How To Turn Your 9-5 Into A Tax Write-Off (2022)
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- Äas pĆidĂĄn 7. 11. 2021
- *Learn how to get MORE money back on your taxes: bit.ly/3wjkmJs
Today, Michel Valbrun, certified public accountant, is at The Table! He's teaching us how to take advantage of the tax code so we can save more money on taxes using tax write offs (legally and ethically). Because none of us would look good in an orange jumpsuit. đ
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Hey, fam! Iâm Anthony. Iâm fired up about meeting you where you are in a real, relevant, and relatable way. Here on this CZcams channel, weâll be having honest conversations about finding our authentic selves by living life based on spiritual, financial, and mental freedom. At the age of 19-homeless and deep in debt-I turned my life around by becoming debt-free, and I decided to spend the rest of my life helping people avoid the same money mistakes I made. Today, by the grace of God, thatâs what Iâm doing every day with AO Enterprise. You can rock with me on Instagram @AnthonyONeal or online at anthonyoneal.com.
Disclaimer: Some of these links are affiliate links, which means I may get a commission if you purchase. However, none of the fees of these resources have been increased to compensate me. In fact, many of the creators have given me special discounts that I get to extend to you!
I am not a black person but I am also a minority asian female, an immigrant from a 3rd world country, 1st in the family to go to college, and I want to express how much I value everything your channel by imparting us with your wealth knowledge and wisdom.
I am an accountant pursuing my CPA and I had found it difficult to have a black woman to look up to in my industry. I can definitely relate to Shenaya's life story and she is just such an inspiration. I aspire to do the same for my mom in a couple of years.
Oh So Luxe, it's mobile car detailing
but girl... keep with it. when you break into this industry, you have a whole community who will want to do business with you because you look like them. you know the struggle. let your adversity wax your work ethic and may it exemplify your skills. I can't wait to hear about your progress or even better, success
@@cascadingdelirium3918 thank you for the best wishes ! I am currently working at a big 4 firm and look forward to growing in the industry đ
Please consider joining your local NABA Chapter to connect with more like minded accountants. It's a great resource to empower you as you finish CPA.
Congrats, look into CFP that's planners special Inc ESTATE planning, legacy building, ASSet Protection and more. Even if you don't do Learn, connect to those that do there are a few BP experts out here. Also look into S.E.C. securities exchange for raising funds/Syndication in CREI commerical REAL ESTATE investing... Those circles will at least keep you connected to gov and higher level investors. Indi Ohio đ€216 CONGRATS again
Money canât buy happiness but it solves most human concerns.
Wow, what an amazing young female professional, giving back to her mom and others. I donât know her and Iâm so proud of her.
My business, Budget Pearl's: targeting women in 50's, 60's, and all. How budgeting is freedom. I started late to the table, but it is so freeing. To be debt free ( except for my home) and have money for needs and some wants.
So needed
Name of my company I want to start is Zurita Income tax. Iâm going to be a tax preparer, and I want to specifically focus on the Spanish speaking community. I am a first generation Mexican American and Iâm tired of seeing my people getting taken advantage just because they donât speak english. Great podcast today. Never disappoints AO.
Yes go All out for lifting up and Elevating The Culture! Excellent đ
Can't wait for your laying podcast!!!
They're gonna love you. Connect with movers and shakers in your community and national, Inc Mexico people know people. Don't stop at CPA if you know you don't have folks see CFP planners are out here... Taxes but also ESTATE planning, legacy building, ASSet PROTECTION, ect. And look for ones who INVEST.... They're smarter
I always feel full after listening to your podcast. This right here is a 5 course meal. So many gems. Thanks AOđđœ
FactsđŻ
This corporate structure and tax strategy was, in my opinion, the key element missing from your previous âThink Like a Millionaireâ episode. These elements are the gateway to really learning how to create wealth. Great episode AO!!
This episode is đ„đ„đ„đ„đ„. I am at my 9-5 taking notes. My business is notary public. They are goals. I want to be a beast like this in my field. God created us for excellence in whatever we do. Yessss! I'm hyped with intention and execution.
I'm write behind you Inga, with the NOTARY thing -- just getting started. Actually, it's one of the streams of comes I'm currently lining up! You're ahead of the class gettin' in it now. Get Knowledge. Use Knowledge. Be Knowledge. All the best to you and your endeavors QUEEN.
I JUST finished my notary commission exam as a way to earn extra income, now have to pay the fee and then for the stamp/seal. I haven't watched this yet, but plan to. Good work ladies!
This has blown my mind. I have learned so much from this episode. They made this so tangible and understandable!!!!
Watching while at my 9-5 đ
đ
...watching while at 9 - 5!! đđđ€Łđđ
You are so authentic here AO. I'm so glad you are still here and helping people of color. Wow! This whole episode was powerful! I felt it to my core! Thank you! đ đ
Not even 20 minutes in yet and this was just what I needed. Thank you. Now let me continue watching.
Iâll be graduating this coming December with a degree in Accounting and this was by far my favorite episode. I wish I could reach one of them for mentorship.
can i connect with yu i wanna complete school this
There's folks out here, I'm not even an accountant. If you look you will find! Lots of good CFP, ASSet PROTECTION, ESTATE planning, legacy building, tax savings you got too plug in and stay in it will find you. I know tons of people in home disabled found many just trying to learn investing.
They gave their company name! Look them up & reach out to them!! The video description says the guys name is Michel Valbrun.
Read more and get in writing. Specifically with Federal Taxation. Never assume.
They both are the type of professionals I need to work with. Passionate, personable, and positive! (Excuse the alliteration đ )
We teach the very same thing in my business about writing off your lifestyle and properly adjusting your W4 on your job to give yourself the pay raise to pay off debt faster. Create the emergency fund and invest more. This is confirmation. Thanks for sharing
F.R.E.E. was an important point so people understand they need to defend what they deduct as business expenses. Also, filing a 1040 Schedule C does NOT require that you have an LLC or incorporation licenses. You can be simply a sole proprietor or partnership to begin with and move to another form later in the life of the business, when it is advantageous.
IRS Form SS-4 boxes 8a-8c regarding LLC/LLP status are just for "information" purposes, the IRS doesn't care if you are registered as an LLC/LLP, but if you are registered then they want 8a-8c filled out. What they really want to know is your business' tax entity in box 9a (and possibly 9b) that is going to determine what types of tax returns will be involved. The LLC/LLP aspect is a "legal Entity" for the purposes of the state (or country if it is a foreign equivalent) for which the business is based and registered with and a "disregard entity" as far as the IRS is concerned.
Sole-proprietor (single owner), Partnership (2+ owners), and S-Corp (think of it as "Small Corporation" or "Simple Corporation") are the main tax entities used by entrepreneurs and small business owners. In order to register your business as an S-Corp with the IRS you must file Form SS-4 with Corporation checked off and "1120S" in the box beside it and also file Form 2553. The full C-Corp entity is, for the most part, way beyond typical "small business" operations. There's nothing really preventing a single person from registering as a C-Corp on their SS-4 with the IRS, but that means that they also would have to register their business as a Corporation with their state and this requires a lot more legal paperwork and much higher registration fees, which is why no single individual will do a strait C-Corp as their business entity.
Schedule-C (1040) comes into play if the business is a sole-proprietorship, but also if it is a partnership or S-Corp as these are "pass through entities" for tax purposes.
A 2-person partnership for example actually has 3 tax returns being sent to the IRS: the Form 1065 for the partnership business itself, and each of the 2 partners file their Form 1040 with Schedule-C reflecting their percentage of income and expenses in the partnership. Otherwise, a partnership files a 1065 and each partner, regardless of how many there are, files their 1040 with a Schedule-C attached with income and expenses based on their percentage of capital invested in the business.
A single-person S-Corp (i.e. an individual that owns 100% of the company stock) will file 2 tax returns: the Form 1120S for the S-Corp itself and their Form 1040 with Schedule-C reflecting all income and expenses. Otherwise, an S-Corp will file Form 1120S and all shareholders will file Form 1040 with a Schedule-C attached with income and expenses reflected by the percentage of stock held.
@@PGIFilms thank you, I just started making more$$$ at my job. But have no real deductions, my kids are over 17 and I pay less than 2500.00 in mortgage interest. So Iâve been looking into making my hobby a sole-proprietor business. Do I need to a state or federal license to do this or just open an bank account DBA. I would gladly pay a consultation fee. I live in AL and want to get started for next tax season
@@spatty2589 First off, if your only considering starting up a business to rack up expenses as an offset to your W-2 income from your job, I wouldn't advise it. The money, effort, and headache of starting and maintaining a business activity in compliance with IRS, State, and City business regulations is not worth it... unless your a multimillionaire with several businesses, investments, and properties and a major accounting firm at your disposal. Why spend thousands of dollars, time, effort, and risk legal trouble with city/state/federal government just to create a tax write-off that only lowers your tax by a tenth or less of what you actually spent? This also happens a lot with itemized deductions where people look to increasing charity donations to reduce taxable income, but the amount of actual tax savings is only a fraction of what they actually spent on donations.
If your raise is going to bump your income $5k higher than the year before and your tax liability goes up $500 more for the year because of it, you could have $4500 in your pocket at the end of the year and only be out the $500 in extra tax liability. Does it make sense to spend $5000 in business expenses for licences, materials, etc. just to offset a raise and avoid paying the $500 tax increase? Of course not, but a lot of non-millionaires think this way because they just see millionaires able to cancel income from profitable sources with business losses from other sources, and pay less/no taxes without doing the math and fully understanding the financial tactics behind why millionaires choose to do this and how they are able to "get away with it" when they do it.
All that being said if you are intending to start up a business because you want to increase your income even more in addition to your company raise, perhaps your nearing retirement or looking to have a backup source of income, and/or maybe you'd like to have some sort of financial legacy to eventually bring your children into the business and leave it to them to continue running after you're gone, then by all means turning a hobby into a full fledged business is worth the effort. [HAD TO BREAK THIS UP INTO SUB-REPLIES] The basic steps I always tell my clients looking to start up a business are:
(1) OBTAIN FEDERAL EMPLOYER IDENTIFICATION NUMBER (EIN) - Get an EIN for the business from the IRS by filing IRS Form SS-4 identifying your tax entity and general business type.
(2) SETUP PROPER BUSINESS ACCOUNTS AND MAINTAIN PROPER SPENDING DISCIPLINE: Nothing can setback or destroy a small business faster that running a ground of "co-mingling of assets" where personal expenses are paid on business accounts and vice versa. If the business is ever audited or sued co-mingling of assets can undo the legal protections of and LLC/LLP and taxing authorities (IRS, state, city) can potentially deny business expenses (causing you to pay more taxes) or even charges of tax fraud/evasion. Each business should have its own dedicated business account (i.e. under the business name and its EIN) with your bank that is completely separate from your personal accounts.
(2a) PAYMENT PLATFORMS: If the business is going to rely on recieving payments from platforms (such as Paypal, Amazon, Ebay, Etzy, CashApp, Streamlabs, Square, Uber, Doordash, Roadie, etc.) then you must link them to your business account NOT to your personal accounts. In the case of Paypal, Amazon, Ebay, etc. that are common for personal shopping, keep the originals linked to your personal account and create a second account linked and dedicated to your business bank account. If your business is going to be very e-commerce heavy with a lot of sales on platforms like Amazon or Ebay, then you should create an additional payment processing account also linked to your business account. EXAMPLE: If you have a personal Paypal/Amazon/Ebay account and plan to start an e-commerce heavy business that relies on getting material and inventory from other online sellers then you'll want to create 2 new Paypal/Amazon/Ebay accounts linked to your business bank accounts, one to the business checking account and the other to your business savings account, keep your original Paypal/Amazon/Ebay account linked to only your personal bank account, do not link it to any of your business accounts. The Paypal/Amazon/Ebay account linked to your business savings account will act as your BUSINESS RECEIVING Paypal/Amazon/Ebay account and the one linked to your business checking will act as your BUSINESS PURCHASING Paypal/Amazon/Ebay account. In the event your RECEIVING Paypal/Amazon/Ebay account is frozen because of a customer dispute you can still use your PURCHASING Paypal/Amazon/Ebay account to buy materials and inventory for the business from other online sellers. Many online sellers/resellers that had only one account have had their businesses crippled when their sole Paypal/Amazon/Ebay account was frozen because of a customer dispute and they could not make any purchases to acquire inventory until the dispute was resolved.
(4) PURCHASE BUSINESS LIABILITY INSURANCE IF NEEDED: If the business involves manufacture and selling of items (toys, furniture, jewlry, machines/devices, etc.) that may trigger a lawsuit from use, malfunction, and/or breakage, then business liability insurance might be something to look into. If the business involves a service (construction, technical/mechanical service, cleaning/detailing, daycare, home nursing, petcare, legal/financial/tax services, or any other high risk service) that could trigger a lawsuit for monetary and/or physical damage to people and property, then business liability insurance might be something to look into. Depending on the city/county/state regulations, business liability insurance might be mandatory for the type of business being operated, while other businesses have an option to choose whether or not to have business liability insurance. Many of the well known established insurance providers like Allstate, Progressive, State Farm, etc. all have options available for business liability insurance. According to Google, the average cost for $1 million General Liability Insurance coverage is $300-$1000 per year ($25-$84/month) but other types of business insurance could cost less or more.
Hopefully, this will be helpful. I could provide more information if I knew what type of business you intend to start. Is it service-based or product-based? If service based, is it non-physical (office-type) service or physical (daycare, petcare, home nursing, construction, mechanical/technical work)? If product-based, will they be scratch-made custom items or retail arbitrage buying and reselling pre-made items? How much have you already spent on specialized tools, equipment, supplies, materials, and/or inventory for your startup? Will it be home-based/online, travel-based (trade shows/direct-marketing), or a brick-&-mortar office/store front? Do you intend to employ others (like your grown children) to help in the business? Do you intend to make it a "family business" to be passed down or perhaps a business you or your family intend to sell off in its entirety and pass off to new owners?
Protect these three at all cost đČđŻđđŸđđŸ
Amen!!
Amenâ€
As I young 22 yr old black woman I bought my first house and always owned 2 cars. I have owned 3 houses so far and mind you, I was a single mom of 2 kids. Now 40 years later. I'm own my own business .
Anthony, thanks for making these table talks free; These could easily be a paid info service.
Oh my goodness! This was so rich and enlightening. I'm not a millennium. Would a 60 year old be able to join your tribe AO?
The lighting is always immaculate on your videos, and being able to write off the 9-5 and justify certain expenses is golden information
Amen to that đ
Good morning, I hope everybodyâs weekend was blessed!
Prayer for the people in the recent concert, and the victims families.
I am just a few minutes in and already crying and absolutely inspired. Wow! Congratulations to this Young Queen. This is BLACK EXCELLENCE!!!!
Thank you for this episode Anthony, what an amazing show. I was completely blown away.
The young woman is an inspiration, loved her story. In addition, the young man is a great story to his family, they must be proud. Awesome interview.
@@Reelestat whatâs up
Thanks AO. You are such a blessing to me and a lot of your followers! God bless you.
This episode is one of the best ( among many other) Iâve listened/ watched so far.
Thanks for this video y'all! I watched this TWICE today back to back while working. This truly was a blessing and an absolute joy to watch and hear. Thank you for reassuring me that there are CPAs with real integrity out there...because toxicity runs absolutely rampant in the financial industry.
This was one of the best shows! I am so inspired and proud!
This has to be my favorite show yet!!! So much knowledge and wisdom being put out here. I'm going to listen to this show a few more times and definitely getting the ebooks. Thank youâ€
Most informative episode to date. Thank you đâ„ïžđđŒ
This was so amazing. Iâm even happier that my dad and my fiancĂ©e are watching with me now. When they donât watch, itâs hard to explain all of these juicy lessons of life the way you and your colleagues do. Thanks so much for living in your calling Anthony!!!
When people don't WATCH, don't listen they don't realize the suffering, the mistakes....I don't know why helping people is pulling teeth
Finding Frugality LLC.
I have become so passionate about personal finance and it became a hobby. I started paying off debt and making a difference for myself financially. Now I want to build a brand. I want to provide clients with materials, products, and merch. I have ideas but just need capital!
Very informative. Great segment!
Michel is a genious, you can get out of debt but you can't get out of taxes
When she mentioned the ordinary income information, I accidently figured this out one tax year. That was an awesome retun year.
I need more specific information on ordinary income, where else should I look.
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I make over six figures. Outside of interest on my home, 401k and health insurance give me some tips. Help a brother out. đ
I love how he asked her has she bought anything nice for herself and the first thing she said was rental property
Yep not a Louie Vuitton or luxury car
YESSSSSS
This is dope!! I've heard some of this before but just now sinking in. I'm gonna rewatch for sure!
Whatâs crazy is⊠they are dropping so many gems and it might still go over our heads.
Really sit, listen and take notes to the things they are saying and try to put it into practice. One step at a time. Take notes, add titles, subtitles. Organize the info in a way thatâll make sense to you!
AO...Thank you so much. I will use all what was presented to make a better future for me and my family. Very grateful.
This episode was excellent! I gained a lot of tax knowledge. Thank you so much. Keep doing what you do. Blessings đđŒ
I have used that passion into profit line so many times in my teachings. It truly resonates with individuals. Iâm glad to hear others use it!
This is by far the best podcast on tax education. Thank you for this!
Thank you for this information!!! I am so happy that you are no longer on âthat showâ. Youâre doing an excellent job!
This has to be the BEST information Iâve heard on a long time. I had an Enrolled Agent that taught me so much on saving on taxes and having a business. Iâm a Latina woman and love seeing these young black individuals making it and teaching their community to do and be better. I just discovered your channel a few weeks back and subscribed 10 minutes into seeing your show. Great inspiration for all ages. â€
THANK YOU! it's giving black excellence and a wealth of knowledge!!! I will have to go back and watch again and take notes!!
Thanks for this because I REALLY needed this.
This was a great table talk, one of my favorite shows by far. Thanks for the wealth of knowledge.
Hi Anthony I absolutely love what you do!!! Keep up the great work!!
Great content with great people. Thank you đ
Great show!! Now I need yâall to help a Sis out with some blackowned CPA Elite referrals in Texas or someone who works with virtual clients đ
I'm blind about to start a karate dojo here in Texas! Let me know when or if you find someone!!
I need to learn the tricks of the trade.
A daughter that paid it forward. God bless you! Real parents make sacrifices for their babies.
Just watched this one!!!!!! I learned sooooo much!!!! Thank you Thank you Thank you for this interview!
đ€Żđ€Żđ€Ż great show and phenomenal people dropping critical information. Love it!
I'm an aspiring entrepreneur and I view your shows and take notes. Thankyou for the content and great guest
I loved this conversation. Thank you.
Thank you for all of your knowledge and support.
Fantastic episode! This is the stuff I need to know! đđŸđđŸ
This was amazing! đ wow! So much great information! đ Thank you AO!
Ignorance Tax = the tax you pay by not understanding the tax code, by missing out tax deductions and doing shady things (like not paying taxes).
Great Video Anthony
Saving this video to watch again. Great advice and tips.
This was Absolutely Wonderful...professional, knowledgeable, informative, enlightening, impressive, talented, entertaining, and people of color - LOVE-IT!!!
The Inspirational Leaf helping others to see their greatness, changing their mindset and living up to their full potential.
Such good information! Thoroughly enjoyed this video, learned so much. Now I really need to start a business. The rap at the end was amazing especially because he mentioned Jamaica đŻđČ !!! Bigups AO. Thank you.
This session was dope..... Thank you!
2 dope individuals thank you for the information what a blessing đđŸ
She has the Nigerian spirit. She is a treasure. I salute her hard working spirit. Well done
This video is amazing. Dropping gems
I am beyond blown away with the wealth of knowledge and educational bars!!! đ€ŻI have no words!! I am from Canada but either way this is just confirmation that I need to invest further into my newly home services business venture. My hope is to also start a journal and planner business. I am beyond inspired to learn more and take actionâŠ.Thank you thank you thank you thank you Anthony, my sister and my fellow haitian american brother âđŸđđŸđđŸđ€đŸđ«
this video was the bomb. that tax 10 commandments was fire! ty AO.
This was beautiful, I love it! Got my pen and pad!!!
This was very informative.
Beat and Bars!!! Knowledge and everything! Wow loved all of the steps. âTAX KING!â đđŸđđŸ đ„ đ„ đ„ đ€
God Bless you Anthony. Thank you for bringing these amazing people and information to us. So sad, others are taught this at home almost from birth, while we have to hunt for or accidentally find it, smh. Thank you, thank you!
He who controls, makes the rules and writes the books. All 72,000 pages, at one time and still some of our people know but keep it in the family OUR OWN have some blame
AO thank you so much for providing this platform and info. This is much needed. My wife and I have a business and we definitely need this info in order know what to look for in a CPA!!
This is specialized, rare... Look for ones that INVEST well
Thank you, this is confirmation that I am doing it right! Excellent information!
This Was on of MY TOP INTERVIEWS FROM YOU! GREAT CHOICE! đ„đ„đ„
Capitalizing in knowledge. Thank you!
Thank you for helping someone with their LLC this is huge Anthony đ„°
I have been listening on my way to work for a few weeks now. Great content. Even for someone that is already made my hobby a side business , small time rental , making my farm work for me while working a full time job. I have always been afraid to invest and now Iâm going to get into that fourth income stream and start investing.
CONGRATS
Ignorance tax đ„. Knowledge is Power ! They can repossess stuff, things and items but never acquired learned knowledge . I wish I could listen to more but I have to render to Cesar. I canât wait to rewatch.
A.O you are exploding!! This was over the top, great, thank you
Wow!! That was some serious Wealth of Information, thanks for sharing đ
Wow great video and info, thank you
Exactly what I needed! Iâm a business owner and Iâm stuck on taxes!
Craft Construction and Design
Specializing in; residential construction, plumbing, electrical, remodeling, new construction, and all residential construction needs.
This is the best tax and business information I have ever ever heard! That rap was everything â€â€â€â€â€â€. I am going to check on getting a consultation this week!!!! Black Excellence at its best đđđđđđđđ
Man!!! This was the most anointed pod I ever heard! Please help out my son and me get our Harding Boys Lawnscaping business off the ground so we can take advantage of the Tax Laws.
Learn flowers and plants on the side, many have lawn but older can't do Flowers more money
Still listening and taking notes. They are giving great tips đđŸ
Amazing information no doubt very knowledgeable. đđœđđœđđœ
This was incredible. Thanks!
BEAUTIFUL DETAILED TAX TEACHING WOOOOOW
Probably the best video yet. AO is on another level
I ainât gone lie, when I get my money right and Iâm investing, I agree I will need a CPA. But if it ainât these two from the episode, I donât want it đ€Łđ€Łđ€Ł. Cause they are GOATED!!
CFP planners or CPA who INVEST more knowledge
Not sure what happened with the audio on this one but loved it great job very informative
Good morning, I'm grateful for everything that your doing. FINALLY! someone taking about over paying taxes and getting a tax refund as a loss of money
yeah that young lady right there is something special and gift from god what she did for herself and her mother. Need more ladies like her!
Amazing Vlog!!! Anthony this show, was the best Vlog and learning experience. Please ask them to come back. My son has a business
and works a 9-7 job. I'll definitely share this information with him. Thank you, Anthony/God Bless
If you swipe past this video, what a shame. Now turn around. đ Recap ~ 10:50 For the ladies. 32:15 Hit Different 1:27:51 Black = < 1%
If you don't learn anything else. Watch at 20:50. You will go far. You're welcome.
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This comment should be at the top
I absolutely love tax. Great information!