How To Make Your Side Gig Tax Free
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- čas přidán 6. 07. 2024
- Side Hustle Tax Hacks: Say goodbye to high tax bills and hello to tax-free earnings with these expert tips.
🔗 Master Asset Protection: Join our Free Tax & Asset Protection Workshop and learn the ultimate tax hacking strategy: aba.link/ugd
From selling online to providing consulting services, this video will guide you through the steps to legally minimize your tax liability. Don't let the IRS take a big bite out of your side gig income - subscribe now and take control of your financial future!
I'll share with you all the secrets to creating a tax-free side gig that will help you reach new heights you may never have thought possible.
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Show Notes:
0:00 Intro
3:00 Business vs. Personal
4:53 Entity Discussion
8:13 Side Gig Tax Hack
10:42 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#sidehustle #sidegig #taxstrategies
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Thank you!
Yes. All of this is correct.
Thank you Toby!
Right on time Toby! 🏆
Great video and one I been looking for on side hustle, but I think what you are saying (but not quite clear) is you can only claim up to what you earn on the side hustle. You should make that more clear please. So another words if you only made 9k on your side hustle but 180k on your main job don't expect to be able to claim more than 9k in business expenses . Correct?
Is this a good idea for a Independent contractor for Spark/Walmart delivery with NO W2 job?
Great video as I am now finding time to watch some of them. I am already a platinum partner in Anderson and with my initial intake never heard any of this as I have multiple LLCs so it sounds like at least one should be either taxed as a corp or a corp. Will get in contact to understand if something was missed during the review. I'm always looking for tax savings as I'm also still a W2 employee hoping soon to retire from the 9-5.
I really appreciate your support and taking the time to watch my videos. It means a lot to me. I'm glad you found the information valuable and I hope it helps you save some money on taxes.
Excellent video Brother
Thanks for watching
Hey Toby! Long time watcher. Had a great time at the event in Vegas last week. 😊
Is there a difference in benefits/strategies/treatments between an LLC taxed as a C-Corp, and a "proper" C-Corp? I.E. does 280(a) still apply to both, the accountable plan, medical deductions, etc. Just wondering when it makes sense to use a "proper" C-Corp vs an LLC with C-Corp election.
It was a fun event in Vegas:-) Thanks for hanging out! The only difference between a c corp proper and and LLC taxed as a corp is for the 1202 stock loss (needs to be corp shares). This is taking an ordinary loss if you own a closely held c corp with losses. For LLCs, the loss would be a capital loss - for a c corp, the loss could be ordinary. Everything else is the same tax-wise. There are some differences for asset protection depending on the state. Makes LLCs more attractive in many cases.
more of this type of video please!
I'm so glad you enjoyed this video! I'll definitely keep making more content like this in the future. Stay tuned.
@TobyMathis If a person had more than one side hustle, should she split them into several (llc) s/c-corps? Can you please focus in a fure video which entity type to pick for side gigs to maximize deductions? (Simplest to track and file taxes for a side gig that aims to remain small enough to be remain tax free)
All true. People fight me when u tell them the gov WANTS you avoid taxes..... as long a you are in business
It's definitely important to understand the tax laws and regulations when you're running a business.
What about if you are collecting social security ❓ Can I do an online Shopify and don't have to claim it ❓😁
If I have to claim it - then I am sending foreign aid to another country
Awesome Info
Glad it was helpful!
What kind of education did you need to get to do and know what you do about the tax laws? Thanks for the video.
I'm glad you found the video helpful!
Okay I couldn't even finish watching this because this is simply not true!
You absolutely can be a sole proprietorship, and claim all of these deductions, without the cumbersome rules and regulations and constant filings of a C-Corp or an LLC! In fact, even you're free tax software walks you right through this if you receive a 1099 or have gross recipts from sales!
Also, no mention of something that's actually important coming up in less than two short weeks, the new changes for the Corporate Transparency Act, Go read the article from the National Review about reporting "Beneficial Owners" and how cumbersome this ntire process is going to be!
I'm tired of youtube hacks. Yeah, try having a $5k meeting for ur uber side gig & see how well THAT goes! 🙄
You cannot have an accountable plan as a sole prop. Sorry. See Pub 946 and CFR 1.62-2. You can write off the business portion of certain things like your cell phone - business use of the car - etc. But you have to track both personal and business use. Nobody does. How do I know? Pub 55 and the audit rates - go look up Table 17(B) the last year it was published. Sole Proprietors lose between 94 and 95% of their audits.
As for the meetings - great case came down this year (Sinopoli v. Commissioner - $500 per meeting was the IRS default). Yes, anyone can do it.
This CZcams "Hack" is a 25 year tax attorney who swims in these waters 24/7 and has written 4 tax books on small business tax.
BTW - handled an audit of a cleaning company in ND in the middle of nowhere. The IRS was fine with $500 per meeting and that was 15 years ago.
@@TobyMathis So rather than teach ppl responsibility, you teach them work arounds to be lazier & shirk responsibility for their actions; but then in the end they have to do a lot more work or pay someone else alot of money to do that work for them because it's too complicated, and then when an ubereats driver or house cleaner tries to deduct a $500 "business meeting" in Hawaii, when they live in middle of nowhere ND, and get audited, you simply blame the system? I have VERY good & expensive tax LAWYERS who state the exact opposite of what you're claiming here. I'm not saying that people don't need to formulate an actual company; but a small side-hustle isn't one of them.
Dont forget the sales tax on that 70 cents. another 10%, so really you can only spend 63 cents.
At what earning point do you recommend to become an LLC. Right now I am a sole proprietor. My tax man told me that I should earn around 60K a year before becoming an LLC.
If you watch my other videos I always mention sole proprietors are most likely to get audited. I highly recommend you set up a free strategy session today about creating a business structure that's specific for you. Visit aba.link/ugd
So how can I eran spend then be taxed on my W2 with my llc taxed as s-corp?
Or you can only deduct on the side hustle earnings?
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. Visit: aba.link/ugd
@@TobyMathis I will, thanks
Am I able to write these expenses off simply on my schedule C as a sole proprietor?
To provide you with the most accurate advice tailored to your specific circumstances, I recommend attending Tax Tuesday, where we will answer your questions live. Visit: aba.link/4vt
I've been door dashing for 3 years and they never mentioned any of this! In fact nobody has
Sorry I was referring to the little green square
That’s because Toby is the man! He’s the big homie OG lol Toby alone will make H&R as a whole look like a joke
Thank you for sharing your experience =)
@@TobyMathis I've been dabbing in stocks and crypto the last couple years I'm worried I'm missing some benefits and info for max potential but I don't have any one to help or trust anyone to help so can you recommend something
I don't know much but I think im leaning c corp or llc
Your channel is a side gig. What are you writing off? What percentage of your mortgage (studio), camera, & internet (etc.) can you write off?
100% of all ordinary and necessary expenses:-) Yup. The tax code incentivizes businesses. Just make sure you have a true profit motive and you are good.
@@TobyMathis I knew the answer, but wanted others to see it. My favorite stock market channel "Stock Up with Larry Jones" trades stocks at home. He bought the vehicle as "Studio C" because 2 accountants told him to, so he shoots CZcams videos in it from time to time. He upgraded his home studio too. Before the market cool down (2021) channel "Meet Kevin" purchased a $10M airplane.
SOLID
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