No but i have a question i need answered desperately. When people say Business Write offs and things you can deduct etc. my question is what makes you a Buisness? Like do you need to register somewhere or something like how would anyone know im a “Buisness” per say? Im so confused on that. I want to get into Real Estate flipping and the sorts but I want to benefit from being a “Buisness”. Help me please 🙏🏻
Never heard about “Essential” before. Great information! As a real estate investor, will fly out of town (or even a country) for scouting properties be qualified for a business trip as well? No actual transactions or purchase, just for evaluating and inspecting.
1. Good Personal Credit 2. Proper Tradelines (not piggy back) 3. 3 to 5 personal credit cards (that report to all bureaus) 4. Start business (properly structured) 5. Get business credit cards 6. After 2 years minimum qualify for funding 7. Research which banks 7.
Thanks for distinguishing between domestic and international travel! Someone else’s video mentioned 90 minutes a day of business meetings and another said 4 hrs a day. 😳 any validity to either of these?
This is great info! What if your business is a travel yt channel that makes money? For example, you fly to Disney World, take video of your room, the resort and all of your meals. You post the video on yt and make money from adsense. Thanks!
Thank you so much. I'm on my way to Martha's Vineyard for a Quarterly meeting. Do I need to have clients to write these off expenses or can I take a quarterly meeting alone and write off all my expenses as you mentioned? Thank you.
@@LYFEAccounting I live in Honolulu but I have investment properties on Hawaii Island that I need to check on. I just learned a lot from this video and realized how much I haven’t been doing as write offs. Better late than never I guess. Aloha 🤙🏼
@@LYFEAccounting yes relative to reviewing products (like testing new car performance parts), hotels / Airbnb when traveling, vlogging sport game (tickect cost yourself and those that went), food vlogs where you pay for the food including for those that are in the video with you, reviewing clothes like the latest Jordan’s or yeezys you wear afterwards.
Thank you for dropping this video! I would like to start my CZcams channel. I'm also a pageant titleholder. Could I get a tax write off for any expenses in preparation for the competition while documenting it on CZcams? 😊❤️
I am going on a business cruise which leaves on Monday. However, I am arriving a day early which is Sunday to ensure that I do not miss the boat. Would I still be able to deduct my hotel stay on Sunday?
Hey, question for you. I heard somewhere you need to have company business plan or rules to claim something like a cruise. Do you have a video that talks about that?
For international travel if you’re gone for 16 days including travel days and you work the day you get there and the day before you leave so 4 days including the 2 travel days. Can the 12 days in between be written off?
Does this apply for single member LLCs? Does it need to be taxed a certain way (like S-Corp status) to take advantage of these business travel expenses?
Hi! Just a few questions. I’m planning a business trip in the US. When do I write off the trip? At the end of the year? How do you write them off, through the irs? Thanks!
You guys give decent explanations of tax law but package it in a line blurring way. It makes me nervous for your viewers. Describing it as writing off your vacation already implies business was a second purpose.
Thanks Mary. Not sure we implied a secondary purpose but made the following extremely clear in the video: "trips planned with the intention of pleasure are not deductible but trips with the intention of business that happened to include pleasure are deductible." Step 2 touches on this in length.
So does this also apply to real state investors traveling internationally? Not a real state professionals mind you, but investors. Let's say I travel to Mexico to check on a rental property and/or to look for more property to invest into, are the meals also deducted 50% for international travel? Thanks!
My wife is an ig influencer. So if we go on a cruise (6days/5nights)outside the US 2 days would be travel, leaving 4 days, as long as we spend one day working. The entire trip is a write off?
Yes. Going to that destination to conduct work needs to be ordinary and necessary - there needs to be a business purpose. You can conduct a zoom call at home so traveling to take one would be a stretch and likely not considered necessary.
![How to Write a Business Plan [Powerful Step by Step Approach]](/img/n.gif)
Have a vacation planned? Let us know in the comments!
Yes I definitely need Lyfe Accounting as my Cpa!
No but i have a question i need answered desperately. When people say Business Write offs and things you can deduct etc. my question is what makes you a Buisness? Like do you need to register somewhere or something like how would anyone know im a “Buisness” per say? Im so confused on that. I want to get into Real Estate flipping and the sorts but I want to benefit from being a “Buisness”. Help me please 🙏🏻
Never heard about “Essential” before. Great information! As a real estate investor, will fly out of town (or even a country) for scouting properties be qualified for a business trip as well? No actual transactions or purchase, just for evaluating and inspecting.
Hey Night, go ahead and watch our video on Sole Proprietor vs LLC vs S Corp. That should give you insight on the different business entities.
Chuck, if traveling is necessary and ordinary for your industry to conduct business & you follow the IRS rules, then it is deductible.
This is easily the BEST accounting channel on YT. Thank you many times over for all the free information you provide!
Thanks A P. Happy we can help. 😁
I like the smile in your eyes when explaining how insane these loopholes are. GOOD LOOKING OUT.
Always excited to save on taxes! Thanks for watching.
1. Good Personal Credit
2. Proper Tradelines (not piggy back)
3. 3 to 5 personal credit cards (that report to all bureaus)
4. Start business (properly structured)
5. Get business credit cards
6. After 2 years minimum qualify for funding
7. Research which banks
7.
Dropping knowledge bombs 💣 with every video!! Keep it up y’all!
Thanks Kevin. More bombs on the way! 💣
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Totally doing this and doing a video on my channel for my travel vlogs.
Love it! Shout us out when you do 🤞🏽
@@LYFEAccounting I totally will!! no doubt about that! keep up the good work :)
LUV It... Going to watch again to make sure I didn't miss anything
Thanks for distinguishing between domestic and international travel! Someone else’s video mentioned 90 minutes a day of business meetings and another said 4 hrs a day. 😳 any validity to either of these?
Great info.
Glad it was helpful!
I do telehealth. What if I decide to work on my vacation seeing patients does this count as a business write off? And If so how?
This is great info! What if your business is a travel yt channel that makes money? For example, you fly to Disney World, take video of your room, the resort and all of your meals. You post the video on yt and make money from adsense. Thanks!
Thank you so much. I'm on my way to Martha's Vineyard for a Quarterly meeting. Do I need to have clients to write these off expenses or can I take a quarterly meeting alone and write off all my expenses as you mentioned? Thank you.
Gratitude 👁
Informative, details, examples, & useful...Thank you!
Crazy how this video shows up as the same time I’m thinking about my business trip🤓
Right on time! Where are you headed?
@@LYFEAccounting I live in Honolulu but I have investment properties on Hawaii Island that I need to check on. I just learned a lot from this video and realized how much I haven’t been doing as write offs. Better late than never I guess. Aloha 🤙🏼
Thank you so much, can you do something specifically to ppll who are trying to CZcams as a business.
Do you want to see what can be written off as a CZcamsr?
@@LYFEAccounting yes relative to reviewing products (like testing new car performance parts), hotels / Airbnb when traveling, vlogging sport game (tickect cost yourself and those that went), food vlogs where you pay for the food including for those that are in the video with you, reviewing clothes like the latest Jordan’s or yeezys you wear afterwards.
Thank you for dropping this video! I would like to start my CZcams channel. I'm also a pageant titleholder. Could I get a tax write off for any expenses in preparation for the competition while documenting it on CZcams? 😊❤️
Content creation, research, familiarization, experiment and epxeriential are legitimate.
Dropping some gems. Thank you
Thank you for the Video. Helpful
Glad it was helpful! Planning a vacation soon?
Always great information
Thanks for supporting the channel!
Thank you, very informative.
Glad you enjoyed it!
What about an RV for lodging
Wed 10PM flight to arrive in Argentina 9AM Thursday. Does that mean that Thursday is considered a travel day? I can write off Thur - Mon ?
One of the best videos I have seen on writeoffs. Question. In biz travel expenses, does IRS care whether you traveled in Economy or Biz class?
Not this guy but in my experience, no they do not differentiate
Love this guy!!!
❤️
Nice video
Another great video! (what on earth is a "Rotator"?!?)
Thanks for watching! A rotator is typically someone who works in the gas and oil industry.
@@LYFEAccounting Oh right; thanks for that
I am going on a business cruise which leaves on Monday. However, I am arriving a day early which is Sunday to ensure that I do not miss the boat. Would I still be able to deduct my hotel stay on Sunday?
How do you prove you did business there?
An itinerary planned and documented before hand helps. Also documentation or confirmations from wherever you did business is a good idea.
Hey, question for you. I heard somewhere you need to have company business plan or rules to claim something like a cruise. Do you have a video that talks about that?
how timely :)
Do you have business travel coming up?
Can you write off travel expenses if you are going to another state to apply for a job?
For international travel if you’re gone for 16 days including travel days and you work the day you get there and the day before you leave so 4 days including the 2 travel days. Can the 12 days in between be written off?
I heard if you work 4 hours you can deduct the Tripp too
That’s true
🔥🔥🔥🔥
Does this apply for single member LLCs? Does it need to be taxed a certain way (like S-Corp status) to take advantage of these business travel expenses?
This applies to every entity type, including a sole proprietorship.
@@LYFEAccounting much appreciate the reply. Cheers 👍
Anytime! Thanks for supporting the channel. 😃
What can you deduct for an Airbnb that holds 10 people and your going to look at a potential 2nd location to open a business ?
Hi! Just a few questions. I’m planning a business trip in the US. When do I write off the trip? At the end of the year? How do you write them off, through the irs? Thanks!
End of the year with all of your other business taxes. Save all your receipts from airfare, hotel, foods, etc.
What if you take the wife and kids
That is explained in the video at the 7:54 mark.
You guys give decent explanations of tax law but package it in a line blurring way. It makes me nervous for your viewers. Describing it as writing off your vacation already implies business was a second purpose.
Thanks Mary. Not sure we implied a secondary purpose but made the following extremely clear in the video: "trips planned with the intention of pleasure are not deductible but trips with the intention of business that happened to include pleasure are deductible." Step 2 touches on this in length.
Can your start on a Wednesday and come back on a Sunday?
How did you learn all of this? Accounting?....
Reading/Researching/Studying/Experience/Career/Etc
So does this also apply to real state investors traveling internationally? Not a real state professionals mind you, but investors. Let's say I travel to Mexico to check on a rental property and/or to look for more property to invest into, are the meals also deducted 50% for international travel? Thanks!
My exact question and scenario. Answer: Yes! It does apply.
My wife is an ig influencer. So if we go on a cruise (6days/5nights)outside the US 2 days would be travel, leaving 4 days, as long as we spend one day working. The entire trip is a write off?
Does it matter how business is conducted. Like work at the destination via zoom?
Yes. Going to that destination to conduct work needs to be ordinary and necessary - there needs to be a business purpose. You can conduct a zoom call at home so traveling to take one would be a stretch and likely not considered necessary.
Blog about climate change and disasters on the planet🌎 welcome to the CZcams channel 🔥
That moment your travel plans actually turn into moving overseas on a business visa, oh well...
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