Business Tax Deductions that 90% of Taxpayers Miss! [Must Watch]

90% of business owners are overpaying on taxes because they are missing tax deductions, that can save them an average of $15,000 or more in taxes!
Become a Tax Client: mycpacoach.com/tax-planning-s...
Today, I want to help as many people as possible avoid these costly mistakes by sharing my list of top deductions missed by business owners.
As a licensed CPA, I review tax returns and talk to small business owners every day. And today, you are going to learn from the various ways business owners overpay on taxes.
So save this video, share it, and comment below to let me know your thoughts.
Timestamps:
Are You Overpaying on Taxes? (0:00)
No. 1 Missed Tax Deduction (1:30)
Home Office Deduction Mistakes (2:25)
Should You Fear the Home Office Deduction? (3:05)
Failure to Take Max Home Office Deduction (4:05)
Missing Home Expenses (5:30)
No. 2 Missed Tax Deduction (6:28)
No. 3 Missed Tax Deduction (7:52)
Avoid Self-Employment Tax (8:10)
No. 4 Missed Tax Deduction (10:00)
No. 5 Missed Tax Deduction (11:56)
No. 6 Missed Tax Deduction (13:45)
No. 7 Missed Tax Deduction (14:40)
No. 8 Missed Tax Deduction (15:45)
No. 9 Missed Tax Deduction (17:37)
Do You Have a Tax Problem? (18:30)
For more in-depth business tax guides from me, subscribe to my division's channel, My CPA Coach at / @mycpacoach
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[@RashadGriffin]

Sherman is the GOAT! Another great video!

[@slowjamcdub]

I got to use these deductions for real because they’re trying to hit me with $17,000! My tax preparer looked at me and said you’re gonna have to find some deductions because as of right now you own the IRS $17,000!!😮 I was trippin!!! I hit up UA-cam and found this video! ASAP!!

[@pech_wake_day1153]

This video is pure gold. 👏🏽👏🏽👏🏽

[@flexforall2]

Solid video!

[@duanecurry4676]

Excellent Presentation with informative precursory information that generates the thinking process. Exceptionally Well Done!

[@charivari85]

Great content!!! Thank you!

[@sayitloudtheultimatetrivia5656]

This is great information!

[@glorias.2930]

Most clear video out there! 👏🏼👏🏼👏🏼

[@LYFEAccounting]

Glad you think so!

[@Simon-Misiewicz-US-UK-Taxes]

A nice informative video 😊

[@LYFEAccounting]

Thanks 🙂

[@ladyploveroflife5014]

Very useful information. Thank you!

[@LYFEAccounting]

My pleasure

[@Barausuf]

thank brother Sherman.

[@MikeyCandy]

Thanks for valuable information...

[@LYFEAccounting]

My pleasure!

[@mmlg24]

Why doesn't any cpa talk about how taking the home office deduction affects the sale of your home when you decide to sell your house? I think it's a big deal!

[@Jason-yv8xx]

Depreciation recapture?

[@LYFEAccounting]

Hard to cover everything, but there are even ways to avoid some of those taxes...

[@phatpatatit]

What happens to the home sale price when taking the office deduction?
Can You explain please.

[@jennymeier3018]

What happens if I have my health insurance through my full time employer but I have a side business? Can I still take a deduction since I am self employed by my side business?

[@misskwill_]

Hello! What tax advice do you have for a 24yo making 6figures, no dependents! What can I do to lower taxes owed!? Starting a business? Tax credits? Plz make a video on this

[@garyCauser]

IRS scares the crap out of them!

[@salonkelley4543]

Topic No. 515 Casualty, Disaster, and Theft Losses
Claiming the Loss
Individuals may claim their casualty and theft losses as an itemized deduction on Schedule A (Form 1040), Itemized Deductions (or Schedule A (Form 1040-NR)PDF, if you're a nonresident alien). For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year.

[@jowoka]

How do you get over the fear of the depreciation recapture after selling your home (after years of business use deduction)?

[@LYFEAccounting]

1031 exchange or Sec. 162 gain exclusion

[@yolandaosborne1848]

Awesome info

[@LYFEAccounting]

Glad you liked it

[@miraclelove991]

Good Morning, I have a job and a successful business. I have insurance-employer-assisted insurance. I paid-> showing on my W-2 $16,000. How much insurance do I claim on my business. I fell asleep after watching this video and I did was dream about it going on my schedule C.

[@kameshamccarthy7063]

Is a tax free retirement account tax deductible?

[@salonkelley4543]

HI CAN I DEDUCT OR WRITE OFF A CAR I LIVED IN AND ALL MY POSSESIONS WHILE I WAS A CONTRACTOR FOR DOORDASH GOT BURNED UP IN THE CAR FIRE? I DIDN'T HAVE FULL COVERAGE INSURANCE. I LOST AL MY CLOTHING PHONE EVERYTHING. I GOT BURNED AND EVEN HAD TO LIVE ON THE STREETS.

[@elmontecarlo2385]

Do you offer services for California? I have my business LLC income and my personal work income.

[@LYFEAccounting]

I serve companies throughout the US @ mycpacoach.com/

[@TheDosuFamily]

My accountant want to use the simplified home deduction

[@LYFEAccounting]

Why?

[@TheDosuFamily]

@@LYFEAccounting I don't know.

[@slowjamcdub]

Get a new accountant

[@KTS-Finesse]

Can you just point me in the direction of a stellar CPA?

[@LYFEAccounting]

You can apply to work with Sherman directly here: mycpacoach.com/

[@Luxurypressurewashing]

🔑😮‍💨

[@mfdez93]

Was this video made with some sort of AI?

[@LYFEAccounting]

I wish