Hello to everyone in the Million Dollar Community! As always, I hope this message finds you all doing well and that business is booming!
As promised, the below image is a copy of the 1099 from my highest earning contractor in my broker business. Obviously, if he's making money, you know I'm making money.
I know, I know, someone is going to say something smart like "why don't you feature your lowest earning contractor?" Well, that's because we have some contractors who started with us late in the year, some who work a full-time job elsewhere and only work with us part-time, so our contractor earnings range from a few thousand dollars all the up to the below contractor.
What's important to point out and underscore is you'll notice there's NOTHING for the Federal income tax withholding, the State tax withholding, State income withholding, etc. Why? Because these are 1099 contractors, and the CONTRACTOR is responsible for all withholdings and filings!
I've mentioned it before in previous videos, you want to have some component of your business model to be that of 1099 contractors - where you don't carry the overhead burden/responsibilities, yet you "earn a piece of the pie." Your broker business doesn't need to be the same as mine via YouAreTheBroker.com, but you definitely want some type of 1099 component.
We're in the middle of storm and things are crazy, but I have a very sneaky suspicion there's going to be many of us who absolutely crush it in 2022. As the saying goes, "Enjoy the show!"
See you at the Top!
Joel E. Davis
https://us-ms.gr-cdn.com/getresponse-MN/photos/8e8cbd36-36a8-4425-b0c4-3b44d05f2342.png
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