14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]
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- čas přidán 28. 05. 2024
- By a Trusted CPA: Find out the BIGGEST Tax Write-Offs for Small Businesses & What the Top 1% Write-Off.
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Every year, more than 2 million taxpayers overpay their income taxes. And this isn’t just pocket change. Taxpayers are overpaying by close to $1 BILLION dollars.
This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs.
Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability.
That's why in this episode, I’m going to give you BIGGEST tax write-offs for small businesses.
Outline:
Intro: (0:00)
Tax Write-Offs Gone WRONG: (1:45)
What are Business Tax Write Offs?: (4:23)
Simple Business Tax Write Offs: (5:45)
Advanced Business Tax Write Offs: (13:04)
How to Take Advantage of Write-Offs: (16:45)
Relevant Uploads:
30 Best Tax Write Offs for Small Businesses in 2024: • These 30 Business Tax ...
Top 6 Ways to Pay Less Taxes Legally: • Top 6 Ways to Pay LESS...
Top 5 Tax Loopholes for Entrepreneurs: • Top 5 Tax LOOPHOLES fo...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
![15 Biggest Tax Write Offs for Small Businesses! [Best Tax Deductions 2023]](http://i.ytimg.com/vi/rrPxbI8DXyw/mqdefault.jpg)
If you enjoyed this video, then you'll love my updated version: 🏆The 30 BEST Business Tax Write Offs czcams.com/video/cephBVusUS4/video.html
14 Biggest Tax Writeoffs
#1 Startup and organization expenses
#2 Office expenses technology and supplies
#3 Home office deduction
#4 Cell phone to cell phone services
#5 Cost of goods sold
#6 All labor costs
#7 Business mileage
#8 Business travel
#9 Business meals
#10 Business interest expenses
#11 Retirement contributions
#12 Health saving contributions
#13 Writeoff self employment taxes
#14 Pass through tax deductions
Valuable info!
THANK YOU for doing this...
Yes just be careful with home office deductible as it’s basically like raising your hand for irs. Make sure it is surely on sqft not 1sqft over
Thanks, I took a screenshot. 👍
I appreciate you so much. Saved me 18 minutes. Now I can go to bed
Thanks dee
As an African American woman, I write off the cost of hair products and hairstyles I wear that are considered " presentable" to the corporate world...
Oooo edgy
You are smart !
If real estate agents can write off their porsches because it’s required to be presentable and exude an image of success required for their business success I don’t see why u can’t write off ur hair expenses that is needed to look presentable. I see it as the same as uniform expenses lol. Of u are a beauty guru on CZcams if write off everything and anything that goes on ur face haha. No joke.
Unless they are uniforms or logos, they can’t be written off
1. Startup/Organizational Costs
2. Office /Technology Expenses
3. Home Office Write Off
4. Cell Phone, Cell Phone Service
5. Cost of Goods Sold
6. All Labor Costs
7. Business Mileage
8. Business Travel
9. Business Meals
10. Business Interest Expense
ADVANCED
11. Retirement Contributions
12. Health Savings Contributions
13. Self-Employment Taxes
14. Qualified Business Income Deduction
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Thanks for the condensed version bro😂❤
Awesome!!
@@larecashon6759 Only GOD is AWESOME! 🌄
@@francevenezia Yes He is!! Thanks for the short version of the business taxes though! 👍🏽
Was looking for this! Much appreciated
If you visit (drive) your bank everyday, walk in, ask about your balance, sometimes products there, that is technically a business expense.
Then you drive to a newsstand to buy the Wall Street Journal, which you need to learn about business climate. Sometimes you go to the bookstore too look at business books.
There is nothing in the IRS rules that says you have be efficient and do it online.
Then on the way, nothing stops you from doing personal errands while you are there. This is all business mileage.
The boss requires food in order to do work.
This is true. Now delete ur comment so u don’t get the wrong attention lol
Instantly subbed, just started an LLC and you have answered more than SBDC, and the SBA combined. This channel is the best free resource.
That means a lot, Brandon! Thanks.
this answered literally every question I had before wanting to start a business. keep up the great work!
Great to hear! Hope you consider subscribing?
@@LYFEAccounting thanks for the reminder. Went ahead and hit sub!
Best of luck with your business!
The quality is insane. You're doing the Lord's work providing this information. Thank you!
More to come! Thanks for supporting the channel.
this video is gold. the people that you have as a clients are so lucky .... most people don't understand what's the difference between an accountant and a tax filling prep. I CAN TELL YOU ARE A REAL ACCOUNTANT and speaks all the truth.
This means so much
He has no pocket protector. How could you tell?
@@morehn whats a pocket protector?
@@perzer3177 something nerds use to protect their shirt pockets from leaky pens.
@@morehn 😅
One of the most informative, well explained videos I ever seen. Absolutely amazing. I can’t thank you enough for sharing.
Sat here taking notes thanks.
Excellent!
Thank you for sharing this video! I'm in my first year of owning a business and this is immensely helpful!
I just want to say, you are amazing! I watch so much of your videos because I want to start a business and I needed to practice my speech/pitch to the bank. I did not know what to expect until I started watching your videos and I got wayyyy more info than I was looking for! Thank you!
You are so welcome! Thank you for watching and I hope you're subscribed :)
@@LYFEAccounting YEs I aM :) SUbSCribEd
Thank you, Sherman. This has helped me SO much.
Glad it was helpful!
thanks for explaining the write offs so clearly and orderly with examples. greatly appreciate everything you put in the video. amazing and helpful!
Excellent, high quality content. Keep it going.
Much appreciated!
@@LYFEAccounting qqqqqqq
Great information and easily presented. Thank you. You are amazing.
This was explained very well, thank you so much!
Thanks - Glad it was helpful!
Textbook perfect video - from the way it was executed to the valuable & easily digestible info. This new business owner thanks you!!! 🙌
I appreciate this soo much! This is very informative! 🙌🏾🙌🏾🙏🏾🙏🏾
I hired my kids to help me and I'll be deducting their labor fees!
Smart thinking
@Maggie Bella, how do I do that?
My accountant strongly advised me NOT to use my adult kids as any form of “work/business “ write off. I’ve herd others putting family on payroll but I don’t want issues so I won’t.
@@michaelreszke3804 my kids are 16 and 13 not adults.
@@lsuarez0202 sorry just now seeing your question. Talk to your CPA to get more accurate information but that's what was suggested to me.
I loved your videos. I subscribed today and I was taking notes. We small businesses appreciate the information.
Meanss alot to hear that. Thanks for the sub!
We SURELY DO!
Yey! I’m excited to start my small business this year and these tips will help me tremendously! Thank you!
You got this!
This is on of mr favorite Channels right now and i recently stumbled upon it. I have been watching video after video. Amazing information and all the accountants explain things so simply a child could understand it.
Setting up to start my own auto detailing business this year and this video is incredibly helpful and insightful beyond words. Thank you !
Great info, I appreciate the knowlege. God Bless you!
Thanks, you too!
Thank you ,Sherman for such a great video. I have learned a lot.
Glad to hear that!
LOL. Loved 1% Chad laughing and drinking a beer while enjoying his tax write-offs at the beginning.
Thanks Sherman. Peace be with you.
Peace be with you too
I am enjoying and benefiting from the knowledge you are sharing. Thank you. Also, my compliments to your ability to produce condensed sets of knowledge with complimentary graphics while doing it with a friendly and welcoming demeanor. You make it look easy. You have the gift.
Wow, thanks Richard!
Really well presented info sir! Thanks
So nice of you
I love how you guys always use examples!! keep it up.
Definitely, appreciate the comment
TY for the tips !
This helped me tremendously! Very easy for me to follow along. Thank you
You are so welcome!
I love the energy and information from this channel. Man I subbed right away .
Welcome to the family! :-) We're just getting started!
@@LYFEAccounting Yes indeed. I have my notebook, memo pads and sticky notes ready. It's Go Time!!!!!!!
Very nicely explained. Thank you 🙏🏼
You're welcome, thanks for watching!
EA here. Love the video
Business mileage is HUGE. Keep a daily logbook. I just took on a client last week that has not been claiming mileage on his S-Corp in the past four years. Granted, since he did not have written evidence, I cannot go back and amend the return. I have advised him to keep track of his mileage and save his toll statements.
This is so good. Thank you, sir.
😊
Great video!!! Can you go a little more in detail on Goods Sold tax write offs? You mention raw materials, labor, storage, and factory overhead cost can be written off but the example you gave was only the item cost, do we have to choose which of the 5 we want to write off or can they be combined, or is it expected that the cost of the item sold would account for all of those things? Just confused sorry. Also how would storage and overhead factory costs be deducted?
Thanks for this info. Blessings
You are so welcome
Wow. Thank you very much. very well presented and you make it so easy to understand. Great job!
Wow thanks so much :)
Love your videos, getting my bookkeeping business started & you’re very informative in all areas.
Thanks, Colie! We're glad its helping. =)
Literally one of the most knowledgeable video on taxes ! Thank you
Wow, I'm flattered. Hope you consider subscribing?
Subscribed ♡!! Cheers 😎
Very well thought out and executed presentation. 👊
Great info! Thanks for making these videos!
Glad you like them!
Love the simplicity & explanation of the tax process. I’m looking into being an independent/ self employed. Thanks for your video.
You are so welcome!
I really appreciate the hard work and dedication the team at LYFE Accounting builds into all of their content. These are some very hard working folks and they deserve recognition for being a leading online education and transparency resource for the US TAX Code.
To all those working hard each day at LYFE, please know that your work matters.🙌
And yes, I smashed the hell out of the effen LIKE button.
Appreciate the knowledge bruh! Love the intellect.
This is a great video! This helped my wrap my head around this whole tax write off concept! Thank you sir!
Glad it was helpful!
Love the break down! Need him as my accountant
Man, I'm new to this but this video has really opened my eyes.
So glad it is
I believe you can contribute up to $57,000 into a traditional retirement savings plan … tax free. That’s trick, but that could really lower your taxable income. Look
Into it more, specifically an LLC vs S Corp
That was amazing
Thank you for sharing this info
Glad it helped, thank you!
Your videos are great and so thorough! Thanks for providing great content
A lot of expenses I didn't know I could deduct. Thanks for the help.
Happy to help! Thanks for watching.
I just discovered this videos and i love them! I am a new Realtor and I closed 1 deal in 2021. There are also of fees associated with a real estate license and I am glad to know I can deduct these expenses. The recaps at the end of the videos is helpful.
Thank you for making this easy to understand 😊
Great Information. Thank you.
Our pleasure!
Excellent presentation young man!!! Excellent. So proud to see a brother so intelligent and well spoken. Somebody raised you RIGHT!!!
Wow thank you for the kind words ✊🏾
As a tax preparer I have been doing so and want to thank you for opening up this subject for those who are unaware of these benefits. Most contractors have no idea on taxes. I believe 30% of contractors do not file tax returns and come to me after seven or more years to help them. Even after hel;ping them, they fail to pay up even small amount of tax dues and then blame others.
Thank you for your comment, Kishore. I've had my share of experiences with contractors as well.
The reason contractors don't file an income tax return is because they prefer to get paid in cash.That is why they charge less than a licensed contractor.People hire them because it is cheap labor.
They should be in prison
Love this video. It was very helpful. Just perfect ☺️
Thanks for posting. Super helpful
Thanks for watching!
Great video. I'm wondering why I pay my accountant. She has never mentioned any of these things to me. Thank you for the information : )
Thanks for watching!
Best tax write off video there is for people looking to start a business and be on top of taxes from day one. Really well done.
I appreciate that! Thanks.
Great explanation. Thank you!
Glad it was helpful!
Amazing thank you so much for the info
Glad it was helpful!
Thank you my guy this was super helpful. I wish my tax account was this good. He seems to not really care but I can't switch because I have been with his office since I started my business.
Glad you enjoyed it, share it with your accountant!
Thank you for the info, great video!
Thanks for your feedback! Glad you liked it :)
Very insightful and very well organized, thank you!
This is a great video. Sharing it with my entire group.
Awesome, thank you!
Awesome job! Great presentation! Very informative and educational especially for new entrepreneurs like me. Blessings to you!
Happy to help! Be sure to subscribe if you haven't already. 😉
Great video! I am a new e-commerce business owner. Just about have everything up and ready to run and make my first sale. I figured it would be a good idea to look into this side of things before I get deep into making sales and providing services.
Love it. The earlier you start, the better.
Your office chairs bookshelves, chair .....office fans or ac is all needed. Even office lamp or my headset that I need and use for online
Great video. Love the information and transparency.
Glad you enjoyed it!
@@LYFEAccounting Looking forward to connecting and working together.
Hi! Thank you for this video! Question:
Can you write off something you bought before you started your business?
Does the purchase have to come out of a business acct under your business name I order to be considered a write off?
Great stuff, I was wondering about writing off utilities. My business uses my basement and garage and uses more than half of my utilities. Its probably twice as much space as my house, but none of my houses square feet, can I write off some of it or no? What about property tax? Thanks for that video, I learned some stuff.
Actually I'm going to subscribe, I bet I can find the answer somewhere on your videos. I'm going to watch your new home office one now. Thanks again
This was awesome! Do you have part 2?
Great information brother 👍🏿
Be sure to check with your financial advisor since there are certain advantages and disadvantages based on the type of business entity you are using.
Right! Or account or lawyer :)
Opening my business this week and you are amazing! Thanks.
Congrats Keshon! Go crush it with your new business!!!!
Amazing!!! Thank you!!
You're so welcome!
The thumbnail looks like he's telling me about this cool fishing story where he caught a fish this big
😂
I truly appreciate you taking time out of your day to share these great tax write off tips. I'm currently starting a new business in 2 weeks and your videos have helped me tremendously get in order before we go live. Thank you again, and may God bless you and yours abundantly, in Jesus name🙏
Mikala, good luck to you in starting your business. I am very happy to have been able to help. Wish you a prosperous 2022.
How is your business doing?
Excellent video thank you! Starting my chiropractic business this month!
I've learned so much watching your videos. Thank you!
Once again another fantastic video and thank you for taking your time and your Professional Knowledge to pass it on to small business owners like myself who self educating themselves and remember the best investment is investing in yourself thank you for the free content Ohio Harley E9
Thanks again!
What kind of small business do you operate Harley ?
Hey, im doing an online dropshipping business. As you know we dont need any specific place/ office to do that. As long as we have an internet connection. I'm looking forward to buy a house for myself. So can I write it off as my business expenses since i can just do my work from home? Please answer. Btw english is not my first language, i hope u understand my question.
Great video. Thank you.
Glad you liked it!
I applaud how you broke down the tax deduction details.
List of tax write offs start at 6 minutes in. thanks for posting this video
thank you!
I understand this is an older video, but since it’s on the very topic of my concern, how far back can one go to refill on their tax returns? For example, like your construction client, who has been erroneously filing his returns, how far back (in years) did you go to re-file (amend) his returns?
I believe it’s only 3 years
Love the video and its simplicity. Great production
Excellent, thank you very much
The pacing of this video is impossible! Start at 5:50....you’re welcome.
Thanks 🤝🏿
Thank you!
@DJ WarMachine Or you could change the speed settings of your videos. Instead of being a dick.
These people create free and helpful videos. Be glad you don't have to purchase DVDs or audiobooks to learn this information.
The problem is you’re TOO TALENTED for you own good. If you have less time than courtesy, just go and pay a CPA. Don’t waist your time watching free CZcams
It’s not like he doesn’t have time stamps in the description.🙄 And the warm-up was nothing compared to how RICH the content was!
Thank you @Lyfe Accounting for this incredible video! You got a new sub from me!
Pure Gold!!! #subscribe😍💅
Thanks!!
This was very clear and helpful! Thanks a lot!
Well done 👍🏾 tapping subscribe
Thanks for the sub!
Can I write off paying you guys to do my taxes next year? 😂
you actually can!
Can you do my taxes?
If he’s not able to help you Just let me know and I can help you
Reach out to our team at lyfeaccounting.com
Second video I've seen from these guys. Covered a lot of content in a short period of time. Really helpful video, Thanks!!!
Thank you! What was the first video?
The first video I saw was 'Accounting Basics for Small Business Owners [By a CPA]: czcams.com/video/3KeG7hHzUy4/video.html
Great information, you super helped me catch some items I did not know I could claim when filing my taxes.