Top 5 Tax Write-Offs For LLC’s

Поділитися
Вставка
  • Опубліковано 26 лис 2024

КОМЕНТАРІ • 1,6 тис.

  • @henryt4034
    @henryt4034 3 роки тому +87

    1) start up and organizational cost $5k in first year remaining cost is amortized over next 180 months
    2) home office deduction
    3) vehicle deductions
    4) marketing and advertising
    5) self employment tax

    • @djwhite7664
      @djwhite7664 2 роки тому +7

      @@mmserenityllc this isn't legal advice, consult a CPA or lawyer for that. That being said, from what I've been told, if you show a loss for the year it's basically all a write off. You can show a loss for like 4 or 5 years before it's looked at as a hobby instead of a business. Or something like that

    • @2Casual
      @2Casual 10 місяців тому

      ​@@djwhite7664I heard after 3 years it would be considered a hobby.

  • @reezo619
    @reezo619 3 роки тому +345

    I bought some stocks in a medical REIT that invested in, well medical properties several decades ago. They only had 7 employees and paid a handsome dividend. The stock price grew steadily over the years and the dividends is very steady. I invested about $1700 at the time and only wished I had bought more! I still have that stock and two others since I retired 13 years ago. I sold off the rest. *850 FINANCIAL ASSESSMENT* is outstanding believe me.

    • @goldenstandard187
      @goldenstandard187 3 роки тому +1

      🔥

    • @odithegoldenretriever2158
      @odithegoldenretriever2158 3 роки тому +2

      I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude Marvin and 850financialassessment⊚com was so helpful during the process of boosting my credit

    • @goldenstandard187
      @goldenstandard187 3 роки тому +1

      @@odithegoldenretriever2158 💯

  • @jurasicpark1911
    @jurasicpark1911 3 роки тому +399

    At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Karlton, fyi my emergency fund is also a done deal! by *Linux Tech Corps* lol, i didn't made it myself

    • @holliewhite5127
      @holliewhite5127 3 роки тому

      Karlton - may I suggest you make *850 financial assessment* correlating this to the United States Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

    • @guycar1012
      @guycar1012 2 роки тому

      VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but 850 FINANCIAL ASSESSMENT info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

  • @Jayden12934
    @Jayden12934 11 місяців тому +61

    Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!

    • @SmithCollins-xd9ho
      @SmithCollins-xd9ho 11 місяців тому

      Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!

    • @ukdsg
      @ukdsg 11 місяців тому

      As a beginner I would recommend you get started with a professional broker that will guide you through the process and trade for you while you get the daily profit and rewards.

    • @Jayden12934
      @Jayden12934 11 місяців тому

      Olivia Sullivan Financials is my portfolio-coach, I found her on CNBC where she was interviewed, I looked up her name on the internet. Fortunately I came across her and reached out to her, you can verify her yourself.

    • @KateWilliams-gn5qr
      @KateWilliams-gn5qr 11 місяців тому

      Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can.

    • @hanzo-dr7wi
      @hanzo-dr7wi 11 місяців тому

      This is a good recommendation my friend. My first experience with her gave me the assurance that has made me to invest without fear of loosing

  • @robertseales5823
    @robertseales5823 3 роки тому +4

    Preach Bruh! So happy I came across your video! During the pandemic I wanted to rebuild my credit so bad and have a new life by the end of this year that would benefit me , my family and my business I opened during the pandemic! I paid someone over $1000 to rebuild my credit and they started the process but ghosted me! I started doing my own research and Linux Tech Corps popped up on UA-cam ! I’m now building my own credit back up and I have 3 medical collection’s account to take care of and thanks to you , I know I can handle those! *Linux Tech Corps* were so useful and You’re such a blessing!

  • @evanschitmon1984
    @evanschitmon1984 2 роки тому +118

    You're right, there are importance of multiple stream of income, unfortunately having a job don't mean financial freedom or security

    • @evanschitmon1984
      @evanschitmon1984 2 роки тому

      Speaking of being successful. I know I am blessed if not I won't have met someone who's as spectacular as Josh.

    • @waynekelvin6114
      @waynekelvin6114 2 роки тому

      I must say crypto is the future and the way?

    • @rosemoore3656
      @rosemoore3656 2 роки тому

      Yes I am a living testimony of Mr. Josh
      Mr. Josh has changed my financial status for the best. all thanks to my aunty who introduced me to her last year

    • @sarahmorris8920
      @sarahmorris8920 2 роки тому

      I have also expirence his great work he's good in trading

    • @dianapogue2885
      @dianapogue2885 2 роки тому

      oh yeah I lost a lot of my saves which I will never try anymore am such an idiot if I think about what I did trading on my own without no expert guild ?

  • @dr.aliadixonnursepractitio6473
    @dr.aliadixonnursepractitio6473 3 роки тому +57

    You saved me because I totally forgot about the Code Section 179 and my CPA was wrapping up my taxes tomorrow and I just reached out to her to add in my SUV!! GOD BLESS YOU

    • @karltondennis
      @karltondennis  3 роки тому +2

      That is AMAZING!!!
      Love that tax savings 💰

    • @dr.aliadixonnursepractitio6473
      @dr.aliadixonnursepractitio6473 3 роки тому +2

      @@huckfin1598 I didn't ask about how much, I stated I forgot to add it in, my CPA already has it handled..Again Mr Dennis thanks for the reminder

    • @dr.aliadixonnursepractitio6473
      @dr.aliadixonnursepractitio6473 3 роки тому +2

      @@karltondennis again thank you for your wealth of knowledge and moving in purpose to help others God bless

    • @anyrollins4326
      @anyrollins4326 3 роки тому

      @@huckfin1598 really??

    • @g8gxpboi
      @g8gxpboi 3 роки тому

      Maybe time for a new CPA if they forgot that write off.

  • @zionacho7702
    @zionacho7702 3 роки тому +416

    Wealth is not just about finance, but health and wellness is critical especially in our black community! No need to have stuff and money if you don't have your good health? Rick Ross finally understands this truth now! What does it profit a man/woman to gain the whole world if you don't have optimum health to enjoy it all! Let change the mindset about the diet & wealth in the black community so we can all go up together! Above all things... I wish that you be in good health and prosper even as your soul prospers! God bless you brothers! and remember to use *Linux Tech Corps* for your bad credit and negative credit marks and inquiries removal

    • @revitalcohen558
      @revitalcohen558 3 роки тому

      I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *LINUX TECH CORPS* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

    • @jurasicpark1911
      @jurasicpark1911 3 роки тому

      At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Karlton, fyi my emergency fund is also a done deal! by *Linux Tech Corps* lol, i didn't made it myself

    • @holliewhite5127
      @holliewhite5127 3 роки тому

      Karlton - may I suggest you make *850 financial assessment* correlating this to the United States Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

    • @guycar1012
      @guycar1012 2 роки тому

      VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but 850 FINANCIAL ASSESSMENT info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

    • @SocialT3rry
      @SocialT3rry Рік тому

      Health and Wellness all 2023 and beyond

  • @clynegabrielmelendres7470
    @clynegabrielmelendres7470 3 роки тому +342

    I think for Crypto its also about the tech, BTC is like AOL when the internet first came out. We may see other coins come out and be the dominant coin. Same reason Google dominates today instead of AOL. Its pretty simple, all people need to do is move their money a better coin for something they think is better than BTC. The Marketcap for crypto is only going to grow and I see governments getting involved the more crypto gains marketcap. BTC and LTC are not on an element like physical silver and gold, better tech can be evolved and implemented when using *850 Financial Assessment*

    • @southwestballa03
      @southwestballa03 3 роки тому

      I heard BTC is like gold and LTC like silver. What coins do you think are going to be the dominants in the future?

    • @angelclark2193
      @angelclark2193 3 роки тому

      BTC

    • @IAMKO517
      @IAMKO517 3 роки тому +1

      @@southwestballa03 btc and the blockchain it uses and all cryptocurrency uses to function Ethereum. It's as if not more important than btc

  • @cwr8618
    @cwr8618 3 роки тому +1

    1) Startup cost
    2) Home Office
    3) Vehicle Deduction
    4) Marketing & Advertising
    5) Turn LLC to S Corp

  • @mrpunitgour7965
    @mrpunitgour7965 2 роки тому

    Credit Backdoors literally gave me a fresh start. Before, I was stressed out and exhausted from being turned down from lender to lender. As of now, I'm currently in the phase of purchasing a home. I'm more confident and I feel more secure. I want to extend a very big THANK YOU to *Credit Backdoors* .

  • @revitalcohen558
    @revitalcohen558 3 роки тому +2

    I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *LINUX TECH CORPS* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

    • @jurasicpark1911
      @jurasicpark1911 3 роки тому

      At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Karlton, fyi my emergency fund is also a done deal! by *Linux Tech Corps* lol, i didn't made it myself

    • @holliewhite5127
      @holliewhite5127 3 роки тому

      Karlton - may I suggest you make *850 financial assessment* correlating this to the United States Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

  • @rogerlacy7999
    @rogerlacy7999 3 роки тому +4

    Mr John, you probably won’t even see this but I want to thank you front the bottom of my heart for providing this info! This is huge! I really do appreciate it!

  • @jameswoodall983
    @jameswoodall983 3 роки тому +1

    I'm a trucker. Your instructions are clear and to the point. I really appreciate your channel. God Bless You and your Family. Thanks.

  • @paulbrown9206
    @paulbrown9206 3 роки тому +6

    Man you are a genius. You really understand the American way to be successful 💯 🙏

  • @kevinmiller3584
    @kevinmiller3584 3 роки тому +400

    When trying to get late payments removed on an active account, if it cannot be verified by the bureaus, do they remove that late payment and show on time payment for that month, show no information available for that month, or delete that account off the credit report? I want to get my late payment history corrected but not sure how disputing with the credit bureaus affects the active account if they cannot verify the information to be accurate, I wouldn't have been able to take them off if not me meeting *Linux Tech Corps*

    • @robertseales5823
      @robertseales5823 3 роки тому +3

      Preach Bruh! So happy I came across your video! During the pandemic I wanted to rebuild my credit so bad and have a new life by the end of this year that would benefit me , my family and my business I opened during the pandemic! I paid someone over $1000 to rebuild my credit and they started the process but ghosted me! I started doing my own research and Linux Tech Corps popped up on UA-cam ! I’m now building my own credit back up and I have 3 medical collection’s account to take care of and thanks to you , I know I can handle those! *Linux Tech Corps* were so useful and You’re such a blessing!

  • @9700344493
    @9700344493 3 роки тому +5

    I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude Monique and *850financial assessment* was so helpful during the process of boosting my credit

  • @gameroyuncu1218
    @gameroyuncu1218 3 роки тому

    I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found *Linux tech corps* . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy home.

  • @Lui8111
    @Lui8111 3 роки тому +81

    The fact that it is all useful information and straight to the point no ads Man this channel is going to blow up quick I hope it stays this way a lot of people lose themselves with the ads

    • @billsomen7953
      @billsomen7953 3 роки тому +2

      You're right.

    • @ToolDeals
      @ToolDeals 3 роки тому +3

      Would you rather the professionals charge you? Or you just skip through an ad? They have to live too.

    • @Lui8111
      @Lui8111 3 роки тому +2

      @@ToolDeals when people say they want to help they’ll do it without being a sellout. I get it when people want to make some money but when they got an ad every 2-3min that’s over doing it. Nothing but success for all of y’all. Peace.

    • @dr.aliadixonnursepractitio6473
      @dr.aliadixonnursepractitio6473 3 роки тому +1

      I’m in agreement with you May God reign many financial blessings into his life that he is pouring into other people

    • @karltondennis
      @karltondennis  3 роки тому

      I appreciate this man! I have been putting out content for quite some time.

  • @RenaldoEpps
    @RenaldoEpps 3 роки тому +1

    I'm a small business development specialist and I love your videos I pass them alone all the time.

  • @jcisaacs89
    @jcisaacs89 3 роки тому +3

    I have finally started my LLC! This was very valuable information and I have subscribed to get as much as I can from your content!

    • @D_Wedd
      @D_Wedd 3 роки тому

      me too working on finalizing mine rn

  • @ncjk7508
    @ncjk7508 3 роки тому +16

    The last one you nailed it why you need to set up LLC(for better position to convert S corp). For rest 4 reasons, you do not have to set up LLC. Any form of busienss entity can get those deductions.

    • @karltondennis
      @karltondennis  3 роки тому +9

      I wasn't saying that the write-offs are not available to other entities, but that these are the top 5 that LLC's should be taking advantage of to reduce their tax bill legally.
      Hope you enjoyed the info! 🙏🏾

  • @tedrossi3298
    @tedrossi3298 3 роки тому +3

    “Great” info. My son just started an LLC. You have given us more info than his CPA. 👍🏻

  • @joycepayne3242
    @joycepayne3242 2 роки тому +58

    It was my understanding that the new business model does not prefer loyal workers that intend on staying put in their jobs. The new model is the "revolving door" of hiring new employees, using them while they are eager, then getting rid of them before it comes time for their raise. I don't see why any worker would tolerate that business model and there is backlash to that business model. No one cares about their jobs or the consequences of doing subpar work. Why should they? There is no future for them. Plan your future settling up your Rot IRA and getting funds sent to it through *Linuxtechcorps🟡org*

  • @thehaitianambassador215
    @thehaitianambassador215 3 роки тому +261

    This guy gave up more information for free in 8 minutes than most Americans learn in 6 years of college. Wow !!! Great content bro !!

  • @josephklostermanjr.4687
    @josephklostermanjr.4687 3 роки тому +7

    I watch a lot of these videos. This is by far the best one I've ever seen. Subscribed

    • @novadon4729
      @novadon4729 3 роки тому

      Me too. 😊😄 U can see he doesn't try to muddy the information by unnecessary shenanigan's. He makes it very simple, precise and to the point.

  • @mass4504
    @mass4504 3 роки тому

    Preach Bruh! So happy I came across your video! During the pandemic I wanted to rebuild my credit so bad and have a new life by the end of this year that would benefit me , my family and my business I opened during the pandemic! I paid someone over $1000 to rebuild my credit and they started the process but ghosted me! I started doing my own research and Linux Tech Corps popped up on UA-cam ! I’m now building my own credit back up and I have 3 medical collection’s account to take care of and thanks to you , I know I can handle those! *850financial assessment* were so useful and You’re such a blessing!

  • @ppa1983
    @ppa1983 3 роки тому +3

    Thank you for the information. I took corporate law at a community college, and I do remember that each legal entity has its own benefits and tax ramifications. However, specifically how to get tax write offs and how use it to one's entrepreneurial advantage, was not necessarily taught (but it was in the big legal reference book). Thank you . This is very helpful, as I find that some tax people don't try to help you that much after watching this video. 🙏🏽👋🙏

    • @karltondennis
      @karltondennis  3 роки тому +1

      So many tax codes for everyone to leverage, and every business is different and that's what makes it fun.
      Glad you enjoyed the video

  • @kabosparkz3847
    @kabosparkz3847 3 роки тому

    I can’t express how much this info helps me TODAY! I’m a new business owner dealing with this pandemic has been hell for me . This is the Ray of sunshine I really needed!!!!!! I subscribed today and it’s my first time seeing your videos. I appreciate the heck out of you

  • @ampm297
    @ampm297 3 роки тому +3

    Thank you for creating such an easy to follow and informative piece on LLC's and S-Corps. You have given me insight and direction at a time when I needed it most. Again, thank you.

  • @Followyourlight420
    @Followyourlight420 9 місяців тому +1

    You are nothing short of amazing. I had some knowledge prior to your vids. Now you have opened my eyes onto so much more. I was struggling with efficiency and you illuminated a whole new path! RESPECT

  • @curtisdarveau
    @curtisdarveau Рік тому +7

    The video is very interesting and insightful.

    • @hothiphong
      @hothiphong Рік тому

      Great comment

    • @ryleemacmahon
      @ryleemacmahon Рік тому

      Well illustrated.

    • @akirakrusemark
      @akirakrusemark Рік тому

      The earlier you start learning about investing, the easier it will be to pick it up. Financial professionals are difficult to choose and costly to keep, so it is best to manage your own affairs whenever possible.

    • @marleycapron
      @marleycapron Рік тому

      This is an eye opener.

    • @itzeltorreson
      @itzeltorreson Рік тому

      There's blessing in disguise taking risk in a business.

  • @bjorninlalaland5782
    @bjorninlalaland5782 2 роки тому

    I was looking for a guy like you. I am from the EU but for sure there is a lot of things I can copy/paste for my business. Thanks man, subscribed.

  • @thenoble3282
    @thenoble3282 3 роки тому +6

    Hi! I think U maybe the ONLy person I have heard give the precaution of “ONLY do this if it’s for Hard Inquiries that are not for any active credit lines”. That’s so awesome & amazing; I know tons of folks will appreciate this if they see Ur clip 1st before the others who instruct on this specific subject but doesn’t talk about the precaution & risks; how it applies... to later have their accts closed. No bueno! Kuddos for Ur knowledge & the sauce; for Ur transparency!!! I recommend CREDITBACKDOORS🎡COM for those with bad credit after recommending this clip to learn some knowledge about credit....

    • @harveyestis2750
      @harveyestis2750 3 роки тому

      Ah 😂

    • @thenoble3282
      @thenoble3282 3 роки тому

      @@harveyestis2750 😒

    • @DatriellHarris
      @DatriellHarris 3 роки тому

      This team saved me from bad credit, bad derogatory marks and tons of inquiries loaded on my credit report, thanks guys I will always give good reviews as promised ............

    • @DatriellHarris
      @DatriellHarris 3 роки тому

      This team saved me from bad credit, bad derogatory marks and tons of inquiries loaded on my credit report, thanks guys I will always give good reviews as promised ............

    • @DatriellHarris
      @DatriellHarris 3 роки тому

      This team saved me from bad credit, bad derogatory marks and tons of inquiries loaded on my credit report, thanks guys I will always give good reviews as promised ............

  • @junbug9435
    @junbug9435 2 роки тому

    Thank you Karlton for that great information. I appreciate it.

  • @dakotarouth
    @dakotarouth 3 роки тому +7

    Karlton is legit. Probably the most informative video I've seen on YT with regards to taxes and my LLC. Thank you Karlton. Great info.

  • @nosicamathurin7245
    @nosicamathurin7245 3 роки тому +1

    Thank you for the video! I have had a passion for credit repair for a long time and I’ve helped a couple of people. I’ve even thought about starting my own business. Listening to you and seeing your passion has lit a 🔥 in me and learning from and using *Linux Tech Corps* . I have watched this video a few times just as motivation. I call it my “Victory Lap” video because you are spreading Nips message by following it! Thank you and keep pushing! Proud of you!

    • @nosicamathurin7245
      @nosicamathurin7245 3 роки тому

      Thank you for the video! I have had a passion for credit repair for a long time and I’ve helped a couple of people. I’ve even thought about starting my own business. Listening to you and seeing your passion has lit a 🔥 in me and learning from and using *Linux Tech Corps* . I have watched this video a few times just as motivation. I call it my “Victory Lap” video because you are spreading Nips message by following it! Thank you and keep pushing! Proud of you! .. ..

  • @tonysoprano6265
    @tonysoprano6265 3 роки тому +151

    By the time I got to the second write off I Suscribed! Man this is NOT the typical advice. Thank you!

    • @karltondennis
      @karltondennis  3 роки тому +4

      I appreciate that, and the subscribe 🙏🏾

    • @matthew9677
      @matthew9677 3 роки тому

      Check out legallees channel and info

    • @johngreen1683
      @johngreen1683 3 роки тому +3

      No, it's pretty common if you're using a good accountant.

    • @tonysoprano6265
      @tonysoprano6265 3 роки тому +1

      @@johngreen1683 honestly my accountant sucks. Been trying to find another one who will take the time to explain these things

    • @johngreen1683
      @johngreen1683 3 роки тому +4

      @@tonysoprano6265 I'm sorry to hear about your luck. Find a seasoned CPA... it will cost you upfront, but will save so much more money and frustration in the long run. I'll give you an example... I moved from one state to another mid year, and had to file taxes for both states since my residence had changed. The state I moved from was and is still loosing their tax base. So that state said I was in arrears in taxes and if I didn't pay back due taxes it would fine me a flat penalty a fee of $15K. My CPA also has attorneys that work in the office sent a nasty letter to the Department of Assessments and Taxation and informed them they actually owed me money with compound interest and threatened to sue the state for the unlawful language in the letter. Received a check and huge apology letter. The state was taking too long to return my refund. If I didn't know better who knows what I would've paid.

  • @ky-gm8ys
    @ky-gm8ys 2 роки тому

    I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude Ach and *Credit backdoors* was so helpful during the process of boosting my credit

  • @captainhomeadvantage8960
    @captainhomeadvantage8960 3 роки тому +4

    You are the best brother! Owner of a new startup here. This is amazing! Appreciated.

  • @guysfinancex
    @guysfinancex Рік тому +1

    I never realized how many potential tax write-offs I was missing out on as an LLC owner! This video really opened my eyes and gave me some actionable steps to take advantage of these opportunities. Thank you for the valuable information....

  • @AfoteyAnnum
    @AfoteyAnnum 3 роки тому +3

    I'm really upset with myself for not finding this channel earlier. I'm legit using the tips and tools you've given us to increase my LLC's value.
    Thank you so much for this!
    #Subscribed

  • @PeopleHealthTru
    @PeopleHealthTru 5 місяців тому

    1 first year startup $5000. 2 home office space. 3 vehicle 4 advertising 5 S corp payroll deduction

  • @donaldd4136
    @donaldd4136 3 роки тому +81

    One of the best videos on taxes I’ve ever seen. Straight to the point and quality tax tips

  • @patrickcalhoun4502
    @patrickcalhoun4502 3 роки тому +10

    This is truly some of the best contact on the Web

    • @jtreed5716
      @jtreed5716 3 роки тому

      Without a doubt about it

  • @deuteronomy27miraculousmin68

    Thank you after sleeping in the car with my kids this year just 2 months ago, I need every bit of information to never let that happen again! It’s get right time🎉

  • @jcman240
    @jcman240 3 роки тому +4

    These write offs are applicable to any business. A common misconception is that you must be an LLC or other established business to get tax write offs, which is incorrect. You can operate a business under your name as a sole proprietorship and receive the exact same tax treatment as a disregarded LLC.

    • @karltondennis
      @karltondennis  3 роки тому +1

      Yup, I talk about that in other videos :)

  • @bossnonoyvlogs9231
    @bossnonoyvlogs9231 2 роки тому

    *Credit Backdoors* has taught me that it’s never a late time to make a decision , a decision that’s set to keep your future safe and insured , I choose them

  • @searst2
    @searst2 3 роки тому +7

    Your the real deal Karlton. Thanks so much for you a guidance. I would pay to have someone like you I could call to ask questions and learn from. You’ve put in time and are knowledgeable, it shows. Much respect!

  • @nessliestrife993
    @nessliestrife993 3 роки тому +13

    This is how informative videos should be. Straight to the point. As I start my security company I needed this. SUBSCRIBED!

  • @87ricr
    @87ricr 3 роки тому +4

    It sucks the 'tax thing' is so complicated, it does take the wind out of new entrepreneurs, however glad there is ppl like you sharing great information 👍👌🙌✌

  • @nosicamathurin7245
    @nosicamathurin7245 3 роки тому

    Due to long term medical illness in my family our credit suffered lots. Lots in collections but lots saved and being paid on time for 24 month or more, i was doing the wait and see who sues me hoping the statue of limitations run the course first but 4 have sued... when you own something they do come after you no matter what the reason. but after seeing a lot of reviews about *CreditBackdoors⨀Com* i gave them a try to get stuffs off my credit and boost my credit score, im so glad it worked using their service

  • @TheMarcostube
    @TheMarcostube 3 роки тому +3

    Straight to the point. Great work just started our business.

  • @zionacho7702
    @zionacho7702 2 роки тому

    *This gives me hope and motivation on the possibilities of owning a home. I am also a single mother. This video demonstrates how women can do it on their own. In my case, it seems impossible since My Credit got Low which always discourage and disqualified me applying for home. So I'm not sure if this nonprofit organization works internationally by helping single mothers or those whose dream to own a home, But i never give up trying ways to increase my credit and clear those negative items I met Linuxtechcorps⨀org, wiped off negative items and increase my credit score to Excellent am a house owner thanks*

  • @KennyJTV
    @KennyJTV 3 роки тому +3

    Great video! Very simple and easy to understand. As a new business owner this has helped A LOT!

  • @-SP.
    @-SP. 3 роки тому +1

    Most self employed truckers don't use mileage deductions. You save much more money writing of expenses such as gas

  • @clintyoung8255
    @clintyoung8255 3 роки тому +3

    Thanks bruh
    You just made a new fan.
    Planning on opening a LLC this year, and knowing this info helps.

  • @rosaydabossrockeymore8410
    @rosaydabossrockeymore8410 3 роки тому +3

    Kudos my brother....u just validated things that I was wondering about when starting my LLC .....THANKS BRO!!!

  • @chaffelhaye9259
    @chaffelhaye9259 2 роки тому

    GREATFULL for bro.... your making a whole nation financially educated , and savy...

  • @kxlllucid
    @kxlllucid 3 роки тому +4

    1. Start up and organisational cost 0:47
    2. The home office deduction 1:58
    3. The vehicle deduction 3:32
    4. Marketing business expenses 5:30
    5. Turning your LLC into an s corporation 6:41

  • @Jahguaar
    @Jahguaar 3 роки тому

    I am committed to self-development & thriving.

  • @rickyirizarry8228
    @rickyirizarry8228 3 роки тому +17

    GREAT WORK KARLTON! WHAT DO YOU CHARGE FOR CONSULT AND ADVICE???

    • @karltondennis
      @karltondennis  3 роки тому +4

      $250 for strategy consult. Link is in my profile bio

  • @aestaiticidols8454
    @aestaiticidols8454 3 роки тому

    VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *Linux tech corps* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

  • @N2UITIV
    @N2UITIV 3 роки тому

    Just recently got an accountant to do my taxes and help me with some business advice I feel like I learned more here than being in his office.hope he works out .. This video was 💯. THANKYOU

    • @karltondennis
      @karltondennis  3 роки тому

      That's awesome.
      I'm happy I could help

  • @holliewhite5127
    @holliewhite5127 3 роки тому +2

    Karlton - may I suggest you make *850 financial assessment* correlating this to the United States Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

  • @GabeSuarezCreative
    @GabeSuarezCreative 2 роки тому

    Im two years as a real estate agent. business is great but im leaving so much to uncle same by not knowing this stuff. Thanks for the quick summary of this. New sub!

  • @steveleedom
    @steveleedom 3 роки тому +143

    Thanking the UA-cam Algorithm Gods for having you show up in my feed today. Loved your straight-forward video. I look forward to your next content piece.

    • @billsomen7953
      @billsomen7953 3 роки тому +2

      I think Google heard when you're talking about this with a sibling.

    • @karltondennis
      @karltondennis  3 роки тому +1

      Love to hear that this was beneficial to you 🙏🏾

    • @karltondennis
      @karltondennis  3 роки тому +2

      @@billsomen7953 😆😆

    • @MRS.DEE_M.B.A
      @MRS.DEE_M.B.A 3 роки тому

      Ditto you took the words right out of my mouth

    • @MR-AK
      @MR-AK 3 роки тому

      Glad you enjoyed this Steve, you may also like to learn about more benefits from this video: ua-cam.com/video/GWhI4naO9vE/v-deo.html

  • @juanuribe54
    @juanuribe54 3 роки тому

    Love your energy bro👍🏽

  • @9to5killaCartel
    @9to5killaCartel 3 роки тому +3

    Great content brethen....very informative!! Keep rockin

  • @josenaula6479
    @josenaula6479 2 роки тому

    Yes all your points are very valuable. And I. Appreciate all the knowledge you put out there for us newbies. I started My LLC On December of last year So far. I've. Made alot of profit 📈 out of it. I started with $10,000. I been blessed to. Reach. To my. $70,000. In such. A. Small period of time I mean It was a risk But hey I tried, Your an awesome mentor. And I appreciate all the. Informati9n your put out here. For all of us.

  • @2ndx
    @2ndx 3 роки тому +3

    keep dropping that knowledge

  • @bandmarc141
    @bandmarc141 3 роки тому

    Just started my LLC in March 2021....this info is GREAT to know! 👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾

  • @humblenepali
    @humblenepali 3 роки тому +38

    Bro i learned a lot in 8 mins than in school! 🍻

    • @karltondennis
      @karltondennis  3 роки тому +3

      Let's go!!!

    • @HaroldThompson247residuals
      @HaroldThompson247residuals 3 роки тому

      ➡️ "FACTS...."
      AND "YES" I MOST DEFINITELY HAD TO SUBSCRIBE....

    • @MR-AK
      @MR-AK 3 роки тому

      @@karltondennis Keep it coming Karlton. I just left a tip for your channel. Hope you grow more.

    • @dumbeezy5480
      @dumbeezy5480 3 роки тому +1

      Cant really compare this to school.

  • @holliewhite5127
    @holliewhite5127 2 роки тому

    My mother told me as a child that no man would marry me if I have debt. I watched her cut up her credit cards and always had this fear about credit cards and debt. I had to re-educate myself and now I use my credit card for everything, I never carry a balance and I have a credit score of 843. Credit cards are not bad if you know how to utilize them To actually be able to speak to someone and get exact information regarding my circumstances and assistance in clearing my record is priceless. This service is unequaled.Thanks for all your doings FUTUREIMPERATIVE🎡NET

  • @Jun_Sp02
    @Jun_Sp02 2 роки тому

    When referencing corporate America, he said “They don’t really care about you as they make it seem” realest thing he said...I’ve seen experienced it first hand in the DMV. Black ppl aren’t really respected in corporate America. Glad that he was able to get out of there and become his own boss 💪🏽 by using *Credit Backdoors*

  • @tyjones2293
    @tyjones2293 3 роки тому

    Hi Karlton, I'm your new subscriber 👍🏾great video!

  • @ruhl.fitness
    @ruhl.fitness 3 роки тому +3

    Incredible information. So well spoken and clear when explaining, thank you! I’m in school getting my master of public health but want to start a personal training business out of my home (still live with parents) simultaneously.
    Your information will help tremendously. Is starting an LLC the best move for a personal training business? A long term goal of mine is to open my own gym.

    • @karltondennis
      @karltondennis  3 роки тому +2

      Whenever you're ready shoot me a DM.
      I did personal training before I decided to go back to tax. Check out some of my first videos uploaded !
      Look forward to connecting

  • @adel19997
    @adel19997 3 роки тому +2

    I learned more from your channel then my finance course, which it was all theory.

  • @francoismarseille3512
    @francoismarseille3512 3 роки тому +19

    This was phenomenally easy to understand and insightful. Well done!

  • @ezlancesmith
    @ezlancesmith 3 роки тому

    Should add that that if you choose to go S-corp, you have to pay yourself a reasonable wage. There are programs that will help determine what a reasonable wage is and it will also support your wage if the IRS questions the amount you are receiving. Although in this current climate with the IRS I would not expect the IRS to be questioning those kind of things.

  • @neiro519
    @neiro519 3 роки тому +4

    Honestly the most informative video I’ve seen on here in years. I’ll definitely be getting a consultation real soon

    • @karltondennis
      @karltondennis  3 роки тому +1

      Can't wait to hear more about your business!

  • @BoutMyMoneyTV
    @BoutMyMoneyTV 3 роки тому +3

    Great video precious and to the point Thanks 🙏🏿

  • @benrausch404
    @benrausch404 3 роки тому +3

    So, if you buy a vehicle weighing over 6k-lbs and deduct the total depreciation value the first year. what happens if sell it the next year?

    • @sbthedon6677
      @sbthedon6677 3 роки тому +2

      Great question

    • @joerogan8723
      @joerogan8723 3 роки тому +2

      Depreciation recapture. Whatever money you saved from deducting the first year you will owe the tax year that you sell

    • @sbthedon6677
      @sbthedon6677 3 роки тому +2

      @@joerogan8723 so basically keep the car ?

    • @joerogan8723
      @joerogan8723 3 роки тому +2

      @@sbthedon6677 yes . I believe after a few years you can sell without the depreciation recapture, or at least at a discounted rate

  • @155RAJANI
    @155RAJANI 3 роки тому +12

    Number 5 omg 😳 well needed my guy thank you.was going to subscribe anyway I be a fool not to lol 😂 thanks again

  • @denomahadeo6064
    @denomahadeo6064 3 роки тому

    Knowledge is wealth buddy. You just made tons of people wealthier, including me. Wonderful stuff. Keep it coming.

  • @cherrypickit3048
    @cherrypickit3048 3 роки тому +4

    Can I add a child to my payroll for a tax write off even though it’s the end of December? If so, how would I do that?

    • @slidenthru9203
      @slidenthru9203 3 роки тому +1

      good question

    • @karltondennis
      @karltondennis  3 роки тому +1

      Absolutely!
      These strategies typically need to be done in advance though. Proper tax planning can take time. Would love to hear more about about business.
      Message me on instagram @karltondennis

  • @deleted5109
    @deleted5109 2 роки тому

    I was part of an experimental program in jr. high where we had classes that taught us about understanding taxes, how credit worked, how to manage bank accounts and investing, and even things like interacting with the local government and contacting our representatives. Sadly, for whatever reason, the experiment ended after a few years and was never integrated into the normal curriculum. I had things on my criminal record that I was never convicted of yet they were there. How embarrassing? With the help and expertise of *Credit Backdoors* I had them cleared off my record in no time, they’re the best I recommend.

  • @_JohnnySav
    @_JohnnySav 3 роки тому +8

    I needed this video! Thank you!

  • @prinprin3324
    @prinprin3324 3 роки тому

    I love this channel as a new business owner

  • @bigraf3178
    @bigraf3178 3 роки тому +18

    I learned none of this in College and I was an Economics major.

  • @bizovi4994
    @bizovi4994 3 роки тому

    I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude Monique and *Linux Tech Corps* was so helpful during the process of boosting my credit

  • @Redrumintl
    @Redrumintl 3 роки тому +4

    This is like the most entry level advice. If you’re just starting here you have a long way to go..read rich dad poor dad

    • @karltondennis
      @karltondennis  3 роки тому +1

      It's important for me to cover entry level write-offs as well as bigger write-offs. A lot of business owners are not leveraging some of the most important deductions.
      Great book!

  • @bettersaynow
    @bettersaynow Рік тому

    you are a gifted teacher, Karlton

  • @louiskobelt4565
    @louiskobelt4565 3 роки тому +22

    Mr john david is the best, recommending him to all beginners who wants to recover losses like I did

    • @nickylove7768
      @nickylove7768 3 роки тому

      Trading with Mr john david was never a regret to me, All thanks to him, he is the best I have ever seen

    • @davebj8683
      @davebj8683 3 роки тому

      Oh, I've heard of him but I didn't take it seriously until I tried out with $ 500 and made profits within some days

    • @louiskobelt4565
      @louiskobelt4565 3 роки тому

      @Grace Davis For assistance you can contact him on whats(apk)

    • @louiskobelt4565
      @louiskobelt4565 3 роки тому

      @Grace Davis
      +=1=4=0=4=3=4=1=2=5=6=9

    • @louiskobelt4565
      @louiskobelt4565 3 роки тому

      @Grace Davis Please let him know you were referred by one of his client

  • @vtecaccord96
    @vtecaccord96 2 роки тому

    I just came across this channel and man the nuggets that are being dropped! I have a lot of videos to go through. Excellent content!

  • @wisama7091
    @wisama7091 3 роки тому +4

    Man I was taking notes the entire time, barely even looked up

  • @technical6257
    @technical6257 3 роки тому

    At 34 years old I finally feel ready to settle down long enough to buy a house. Unfortunately due to previous horrible stupid life decisions, I'm forced to start with a zero balance in my savings account. On the bright side, the huge amount of debt - consequence of those bad decisions will be payed off next month! 🥳 It's never too late to start saving like there's no tomorrow, and I'm really REALLY excited and motivated. Oh and Monique, fyi my emergency fund is also a done deal! by *Linux Tech Corps* lol, i didn't made it myself

  • @Wizardofoddz420
    @Wizardofoddz420 3 роки тому +3

    Definitely hit that subscribe button my brother.. I also would like to have a consultation let you know where I am at and trying to go see if you got some advice

    • @karltondennis
      @karltondennis  3 роки тому

      Thanks bro
      Check the link for consultation in my profile

  • @stara7274
    @stara7274 3 роки тому

    So interesting that someone can see this helpful video and still give it a thumbs down. Such haters.

  • @jamesmalverick9311
    @jamesmalverick9311 3 роки тому +35

    Money is an issue that everyone has for a better and luxurious life, life was hard for me until I started trading bitcoin and am now earning $20,000 per week.

    • @michaeljohn3328
      @michaeljohn3328 3 роки тому

      Same here I earn huge weekly profits of $10,000 on my investment since I started trading with Mrs Theresa Walton,her trading strategies are top-notch.

    • @Veronica-kp6sd
      @Veronica-kp6sd 3 роки тому

      Wow I'm shock someone mentioned and recommended expert Mrs Theresa.

    • @jameswalk7958
      @jameswalk7958 3 роки тому

      Bitcoin is on it's way to the moon, it's time we join the Bitcoin community.

    • @joylimica9381
      @joylimica9381 3 роки тому

      Bitcoin is on it's way to the moon, it's time we join the Bitcoin community.

    • @christopherdavid8063
      @christopherdavid8063 3 роки тому

      As a first time Investor,I started trading with Mrs Theresa Walton with just a thousand bucks now my portfolio is Worth $15,000 within a week and two days of trading with her