These 30 Business Tax Write Offs Can Save You $100K in Taxes
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- čas přidán 8. 06. 2024
- By A Trusted CPA: The Ultimate Guide To Tax Write-Offs for Small Businesses! Learn How To Save Thousands Of Dollars In Taxes By Taking Advantage of Small Business Tax Deductions!
If you earn any business income, whether it's through an LLC, S-Corp, or simply through a side hustle, side gig, or as a 1099 contractor, listen up because this video will help you put some money back into your pockets.
There are over 30 million businesses in the US. And 90% of them will overpay on taxes when they file their next return.
And why is that? It’s simple. They miss some or ALL of the tax write-offs that are covered in this video.
So save this video, use it as a checklist, share it with someone who needs it, heck you might even need to share it to your accountant.
Importance of Tax Write-offs: (0:00)
#1 Writing off Home Expenses: (2:00)
#2 Avoid Self Employment Tax: (3:08)
#3 Write-off Depreciation on Assets: (4:36)
#4 Write-off 20% of Business Income: (6:24)
#5 Write-off Your Car: (7:25)
#6 Write-off A Vacation?: (8:12)
#7 Write-off Restaurant Meals: (9:00)
#8 Write-off Your Kids: (9:55)
#9 Write-off Your Employees: (10:35)
#10 Write-off Retirement Contributions: (11:16)
#11 Write-off Your Pension: (12:11)
#12 Write-off Your HEALTH Expenses: (13:00)
#13 Write-off Your Health Insurance Premiums: (13:44)
#14 Write-off Business Insurance: (14:30)
#15 Write-off Advertising: (15:00)
#16 Write-off Education Expenses: (16:05)
#17 Write-off Your Cell Phone: (17:04)
#18 Write-off Your Rent: (17:37)
#19 Augusta Strategy: (17:59)
#20 Write-off Your Utilities: (18:45)
#21 Write-off Office And Tech: (19:00)
#22 Write-off Repair Expenses: (19:45)
#23 Write-off Your Lawyer: (20:25)
#24 Write-off Your Contractors: (21:20)
#25 Write-off Your Bank Fees: (21:55)
#26 Don't Forget Merchant Fees: (22:28)
#27 Write-off Business Loan Interest: (23:05)
#28 Write-off Business Taxes: (23:45)
#29 Create Tax Write-Offs: (24:25)
#30 Section 162 Write-Offs: (25:20)
#taxdeductions #taxwriteoffs #businesstax
Want the print version of this video? Read our blog post here: mycpacoach.com/blog/small-bus...
Great video, well explained, very motivational as a new business owner to know that advertising is tax deductible, now I'll grow my business easily.
Yes, writing off advertising expenses can be a great tax strategy while growing your business. I'm glad you found this helpful.
thanks for this video... helps a lot!
This is cool. Thank you
I just LOVE your channel. It’s so informative!!! Thank you so much for sharing your knowledge with us!!!
Knowledge is power; thank you
Thanks once again. I recently discovered your channel. I have watched some of your videos over and over again. There is so much useful information.
I'm happy to hear that! Thank you for watching.
Absolutely Awesome Video‼️
Glad you enjoyed it, thank you!
This is great content
Thanks for this. Very informative. Stumbled on your page researching. Unfortunately many of these things, I paid for using my personal account so now I shall need to put money in a business account or something.
so glad i found you!!!
perfect guide! thanks
Glad it helped!
Hi Sherman! I just found you this evening, as I was looking for a video to tell about business tax write-offs for my T.E.A.M. and some other partners. This is Awesome information! Thanks so much!❤ I have Subscribed to your channel.
I’m glad you found this helpful. Thank you 🙏🏽
Sent this vid to a couple of my friends! Been in business 7yrs but this was very informative! I had a great year my business made 1.65mil and it’s definitely a good thing but tax’s this year has me worried because I don’t use an accounting software! Hope you can point me in the right direction! Also going to try to set up a S corp as rn it’s a two person LLC
Also SUBSCRIBED! Awesome vids can’t thank you enough bing watching your vids at the moment!
Your video has been the most informative video that I have watched thus far on this app. You taught me so many things in 26 minutes and you just do not know how thankful I am that you are willing to spread such valuable information to business owners who are ignorant. Keep up the good work! You have gained a subscriber!
Thank you very much, Asia. I tried my best! Glad you found it helpful.
Amazing information, thanks.
Thank you! Happy to help.
Can you put in comments how you are helping please
Oh my gosh, this video is the BEST!!! I am a new small business owner andlearned soooo much from you. Thank you so much!!
I knew it would help someone! Lol, I am glad that you found it helpful. You're welcome!
New business owner here. Thank you for clarity on what I can write off.
Congratulations on your new business! Happy to help.
Hey bro, thanks for another amazing video! Also sorry for not commenting on your videos in a while, I’ve just been going through some difficult stuff recently because one of my uncles recently passed away unfortunately, so it’s been hard to go on CZcams lately.
Thanks bro. And I'm very sorry to hear about your Uncle. Will pray for your family.
@@mycpacoachThank you so much! I appreciate it :)
NICE!
Is all this the same for the uk, sorry if I sound thick I’m new to all of this. Great video very informative thank you
Great video, I have a quick question what about dress clothes, hair Cutts etc if your normal work environment attire is related to business I.e. a salesman that wears collared shirts with neckties slacks etc? I am more just curious thank you very much fantastic video
Hello Sherman, do you also have content specific for Canadian tax residents? Thanks.
Can we do car depreciation for GST or only annual tax return? Great content
This video is about to make me take that leap
To starting a business?
@@mycpacoach I did that already, the leap of faith is what I'm speaking on. I'm about to go for it anyway but this have me so much more confidence to do so. I'm filling for trucking authority today, I have no money really but I have job offers for 2500-6500 4000-7000 and 5 to 10000 a week. I have a 790 credit score and first chance I get will be going to my 3 credit unions and 1 bank to open business accounts. I'm approved for a 26ft box truck with the first 3 payments being 50$ and know the little money I put in will be quickly returned. I'm looking for a reasonable insurance provider.
I have a single owner LLC and from ignorance, I have been filing my taxes on a form 1065 for several years. Can I NOW switch and file Schedule C on my personal 1040? 🤥
I am sole proprietor and I don’t much as sole proprietor this year i think I made 400 . Can I still write off all my expenses or do I even got file
Haven’t read through all the comments. I’ve used services such as Upwork and Fiverr for one off services on an as needed bases. When a VA is overseas do you need to issue a 1099? What if the Upwork person you hire is in the US? Great information.
Thank you for the great video! I would like to ask you a question. How can we write off an amount that we payed in order to settle a lawsuit case before trial begins?
Is the lawsuit related to your business?
@@mycpacoach Yes, 100%. we had to pay a few thousands to settle the case.
Hey brother. This is real value. What your name? How do we connect? Kudos good job
Hey Charles, thank you. Be sure to subscribe to our channel here to connect.
Do you perform income taxes virtually?
Yes, you can apply for immediate assistance here: mycpacoach.com/contact/
I'm looking to switch gears in my teaching career to a 1099 position, so this all seems incredibly helpful! Can I still have a "Busincess Bank Account" without filing an actual LLC?
That’s great! And you may be able to get one without an LLC if you have a business EIN. You can get this from the IRS.
Kinda a stupid question to ask but ill ask anyway lol. On the part where you mention that you can write off an employees salary, would that mean i could technically write off the salary i pay myself through my scorp? I know mostly likely thats a no but i just had to ask lol
Not silly at all. Yes, the S corp can write off your W2 salary. But you will still report your W2 salary on your individual tax return. So the net tax benefit to you as the owner will be minimal.
One thing I wanted to make sure I understood is that all expenses have to be made through my business account, but if I'm just starting out, is it ok to deposite funds earned outside of my business in order to operate my business?
It is okay but will make recordkeeping (and tracking all of your deductions) much more difficult. I'd suggest using a business account as soon as possible.
Do you offer tax planning services in florida?
Yes. We love Florida!
Where should business who don't make 500,000k yet work with , since that is a stipulation to work with you - need / would like to work with you, but no availability in calendar etc ....
You don't have to have $500K. If you submit this form, you'll be directed to a CPA who can help you asap. mycpacoach.com/contact/
You left out START-UP BUSINESS EXPENSES
home office space max 300sqft right? + expenses?
There is only a max if you use the "simplified method". We prefer the actual expense method, which tends to save our clients more $$$.
This is crazy
IKR
Hi, can you file my taxes?
Yes, you can book an appointment with one of my CPAs here: mycpacoach.com/contact/
I thought Board members of a business cannot be related by marriage or blood. (?)
Where in the tax law does it say that?