were maxed out as far as the capacity of the bonuses that you can get. Okay, cool $ 200 I'll pay that because I definitely got way more than $ 20 worth and then today I opened up my mail and I get a bunch more and this this envelope was thick and I'm like sheesh, okay, go somewhere.

Tenets are miscellaneous forms, so 200 there's the first one. I had another 200 today, that's 400, then I had a 450 that's 850 and then I had a 550. So you guys can do the math. It's almost about two thousand dollars worth of income.

That is reported to the IRS I'd say it may be like seventeen eighteen dollars just rounding it up or put it to the IRS that I have to now pay taxes on, and I made this income from referral bonuses last year, which I truly appreciate. All you guys so just keep in mind if you guys are doing referral bonuses again, I'm not a tax professional, but I believe if you stay under six hundred hours, you should be fine. So yes get your referral bonuses in do what you got to do. Get those points the good part about this? Is you know if I am paying $ 700? You know it looks like they're only doing one cent per point.

I probably got double that in points as far as members of Warplanes, because typically you get two cents per per per dollar to cents per two points per dollar right. So if you know they charge me a thousand dollars, but I got $ 2,000 worth of income from it or a membership or points I'll, happily pay a thousand bucks. We kind of you know I gained two thousand, then they took a thousand. I profited a thousand bucks and that makes sense so I'll gladly do this any time if you guys have received it.

I know some of our other youtubers have received it like Duane from how to build credit. Tv has gotten some. I know. Seve has definitely received some shifu has received some points, pointers, I'm sure received some wise flies, I'm sure - and maybe I'm not gon na - put anything anybody's mouth, but maybe you know these.

These youtubers would get a lot of you know. Referral bonuses we're all going through it right now, so if you guys are consider us on your YouTube channel or you guys have a youtube channel, keep this in mind. Put some of this money aside. So when tax time comes, you have this money ready to go, because the people who don't do any of the work want our money, but they don't do any of the work.

That's just how it is alright. So, but if you guys wanted to support the channel, you can click the referral link in the description of this video is my referral link. It helps the channel out. It helps me, take these trips blog for you guys.

My blog is coming soon when I was in Mexico from two weeks ago. That is coming up this week, alright, but if you guys want to support my channel, make sure you apply for any American Express cards that you want with the for. A link also gives you an increase to sign a bonus. It does not cost you anything and it gives you an increase on my bonus and it supports my channel.

That's my video for today make sure you like share and subscribe I'll talk to another video. Take care.