Business Expenses & Tax Deductions for Small Business That You DON'T Want to Miss

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  • Опубліковано 29 жов 2024

КОМЕНТАРІ • 267

  • @consolemadamethirdkill
    @consolemadamethirdkill 3 роки тому +28

    I am so happy that I truly understand what you’re saying. You’re a great speaker!

    • @allupinyobiz
      @allupinyobiz  3 роки тому +1

      That's what I like to hear! Thank you so much for watching and for the kind comment!

  • @aliyahthegardenist
    @aliyahthegardenist 8 місяців тому

    UA-cam recommended me this video. Just what I needed!! 😂❤

  • @josephtaylor3491
    @josephtaylor3491 3 роки тому +2

    That was the most informative video on tax breaks that I've seen on UA-cam!!!

  • @tonyakelly5494
    @tonyakelly5494 4 роки тому +17

    You are AWESOME! Thank you for being “All up in MY business” 😀 This was very helpful!

  • @LuisRodriguez-eh6el
    @LuisRodriguez-eh6el 4 роки тому +20

    You explained S-corps better than my CPA. Thanks!

  • @nathanwood33
    @nathanwood33 2 роки тому +1

    I wish I had someone like her in my life

    • @nathanwood33
      @nathanwood33 2 роки тому

      @@woolzem its truly amazing how much we need each other. Divided we fall. United we staand

  • @billwise9496
    @billwise9496 3 роки тому +1

    That was awesome. I could listen to you all day. Thank you

  • @BENBASIL
    @BENBASIL 2 роки тому

    Awesome! Thanks so much, this is very helpful

  • @triathlete954
    @triathlete954 4 роки тому +2

    Great information just adding that the health deduction premium expense and Retirement deductions are done on schedule 1 of your taxes not schedule C, for those of you who are doing this on your own.

  • @dougOptics
    @dougOptics 3 роки тому

    New business owner here and I LOVE YOU! Awesome content and helpful af.

    • @victorramirez7343
      @victorramirez7343 2 роки тому

      Hey Doug curious to know what kind of business do you own and also congrats on it 👏🏽👏🏽

  • @bigolegreen
    @bigolegreen 3 роки тому +1

    Thank you for this. Super helpful as I’m starting to freelance

  • @NiamulArifin
    @NiamulArifin 4 роки тому +1

    Good to see you Adan...So excited to see your new video after years....

  • @MiamiDreams
    @MiamiDreams 4 роки тому +8

    Outstanding! Thanks for all the videos you make. Really good information!

    • @allupinyobiz
      @allupinyobiz  4 роки тому +2

      You're welcome. Thanks so much for the support!

  • @Em_Rey
    @Em_Rey 4 роки тому +3

    1st video I'm watching from you. I started my business this year and I can't wait to watch and learn from more of your videos since my knowledge with laws, regulations and taxes is very low.
    New subscriber :)

  • @AndyHTu
    @AndyHTu 4 роки тому +3

    Thank you for this video! So...I live in California, so I don't know if this will be relevant to you or not but....................
    Can you do another video on how to to have keep corporate minutes of your Single Member LLC? I just watched the one you did like 4 years ago and I'm not too sure I understand it wholeheartedly lol.
    I asked a question in that other video, but I don't think you will see it so I will ask it here.
    1. How do you do you keep corporate minutes as a single member LLC?
    2. How often do you have to do it? ( keep hearing, you keep records of every purchase, but that makes it sound like you have to it often. Then I hear you have to do it once a year, so I am confused!)
    3. What ways can you do? Can you just keep descriptions of your expenses in quickbooks? Would that be considered a minute to minute meeting?

  • @mooredre3221
    @mooredre3221 2 роки тому

    I am happy that I have stumbled across your videos. I have started the process of starting my trucking business and have been very nervous. With yours and a couple of other people I have viewed, it has made it easier for me to understand the process better. Sitting here with my pen and paper, I thank you. I am looking forward to watching more videos.

  • @benjaminelkrieff6414
    @benjaminelkrieff6414 4 роки тому +8

    Your videos are life changing to me. Thanks to you I am more than never confident in opening an LLC. And Now I know who to contact if needed. Thank you Aden! And I loved the "s'il vous plait" ;) Keep up the good work!!

    • @allupinyobiz
      @allupinyobiz  4 роки тому +2

      This makes me soooo happy! Thanks for the kind words!

  • @juanalvarez6456
    @juanalvarez6456 3 роки тому

    Excelent, excelent....I will follow you....thanks a lot...

  • @devek357
    @devek357 3 роки тому +2

    I've learned so much! thank you

  • @asmrcookielady1535
    @asmrcookielady1535 3 роки тому

    I"m just finding you today and all of these videos are gold! I am starting a home bakery and your videos are so helpful. Thank you!

  • @napoleonarmstrong3648
    @napoleonarmstrong3648 4 роки тому +2

    Has anyone ever told you YOU ROCK!!🙌👍⭐🎆

  • @Sarah-ji2zy
    @Sarah-ji2zy 3 роки тому

    This was a very informative video! Awesome thanks!

  • @leiacaston1531
    @leiacaston1531 Рік тому

    Your videos are so informative

  • @harleyehuffinejr2432
    @harleyehuffinejr2432 4 роки тому +8

    Great information and thank you very much for taking time out of your life to help others with there needs. God gave you a gift of 86,400 second today, thank you for all the ups and downs that make it worth living. (K.I. M) Keep it moving all up in your business.
    Harley E Hall Of Fame

  • @jjpierce6032
    @jjpierce6032 4 роки тому +1

    I just use the standard mileage deduction because it's much easier and I don't have to track my mileage or keep receipts. Yes I have to give to my tax man the amount of miles driven for that car for the year. Having two cars is best and saying one car is full business driven and your other car is both business and personal driven. Yes I use both for the Standard Mileage Deduction on my taxes every year.

    • @allupinyobiz
      @allupinyobiz  4 роки тому

      I prefer the standard mileage deduction too. But you do still have to track your mileage.

  • @aimiloo
    @aimiloo 4 роки тому +1

    Wow thanks for posting this educational video!

  • @CommalaWalz
    @CommalaWalz 3 роки тому

    Super informative!

  • @canyoneagle
    @canyoneagle 4 роки тому +3

    I love your videos. So helpful!!!!!! I started my LLC Sole Proprieter Consultancy business last year, and am still getting things in order.
    On an unrelated note, gotta love the fact there is a book in your bookcase titled "Wine" :)
    Keep up with your great videos!!!!! Thank you.

    • @allupinyobiz
      @allupinyobiz  4 роки тому +3

      But what you can’t see is the book stacked beneath it titled “BEERS” 😂 thank you so much for watching and for the kind comment!!

  • @slicc9048
    @slicc9048 3 роки тому

    Great video. Thank you.

  • @StingerBeeCo
    @StingerBeeCo 4 роки тому +3

    If I had one question I could have asked, this video covered it. Great video, great information as always! Thanks for making these videos

  • @haroldb.vigilsr.7803
    @haroldb.vigilsr.7803 4 роки тому +5

    I love all of the videos that I’ve watched. You are amazing and always have great helpful information. Thank you for all that you do. 👍

  • @kika017
    @kika017 4 роки тому +1

    I really love your videos!!!! Thank you!!

  • @Mariachi.Hidalgo
    @Mariachi.Hidalgo 3 роки тому +1

    Very informative Thank you!

  • @teal0star0aurora
    @teal0star0aurora 3 роки тому

    Your videos are awesome!

  • @shirnettesutton380
    @shirnettesutton380 3 роки тому

    Very informative. Thanks .blessings

  • @Aqueenlee
    @Aqueenlee 3 роки тому

    Great content! Thank you

  • @zairacontreras3925
    @zairacontreras3925 4 роки тому +1

    Really good info! Thanks!

  • @TellsFromTheBeast
    @TellsFromTheBeast 3 роки тому +1

    congrats on 100k subs, what a huge milestone!!! very remarkable! keep grinding your absolutely amazing

    • @allupinyobiz
      @allupinyobiz  3 роки тому

      Thanks so much, I'm pretty pumped about it!!

    • @TellsFromTheBeast
      @TellsFromTheBeast 3 роки тому

      @@allupinyobiz as you should be, its such a grind lol but your wonderful on camera, and your in the absolute best niche. very proud of this milestone as a fellow youtuber. im only at 35k but had to take a break to restructure my content, i have leaned so much from you and was also content listening thriugh without skipping around.
      just think of it this way, you could literally sell out the michigan stadium with your audience! thats remarkable!
      here is a link to something that helps put the crowd size into perspective, i think you will love this lol because your literally only one step away from selling out the Texas Motor Speedway, which is at 180,000. i cannot wait to see you pass it!!! this is going to be such a wonderful year for your channel and i couldnt be happier for you!
      sorry for the book lol but again thanks for everything you do to help educate people. you offer a great service, you should feel nothing less than proud.

  • @GM-nd6qy
    @GM-nd6qy 3 роки тому

    You are incredibly helpful. Great insight on what we should know. Too awesome!

  • @inbedduringcovid3005
    @inbedduringcovid3005 3 роки тому

    Just found this and I loveeee it. I have already sub and will be sharing. I just started a secret business with plenty more to come and I'm hoping to learn as much as I can to save my life from a real crazy situation. I will be watching this multiple times. I have to see if it's an 2021 update of this now for LLC. Thank you 🙏👍✌💓💛

  • @PrestonMcgill
    @PrestonMcgill 4 роки тому +4

    So happy I found your UA-cam channel, I’ve been losing my mind working on starting my business and so far they have been super helpful the best part is that everything you talk about is relevant to what I’m doing because I’m in Colorado. Thanks for putting all this info out for free 🤙🏻🇺🇸

  • @MrHp5610
    @MrHp5610 4 роки тому +16

    I wish you were in Washington, your vlogs are soooooooo helpful!

  • @mauricejohnson6123
    @mauricejohnson6123 4 роки тому +5

    I'm starting a Repair Business and I've been purchasing equipment to practice on my Craft to get better. Can the Equipment be tax Deductible?

  • @kentech2788
    @kentech2788 4 роки тому +2

    Awesome Content and instruction !

  • @andrepatterson8937
    @andrepatterson8937 4 роки тому +1

    New to the channel great information watching and applying all of ur information. Thanks!!!

  • @marianaavitia5051
    @marianaavitia5051 4 роки тому +1

    Lots of amazing info thank you so much... i feel alot more confident to take the leap and open up my business. Subscribed and notifications are on!!! 💕

  • @inpoweryou-rayw6743
    @inpoweryou-rayw6743 3 роки тому

    This was very helpful

  • @nickfrancis3227
    @nickfrancis3227 4 роки тому +1

    Love the video and it was very helpful...I have more questions

  • @Waqapedia
    @Waqapedia 4 роки тому +10

    Can you deduct startup and organizational costs before you actually form the LLC/INC? or only after legal entity formation

    • @folasadeosibodu7119
      @folasadeosibodu7119 2 роки тому

      After formation. She said after you’ve made the decision, anything before are personal expenses

    • @revko1nyc
      @revko1nyc 2 роки тому

      Don't quote me but I recall reading you can deduct up to 6 month prior of starring a business.

  • @SirShoddrick
    @SirShoddrick 3 роки тому

    Love your channel 👍

  • @dmndstudios6817
    @dmndstudios6817 4 роки тому +1

    I have a question I’m hoping you can answer. I’m looking to register my recording studio business as an LLC and write off business expenses on my taxes, such as studio equipment purchases, software, etc. I already made the investments, but don’t currently have an LLC or a business bank account. If I were to register as an LLC, would I be able to write off expenses I made for my business before formally registering? Or would they count as personal investments because I wasn’t registered as a business? Thank you! 🤍

  • @RodasiCampbell
    @RodasiCampbell 4 роки тому +3

    Hello! This is so helpful thank you thank you! Do you have a video on how to pay my teenager as a single member LLC and if this is indeed considered a tax-free expense up to 12k for the business per year?! I didn’t find a video on this in your channel- point the way or please create one! 🙏🏾✨💕Have a blessed day!!!

  • @glendasagucio4501
    @glendasagucio4501 3 роки тому +2

    Im in the process of getting my business bank account and I've been using my personal bank account to start up my LLC business. Can I write off the expenses for my business that use from my personal bank account when i file my business taxes next year?

  • @irvinyalexis1
    @irvinyalexis1 3 роки тому

    Thank you I was going crazy before your video

  • @BoostAndRedline
    @BoostAndRedline 3 роки тому +12

    I like that “ all up in your business” 😂😂

    • @truckpilot01
      @truckpilot01 3 роки тому

      Hell yeah. Id get all up in her business

  • @jesusmariasolisjr2294
    @jesusmariasolisjr2294 4 роки тому +1

    Ty appreciate you so much you help me understand all this God bless you and your family

  • @DJAM87
    @DJAM87 4 роки тому +1

    I rented a apartment to be used as a business office for online work / online business , it’s separate and is not my residential address , but the apartment lease was done in my name and not the business name , however the Corp is registered there , are those expenses deductible ?

  • @luis9901
    @luis9901 4 роки тому

    great Educational info for a beginner Thanks a lor

  • @inventory-distribution-man6415
    @inventory-distribution-man6415 4 роки тому +1

    Love it. Great information.

  • @CCTENG2022
    @CCTENG2022 4 роки тому

    helpfully a free learning with energetic and smiley faces. Thank You 🙏

  • @antoniovillalta4916
    @antoniovillalta4916 2 роки тому

    love this!

  • @4KimballGlaspie
    @4KimballGlaspie 3 роки тому

    YESSS! Thank you for this!👍🏽❤️

  • @lorainec4905
    @lorainec4905 4 роки тому +1

    Hey girl, Your blogs are awesome. I have a question? Is the more you have expenses is the less you would have to owe the IRS?

  • @NeonKue
    @NeonKue 3 роки тому +2

    Is it acceptable to use my own personal account (Amazon, Paypal, etc.) to purchase business expenses with a business credit card?

  • @old72mac
    @old72mac 4 роки тому +1

    Good stuff Aiden! Appreciate it.👍🏽

  • @MsShannaK
    @MsShannaK 3 роки тому

    Are you available for hire tho👀
    I learn so much from you. Your energy is everything and you make it very easy to understand. Thank you so much. 👑

    • @allupinyobiz
      @allupinyobiz  3 роки тому

      I answered your question in my newest video! Check it out at ua-cam.com/video/SrGkYbAD25I/v-deo.html

  • @lseh4720
    @lseh4720 3 роки тому

    Can we charge legitimate LLC expenses to our personal credit cards (to get points) but pay the card from our LLC checking account, i.e., a washer/dryer to Costco credit card (personal card) but when the bill comes, pay it off from our LLC checking? Thank you.

  • @EmileosE-CommerceQuest
    @EmileosE-CommerceQuest 2 роки тому

    When starting a business should I get an accountant straight away or it's tax jar good?
    I have an e-commerce business. Can I pay my remt and bills and use it as a tax deduction?
    As in my personal rent for where I rent since I have no office?
    How does this work really I register my business in nj, but get orders in TX, NYC, California etc.
    It's confusing for me.

  • @TheHaslemBoyz
    @TheHaslemBoyz 3 роки тому +2

    I have an LLC and I want to enclose my covered back porch and use it as my home office, can the expenses be a tax deduction?

  • @gmx5051
    @gmx5051 4 роки тому +3

    I use 2 storage units to store the items i distribute..can i deduct the full amount spent? Thanks

  • @michelemibelle
    @michelemibelle 4 роки тому +1

    I love your videos! Thank you for repping for the ladies🌷

    • @allupinyobiz
      @allupinyobiz  4 роки тому +1

      You’re welcome! 👊 thanks for the kind comment!

  • @christina6767
    @christina6767 3 роки тому +1

    Do you have to have a business account in order to prove all of these expenses? Or can you use the proof from your personal account for the money that was spent?

  • @vanderpoolfarmsl.l.c.9983
    @vanderpoolfarmsl.l.c.9983 3 роки тому

    Our LLC's heavy trucks that haul livestock all have satellite radio capability.
    Do you see a problem with an annual subscription to the satellite provider as a deductible expense?

  • @old72mac
    @old72mac 4 роки тому +2

    Hey Aiden, can you write off educational items on learning to start, run or operate your business...books, webinars, or classes and such?

    • @allupinyobiz
      @allupinyobiz  4 роки тому +1

      Great question!! Sometimes yes, sometimes no. I will make a video about it! 😁

    • @old72mac
      @old72mac 4 роки тому

      @@allupinyobiz Awesome! I'll keep an eye out for it.👍🏽👍🏽👍🏽

  • @haasepiper
    @haasepiper 4 роки тому +1

    Omg I love learning this from you. Appreciate it. Especially 13:12

  • @josecorrea8391
    @josecorrea8391 4 роки тому

    Great video. Thanks for all the information

  • @CC-br7ds
    @CC-br7ds 3 роки тому

    How do they determine if you are planning on going into business? Is that based on you having an LLC? What if you're in the process of opening an LLC? Do you have to have an LLC to get these deductions?

  • @tabethaortiz
    @tabethaortiz 2 роки тому

    You're amazing!!!

  • @goodnessalwayswins
    @goodnessalwayswins 3 роки тому

    Hi. If I haven't started my business yet (it's not open yet) but I bought alit if equipment van I still deduct the cost of the equipment? Tx v much

  • @aimiloo
    @aimiloo 4 роки тому

    Wow thanks for this educational video!

  • @silverbison88
    @silverbison88 3 роки тому

    Thank you for all your information. Have you used TaxBot?

  • @griffith4581
    @griffith4581 2 роки тому +1

    Hi thanks for your video! Can I deduct buyer paid shipping costs on Ebay or Mercari? In the case of buyer paid shipping, Mercari and both Ebay send those charges lumped into my gross sales amount, but I never profited from those shipping charges. I keep hearing you can only deduct free shipping, but those folks just raise the price of the item built into the sale and don't actually pay for shipping themselves. Which is the better way to go for taxes buyer paid or free ship? and can I still deduct buyer paid shipping through C.O.G.S deduction? Cause if I don't, anything I didn't deduct will be considered taxable profit from the IRS at the end of the year, which includes those buyer ship costs I never profited from.

    • @hh-qy8zt
      @hh-qy8zt 2 роки тому

      I'd also like to know

  • @sherry5751
    @sherry5751 2 роки тому

    I am in search of answer of my question and so far not able to get it. I have a single member llc, If I am understanding correctly irs to receive income tax return while states receive the sales and withholding taxes, am I right? And what is the difference between withheld and withholding taxes?

  • @frenchyalicea649
    @frenchyalicea649 2 роки тому

    I own a sandwich and dessert shop and want to take baking courses to further my knowledge. Can these be deducted or have to be amortized? Also does it matter if its a college, or an online course?

  • @ginaspencer4333
    @ginaspencer4333 Рік тому

    super helpful

  • @BrillyAsher
    @BrillyAsher 4 роки тому

    This was SO freaking helpful!! Thank you sooo much!

  • @kunalamin8
    @kunalamin8 3 роки тому

    IUL is also a good way to save taxes.

  • @sjlee2726
    @sjlee2726 4 роки тому

    hi there. great information. How about if you have home office for an online shop and you need to repair/replace a sewer/plumbing pipes. Can it be deducted ?

  • @avorithing8211
    @avorithing8211 4 роки тому

    16:23 the closing sound track reminds me of something I'd hear in a horror movie. I am still very grateful for your help and insight. Thank you!

    • @allupinyobiz
      @allupinyobiz  4 роки тому

      Really?! Lol, I think it's kinda of tranquil and relaxing! Oh well, different strokes I suppose. Thanks for watching!!

  • @r.c.850
    @r.c.850 3 роки тому

    If I use my personal cellphone more for my business and if I want upgrade and buy an Iphone 12 Pro Max, can I deduct that as business expenses ?

  • @BryanKujawa1
    @BryanKujawa1 2 роки тому

    Helpful, do you offer consulting? Thanks

  • @JL-fq3jc
    @JL-fq3jc 4 роки тому

    Very helpful thank you

  • @fernandoantonio3769
    @fernandoantonio3769 4 роки тому +2

    I just started dog grooming from home In March and made my LLC .. would I be able to add any bills or rent? It’s all done from home I have a bather will she be considered an I dependang contractor ?

  • @BrillyAsher
    @BrillyAsher 4 роки тому +1

    Does Uber count as mileage that you can write off ??

  • @nodaudaboutit
    @nodaudaboutit 3 роки тому

    Great tips!

  • @therealestateservant6732
    @therealestateservant6732 3 роки тому

    Can I deduct my my car insurance and/some of my car note if I use my vehicle for my business? Also is it better to have your expense accounts in your business name such as phone bill etc?

  • @carlpeterson8182
    @carlpeterson8182 3 роки тому

    I would watch out on some of these deductions. Some are in a little of the grey area. For instance one's usual commute is not deductible.

  • @arkansassteve
    @arkansassteve 4 роки тому

    You are awesome! Thanks for sharing

  • @bundakissa
    @bundakissa 2 роки тому

    you've just got to license K-Solo's "Your Moms In My Business" as your theme song

  • @marcelinojr.deperalta3735
    @marcelinojr.deperalta3735 3 роки тому

    packed with goodness