15 Biggest Tax Deductions For New Business Owners

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  • čas přidán 25. 06. 2024
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    *Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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    Welcome back to Taxes Made Simple.
    If you are a business owner, watch this video till the end to avoid overpaying in taxes to Uncle Sam.
    So many tax payers are unaware of the savings that are available to them when you properly tax plan, and track your business expenses.
    Watch till the end to get the most out of this video, and leave me any questions or comments below.
    *Disclaimer: I am not a financial advisor nor am I an attorney. I am a licensed Enrolled Agent. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
    *Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

Komentáře • 267

  • @torrezzgreen5860
    @torrezzgreen5860 Před rokem +3

    Omg he’s so smart, literally the only person I’m going to watch in regards to how to handle my business, bro is giving away free knowledge.

  • @alexsteven.m6414
    @alexsteven.m6414 Před 11 měsíci +96

    Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

    • @fresnaygermain8180
      @fresnaygermain8180 Před 11 měsíci

      It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance

    • @bernisejedeon5888
      @bernisejedeon5888 Před 11 měsíci

      Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns

    • @bernisejedeon5888
      @bernisejedeon5888 Před 11 měsíci

      My advisor is ‘’Julia Ann Finnicum’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

    • @yolanderiche7476
      @yolanderiche7476 Před 11 měsíci

      thanks for sharing this, I googled the advisor you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply

  • @CDollaBillzz
    @CDollaBillzz Před 3 lety +89

    Hey Karlton…Could you make a video or two on tractor trailer companies/business llc’s…As far as write offs,deductions etc?

    • @karltondennis
      @karltondennis  Před 3 lety +53

      I will add to my content list. Thank you for the recommendation

    • @moonflea1923
      @moonflea1923 Před 2 lety +21

      Agree with Charles. Love to see info for a Trucking company, especially a single owner operator.

    • @frankvasquez6300
      @frankvasquez6300 Před 2 lety +5

      I agree that would be amazing 🤩

    • @mahmoudchahir3041
      @mahmoudchahir3041 Před 2 lety +9

      Agree please make some videos about trucking business as 1 truck to a small fleet . keep up the good work!! Big fan from Chicago

    • @christopherwilliams8902
      @christopherwilliams8902 Před 2 lety +3

      Yes please do!!!!!! Thanks for the video

  • @kimabney3302
    @kimabney3302 Před 2 lety +22

    I was very impressed when you ended the session with a prayer. I knew it was something extra special about you. You are a man of God. I will definitely connect for your professional services.

  • @eternalGstatus
    @eternalGstatus Před 2 lety +3

    First time watching your videos! Learned a lot in 19 minutes! Keep doing what you do my brother!

  • @naturalmiaful
    @naturalmiaful Před rokem +14

    Thank you so much for what you are doing as a business owner I am lost in the tax world and when I get an accountant they never strategize . Even though I see them months before taxes are due they wait to the last minute never talk to me and ruin everything. These videos are an amazing grace and truly appreciate the time you have taken to do them God bless

  • @JustUdoro
    @JustUdoro Před 3 lety +9

    This is now my 3rd or 4th video I’ve watched…my goodness…so helpful!! I need to reach out soon…thank you! 🙌🏾🙏🏾🙌🏾

  • @lefashionist
    @lefashionist Před 2 lety +7

    Whoever's editing the video must be having a blast! I love your videos! I'm learning so much and it puts me at ease that I can rely on your videos to enlighten me on my new business venture.

  • @roshandafergins3662
    @roshandafergins3662 Před 2 lety +1

    Thank you, this was delivered in a understandable way for me as a new business owner. I'm excited to be a new subscriber.

  • @leojoseph6385
    @leojoseph6385 Před rokem

    Gave a Thumbs UP less than halfway through the video! Thank you Karlton for being upfront and clear in your explanations, especially for this guy who is trying to formally establish a business identity/structure on my existing rental property.

  • @hangmanfsc
    @hangmanfsc Před 3 lety +3

    another excellent video, keep em coming!

  • @celli6501
    @celli6501 Před 11 měsíci

    I love how thorough you are in your videos. Thank you for your passion for helping business owners.

  • @amdgarcia17
    @amdgarcia17 Před 2 lety +5

    My mom has an accounting business of over 20+ years, I recently partnered up with her and was having so much trouble understanding everything in depth. How to use what and when. Given my mom is now chronically I’ll and doesn’t have the time and energy to train me as much as I need. (Reason why I partnered with her, she didn’t want to just leave her long term clients but needs to retire and focus on her health) this channel really tremendously has taught me more than i learned through courses and certifications! So thankful for you and your knowledge. Really saving me and my moms business. I want to use this to help our community of entrepreneurs and grow the business with more accounts of high value clients. 🙏🏽🙏🏽🙏🏽

  • @ukalelefpv
    @ukalelefpv Před 3 lety

    Thank you for your videos! Just graduated pharmacy school and am setting up a consulting business and love your videos! Gonna help me for sure!

  • @iamchrisknott
    @iamchrisknott Před 2 lety

    watching your videos daily for great info!

  • @marielleibarreta7489
    @marielleibarreta7489 Před rokem +1

    Hi Karlton! Did a complete binge on your videos and they are so informative and easy to understand! I do want to as though if you can create a video for new business startups that have not bought an llc just yet because of not making income just yet but just getting things built. Appreciate you!

  • @jellyrolltiedyes6588
    @jellyrolltiedyes6588 Před rokem

    Thanks This is absolutely a great educational channel and I appreciate all the in-depth explanations when it comes to taxes filed in an LLC @C Corp. in an S Corp. I can’t seem to get enough

  • @davidsimms4073
    @davidsimms4073 Před 2 lety +1

    Yo karlton you have excellent content, top notch info!!!! I'm so glad I found your channel!!! I've been implementing the things I've heard from you and its paid of in spades

  • @enassociates
    @enassociates Před rokem

    Great video Karlton. You just articulated the deductions I share with my new business owners every year. I wish I could just send them this video.

  • @daniellebenning5706
    @daniellebenning5706 Před 2 lety +1

    Thanks for this video and quality content! I will need to watch all these vids! Need much help!

  • @skhonouta
    @skhonouta Před rokem

    Karlton, Love your content. No one explains these things better then you. As a new business owner in 2023, your videos has been helpful and informative, even thou this qas made a year ago. Keep up the good work.

  • @Farhad34
    @Farhad34 Před 2 lety

    Great videos! I personally really appreciate them 🙏

  • @janicemoreau2167
    @janicemoreau2167 Před rokem

    You are so awesome! Thank you 😊 your clear and concise!!

  • @finefauxjeweler9208
    @finefauxjeweler9208 Před 2 lety

    Excellent information. Thank you

  • @uuartistry426
    @uuartistry426 Před 2 lety +1

    I love your content and appreciate all the advices:)

  • @gwend7268
    @gwend7268 Před 2 lety

    I just want to say thank you …u have taught me a lot I’m a start new business n the information in every video gives me hope to succeed in my business

  • @aheadoftheclass1718
    @aheadoftheclass1718 Před 2 lety

    Not sure how I found u but playa I gotta say u dropping straight knowledge!!! Of course u know I hit the bell.. Definitely appreciate you helping us lil guys without charging....

  • @grasshoppermuzik8228
    @grasshoppermuzik8228 Před rokem

    Thank you. For the time effort and experience that you share in order to enlighten countless others.

  • @xiouyoba
    @xiouyoba Před 3 lety

    Awesome content thanks for sharing.

  • @awaljoseph1144
    @awaljoseph1144 Před 3 lety

    Thank you for the content.
    Wish I knew this earlier, but not too late..
    Thanks

  • @eddiemanley9628
    @eddiemanley9628 Před 2 lety

    Thanks for this information, it’s helpful for sure

  • @staciadasinga
    @staciadasinga Před 2 lety

    Great Video! Very helpful indeed!

  • @robertfields9954
    @robertfields9954 Před rokem

    Thank you for sharing all this great information

  • @daviddelpolito7067
    @daviddelpolito7067 Před rokem

    Thanks for the information

  • @ricardohernandez886
    @ricardohernandez886 Před rokem

    Really appreciate your video

  • @mxtv1258
    @mxtv1258 Před 2 lety +1

    Hi Karlton, Could you do a video about deduction for those of us who are employees? I think I have done and maxed out everything possible but might have missed something. Thanks and you explain things in an easy to understand way for those of us who are not tax or business experts.

  • @zohargross462
    @zohargross462 Před 2 lety

    Great info!!!
    Great job 👏

  • @cristianruiz3598
    @cristianruiz3598 Před 2 lety

    Loving the channel, much love & support good content 🙏👌

  • @omcasanova
    @omcasanova Před 2 lety

    Dude, thank you for providing great info. 😃👍

  • @JeffEmalaba
    @JeffEmalaba Před rokem

    Excellent video and really appreciate you for the time and effort to put these together. Keep it up bro

  • @SJ-wf3lp
    @SJ-wf3lp Před rokem

    Wow, this was awesome and so helpful!

  • @fatimaandsamia4446
    @fatimaandsamia4446 Před 2 lety

    Great informational video.

  • @KeOShAsWoRLd
    @KeOShAsWoRLd Před 2 lety +14

    I have been in business for yearssss! I have always been intimidated by taxes! I am solo very glad that I came across your channel during this season of just trying to be the BEST me I can be! I am learning so much! You're going to get me right together! I would love to support your business!

  • @jamiekirk7227
    @jamiekirk7227 Před 2 lety

    That was an awesome video!! Thank you! I am in need of a knowledgeable CPA.

  • @lovinghawaii2010
    @lovinghawaii2010 Před 3 lety +7

    I wish I would have heard your content when I first started .....you are a true professional.

    • @user-ks6qq3le3e
      @user-ks6qq3le3e Před 3 lety

      °°Thanks for watching°°°
      °°°endeavour to write a review for guide°°°°+1 ( 7 3 2 ) 9 5 5 - 7 1 8 7•••

  • @tarasco5150
    @tarasco5150 Před rokem

    Thanks karlton for your tax info. Very useful information not one of my tax guys have ever given any of this info. Greatly appreciated👍

  • @relaxingnaturesightssounds9480

    Wow thank you I will be in touch your content is very educational

  • @MRAKRYTEPACKLIKE
    @MRAKRYTEPACKLIKE Před rokem

    Extremely helpful sir

  • @frankdestra6576
    @frankdestra6576 Před rokem

    Great content thank you for sharing

  • @nathanielopper2033
    @nathanielopper2033 Před rokem

    you just told me do much stuff that i have never heard before. liked and followed

  • @polg0003
    @polg0003 Před 3 lety

    great job, thank you

  • @miguelitord9297
    @miguelitord9297 Před rokem

    This channel is very helpful

  • @jarretbyrd1
    @jarretbyrd1 Před 3 lety +2

    Your tip on extending business trips until at least Monday was worth it's weight...
    My wife & I are really getting value out of your channel, and I look forward to working together.. Blessings from Vancouver, WA (by way of So Cal!) - JB

  • @khaledkassem8913
    @khaledkassem8913 Před rokem

    You r the best I did learn a lot from u keep doing the good work

  • @semperdecorus37
    @semperdecorus37 Před rokem

    I just happen to stumble upon your channel and I just wanted to say thank you 🙏

  • @timbutler5921
    @timbutler5921 Před 3 lety

    Thanks for the info

  • @set2gotransportationllc379

    i love this guy's knowledge

  • @jasminehoskins1302
    @jasminehoskins1302 Před 2 lety

    I love love love love your videos. Is there already a video dedicated to business travel? I know you touched on it here.

  • @jesseperales8646
    @jesseperales8646 Před rokem

    I like to say you did a outstanding presentation keep the good job.

  • @dingoboexplore
    @dingoboexplore Před 3 lety

    I'm always watching your videos with my mouth open.... Trying to make sense of all this information

  • @000shayna
    @000shayna Před 3 lety

    Thank you Karlton

  • @keshapost5723
    @keshapost5723 Před rokem

    Thank you!

  • @SoManyChildren
    @SoManyChildren Před rokem

    your awesome man!!

  • @tamirajohnellestyle
    @tamirajohnellestyle Před 2 lety

    Excellent Content!

  • @pregina85
    @pregina85 Před rokem

    So much value!!!!

  • @domceja62
    @domceja62 Před 3 lety

    Love your work man!

  • @rl7209
    @rl7209 Před 8 měsíci

    GREAT CONTENT! Great presentation! Thank you Karlton! This is very helpful man! I will definitely put a tax strategy in place for my new business.

  • @chrisvega7380
    @chrisvega7380 Před 8 měsíci

    Thanks for these detailed tax deductions

  • @LafataBros
    @LafataBros Před 3 lety

    Great video!

  • @stevescruby1343
    @stevescruby1343 Před rokem

    You rock Karlton!!

  • @ThePrideJJ
    @ThePrideJJ Před 2 lety

    Thank you bro.Thank you.I wish you had a class.I’d but it.

  • @carleneprimus231
    @carleneprimus231 Před 2 lety

    You're an angel thank you for the info.

  • @ttvnos8841
    @ttvnos8841 Před 3 lety

    amazing content

  • @lathinktank2291
    @lathinktank2291 Před 3 lety

    Thanks for the gems my brother

  • @veronicahegens7640
    @veronicahegens7640 Před 2 lety +1

    Thank you Karlton , I look forward to contacting your office for tax strategy services.

  • @chieftacos8666
    @chieftacos8666 Před 2 lety

    Wow. Just wow. Thank you.

  • @darlenemeadows8341
    @darlenemeadows8341 Před rokem

    Karlton, love your videos. What about garage space where our lawn care equipment is stored.

  • @starhollywood
    @starhollywood Před rokem

    Love this

  • @juannicolashandyman9826

    Thank you

  • @xtreamv
    @xtreamv Před rokem

    Do you happen to have a video about taxes while drop shipping and taxes while drop shipping within the state that we have a presence in? You have a great way of explaining things and it's really helped on my journey in the beginning of all this.

  • @metakmoto
    @metakmoto Před 2 lety +2

    I love your delivery bro. Really well spoken. Thank you for the awesome advice and information. Great job 👊

  • @jonathanpopham5483
    @jonathanpopham5483 Před 2 lety

    I'm amped on this

  • @myhomenetwork304
    @myhomenetwork304 Před rokem

    You are amazing , great and intelligent

  • @BLKSH33P_FIL
    @BLKSH33P_FIL Před rokem

    ty boss 🙏

  • @vickietarr4000
    @vickietarr4000 Před 2 lety

    Hi Karlton...I’m planning on getting an C Corp. Could you do a video on how to manage one. Thanks for sharing your knowledge

  • @VirtuouslyWright
    @VirtuouslyWright Před 2 lety

    As a small business owner this is best impactful

  • @Vgk36
    @Vgk36 Před 2 lety

    Man unreal. The universe put Kartlons Porsche and tesla video popped up on my suggestions.
    I'm 46 years old and an INSTANT fan!
    You guys have no idea how blessed you are to have this content and Karlton share this AMAZING content. I'm new in the life insurance (broker) space.
    I will 100% call Karl for tax prep when the time comes. Excellent information. Seriously.

  • @newopportunities1232
    @newopportunities1232 Před 2 lety

    You are amazing so much information in one video. Do you have any office or do you recommend anyone in Detriot MI?

  • @raiderrob9044
    @raiderrob9044 Před 3 lety

    As a rookie. I find your videos the best at explaining stuff

  • @latoshatanner8898
    @latoshatanner8898 Před 5 měsíci

    Love this content

  • @slabbinwithsean9089
    @slabbinwithsean9089 Před 2 lety

    Your the 8th wonder of the world brother I feel like you simplified so much for me

  • @dianaonyango5814
    @dianaonyango5814 Před 3 lety

    🙌🙌🙌🙌. Thank you

  • @bobblyons
    @bobblyons Před rokem

    Wow. I really appreciate these videos. I got my EIN and I’ll set up my bank account next month. Then I can pay the furniture and computer for my home office. I’m ready to keep receipts and use quick books to get all I can back.

  • @daisyjimenez390
    @daisyjimenez390 Před rokem

    Great video! Would love to see more about write of for contractors with LLC. My husband has his LLC is a contractor, has 2 trucks, delivers for furniture for Jeromes. I see your videos, they are very helpful:) thank you.

  • @michaelhornbeck124
    @michaelhornbeck124 Před 11 měsíci

    THIS GUY SHOULD BE MY NEXT INVESTMENT PURE QUALITY AND BEST INFO I HAVE EVR HEARD. THANK YOU SIR

  • @devinmorales7949
    @devinmorales7949 Před 2 lety

    Value Information 🎯🎯🎯‼️

  • @zohargross462
    @zohargross462 Před 2 lety

    Love it.

  • @Jahguaar
    @Jahguaar Před 2 lety

    I am committed to self-development & thriving.

  • @JCV628
    @JCV628 Před 2 lety

    Hello Karlton. I wanted to say thank you for sharing just incredible information! Do you work with clients in other States? I am currently located in Pennsylvania doing full-time rideshare

  • @Bertiemang
    @Bertiemang Před 11 měsíci

    I asked my Accountant if I should log actual mileage and vehicle expenses, and he said every client he's ever had has always benefitted more from taking mileage.