I'm an attorney tax preparer and I love your presentation--you seem to be as enthusiastic about trying to inform people/explain the tax system as I feel. Thank you for posting these videos!
Thank you so much iam a new business owner just got registered with the Secretary of State in my hometown thank you so much I will be saving all your videos and watching you everyday I am a brand new entrepreneur business owner for men and women and children clothing and accessories I am scared half to death I never been a business owner in my life but I am ready to own my own time so I can leave a legacy for my two grandkids
Cindy, what about saving receipts, totaling taxes and listing "other taxes paid"? Federal fuel tax on gasoline is 18.4 cents / gallon. My state tax / gallon is 25 cents / gallon. That means I spent over $160 federal and $180 state.
1:charitable donations 2: vehicle sale/property tax 3: home deductions 4: Residential tax credit 5: education or educator expenses 6: invest into 401k or IRA plan 7: medical expenses 8: HSA 9: child tax credit or dependent tax credit
I’m not a CPA & love your insight into taxes! I am, however, an engineer & understand math. While taking a spreadsheet class in my early years, I discovered how the tax system works & realized what my father in law told me, “it’s not what you make that makes you rich, it’s what you keep”! Once I learned taxation, I became astute on my earnings & love calculation of my income & taxes now! Guess I should have become an accountant, eh?
mmmmm articulate and well spoken..repetitive and stupid thing to say... ohhhh I know...because he’s a person of color he should say “look heah y’all I’m gonna tell y’all’s how to save money”🤡
Great job. I deal with this on a daily and although I can't disclose what I do in the IRS, I know the struggle people deal with and you are very helpful explaining these. I just finished watching a video from another individual and he was so off base I pray nobody watched it. hehe.
I’m from Canada, but honestly most of the content you guys cover is extremely relevant and show the concepts in great detail! Appreciate the free knowledge and great visuals
I am a 56 year old single man. I live paycheck to paycheck and do live within my means. Not drowning in debt. For the last 2 years (21 & 22) I have a huge amount due that I cannot afford. I don’t own a home…I have no deductions other than standard. I have the maximum tax taken out of my paycheck by my employer. I feel screwed, for lack of a better word.
That is the exact boat I’m in. The tax code is written to totally screw people in this position. Penalized for not being married. Penalized for not being a home owner. Penalized for PAYING your taxes!
Great video! One thing I noticed though is that at 14:06, when mentioning the contribution limits for IRA vs 401K, I believe it needs to be corrected to $6,000/$7,000 for IRA VS $22,500/$30,000 for 401K. Thank you for posting this!
The Health Savings Account is a terrific tax deductible option, but it must be clear that in order to take advantage of this option, you have to have a high deductible health insurance plan, and most health insurance plans would not qualify as HDHP.
The heading suggest that you were going to discuss overlooked deductions. You switched to how our tax system works. Give me 9 overlooked write off, that’s it.
Your fist point is very important and easily explained. For all tax payers, the first 10K of taxable income is taxed at 10%, the next 30K is taxed at 12%, and the next 50K is taxed at 22%, etc. This is both progressive and equitable.
Love your videos however solar panel energy credit is a REFUNDABLE TAX CREDIT! One of my clients just got solar Panels installed on their roof of their town home and received an additional $6000 in refundable tax credit when I did their taxes! And you can also get credit for purchasing an electric vehicle too!
I wonder if your client got a state credit too? Because this is from the IRS Website “The residential energy property credit is non refundable. A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero.”
Young man, you have a "excellent informative pod cast", I got my questions answered. LLC, is my current CDL venture, and I've absorbed a wealth of knowledge and venue direction, toward resource. Thank you, Richard Washington, Bulldog trail lines. LLC, based in Atlanta,ga
It's upsetting how the government caps off your property, local, state taxes at 10k but they don't hesitate to cap the taxation amount. I pay 9k just in property taxes, pay another 3k in supplemental local taxes. If they are going to cap your write off then they should cap off the amount they tax you too.
I was told by a tax professional that a person needs to own a home or currently be buying a home/ making payments to use any of those things as a tax write off! 😡 😢 crazy
HSA members can contribute up to the annual maximum amount that is set by the IRS. Those 55 and older are allowed by the IRS to contribute an extra $1,000 to their annual maximum amount. Those 55 and older are allowed by the IRS to contribute an extra $1,000 to their annual maximum amount.
I’m 1099 for door dash and so far I’m able to write off my cell phone bill, car wash, car insurance, car repairs and gas. If you learn of anymore write offs, please let me know 😎
@@chrissmith4539 You should write off your milage instead of your gas cause that would be a better write off especially if you're driving more. You can also write off your insurance, credit card annual fee deductions, you can deduct the tax preparation fee, any headphones you use, ear phones, car yearly tags, any dues or subscriptions you have in relation to your job, you can deduct any advertisements,. I heard you can also deduct HALF of your self-employment tax as a tax deduction which is A LOT depending on which state you're in but A LOT for me here in california. If I were you, I would also put 6500 in an IRA account (traditional) which counts as a tax write off as well. 6500 is the max for now. That's all I can think of for now but honestly if you hire a good business tax attorney or accountant, they should give you more clues. :) lol
Appreciate the detailed breakdown! 🧐 I have a quick question: 🤷♂️ I have a set of words 🤷♂️. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How do I use this? 🤨
$300,000 Income Tax Reward Freedom Law School is offering $100,000 to the first person who can demonstrate any of the three propositions listed below. The winner can collect up to $300,000 if he or she can prove all of the propositions below. 1. Show what statute written by the Congress of the United States that requiring Americans to file an income tax “CONFESSION” (return) and pay an income tax. 2. Show how Americans can file an income tax “CONFESSION” (return) without giving up their 5th amendment right to not give any information to the government that may be used to prosecute them. 3. Prove that the 16th amendment to the United States Constitution, which, according to the IRS and modern American courts permitted the income tax to exist was lawfully added to the United States Constitution.
I have never understood why tax advisors recommend donations as a tax saving strategy. Yes, it’s commendable, but in your example, James donates $20,000 and saves less than $2000 in taxes. To me, he’s out $18,000 of income. How is that a positive benefit to James?
The Residential Energy Tax Credit is now 30%, expanded (so it applies to more things), and extended (to 2030 I think?). Changes are retroactive for tax year 2022, too.
Thank you for the video. What about writing off gambling winnings. Say I win the jackpot, how do I write off the taxes on that? Is there anyway to cut back on that before you even get the check?
One should not be forced to need a professional to file/explain the tax system to us. The tax system should be simplistic enough for all to understand and function within. The only reason our tax system is so complex is to allow government to interpret it the way they choose.
you can always file an amended return....for any year. My tax person basically skipped over things in 2021 due to covid...I was going through stuff and found errors..I called the IRS and they said any year...you can always file an amended return
I'm retired from the military and also I get Social Security disability I am 63 years old I decided in 2022 to do eBay selling products.I sold over $3,000 or more on eBay so now the new law is that anything over $600 you have to report on your tax forms I have distributed money for Charities or finishes Goodwill stores so for even a small business owing a little bit of taxes can I do a tax write-off on that thank you for letting me know.
You are supposed to report it no matter how much it is People think the first 600 is “free” it’s not If you sold 3000 you can deduct the original cost of what you sold plus other expenses incurred
Starting to learn to prepared myself for 2023. When I bring my statements to a CPA or Tax Professional, will they let me know about about write offs or deductions I miss?
I don't know if they would look over your return for free...Time is money. Ur better off paying for it to get done the one time then look over wat they did. Then learn on your own :)
My CPA said you can oy write off medical insurance premiums and expenses over a certain percentage of your taxable income. Are the laws the same for a LLC?
Uhm correct me but to donate 20000 dollars in items is absolutely not worth saving 1500 bucks. Keep the 20000 and pay your 1500 extra on taxes. Nowhere does that seem like a smart move
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
![Everyday Tax Write Offs for Small Businesses! [24 hr Challenge]](/img/n.gif)
I'm an attorney tax preparer and I love your presentation--you seem to be as enthusiastic about trying to inform people/explain the tax system as I feel. Thank you for posting these videos!
Wow thanks so much, Cindy! Your comment is so meaningful considering it comes from another tax and legal professional. PINNED
Medical bills?? Or receipts🧾 where I paid the medical bills ? To take the deduction?
Thank you so much iam a new business owner just got registered with the Secretary of State in my hometown thank you so much I will be saving all your videos and watching you everyday I am a brand new entrepreneur business owner for men and women and children clothing and accessories I am scared half to death I never been a business owner in my life but I am ready to own my own time so I can leave a legacy for my two grandkids
Cindy, what about saving receipts, totaling taxes and listing "other taxes paid"? Federal fuel tax on gasoline is 18.4 cents / gallon. My state tax / gallon is 25 cents / gallon. That means I spent over $160 federal and $180 state.
@@LYFEAccounting do u have a number I can call to reach out to u
1:charitable donations
2: vehicle sale/property tax
3: home deductions
4: Residential tax credit
5: education or educator expenses
6: invest into 401k or IRA plan
7: medical expenses
8: HSA
9: child tax credit or dependent tax credit
Good notes! 😉
Well, everyone knows that. No one needed a video to get this information. Waste of time
For young taxpayers this video works well.
@@AnaGarcia-vj4bg Thank you, Ana!
@@MSami-fe6uj everyone doesn’t know this or there would be no need for this video.
I am a Lawyer with no tax experience in my background. I enjoy the easy to follow videos. Great job! and informative.
This means alot coming from a lawyer, thanks for leaving a comment!
I didn’t know about the medical write off! I have chronic health issues and spend thousands each year. Thank you!
I’m not a CPA & love your insight into taxes! I am, however, an engineer & understand math. While taking a spreadsheet class in my early years, I discovered how the tax system works & realized what my father in law told me, “it’s not what you make that makes you rich, it’s what you keep”! Once I learned taxation, I became astute on my earnings & love calculation of my income & taxes now! Guess I should have become an accountant, eh?
You sir are well spoken, articulate and easy to understand! Great video!
I hope people think you are articulate too!
@@HoneyBunches100😂
mmmmm articulate and well spoken..repetitive and stupid thing to say... ohhhh I know...because he’s a person of color he should say “look heah y’all I’m gonna tell y’all’s how to save money”🤡
Loved this video! This should be taught more in schools!
A lot of good information but remember to watch videos about TY 2022 as well. Some of this info is out of date.
This video was excellent! Extremely well laid out from an Instructional Standpoint.
Great job. I deal with this on a daily and although I can't disclose what I do in the IRS, I know the struggle people deal with and you are very helpful explaining these. I just finished watching a video from another individual and he was so off base I pray nobody watched it. hehe.
I’m from Canada, but honestly most of the content you guys cover is extremely relevant and show the concepts in great detail! Appreciate the free knowledge and great visuals
That's great to know! Thanks for sharing, Michael!
I am a 56 year old single man. I live paycheck to paycheck and do live within my means. Not drowning in debt.
For the last 2 years (21 & 22) I have a huge amount due that I cannot afford.
I don’t own a home…I have no deductions other than standard.
I have the maximum tax taken out of my paycheck by my employer.
I feel screwed, for lack of a better word.
That is the exact boat I’m in. The tax code is written to totally screw people in this position. Penalized for not being married. Penalized for not being a home owner. Penalized for PAYING your taxes!
56 and no home no kids? Dude😢
If james gets married later this year , he's in the 100% tax bracket - his wife will spend it all for him. Not a good move James..
Well done! Facts & examples. Bravo!
Great video!
One thing I noticed though is that at 14:06, when mentioning the contribution limits for IRA vs 401K, I believe it needs to be corrected to $6,000/$7,000 for IRA VS $22,500/$30,000 for 401K.
Thank you for posting this!
So glad I found this channel! Very good information.
The Health Savings Account is a terrific tax deductible option, but it must be clear that in order to take advantage of this option, you have to have a high deductible health insurance plan, and most health insurance plans would not qualify as HDHP.
Great video. Easy to follow and informative.
The heading suggest that you were going to discuss overlooked deductions. You switched to how our tax system works. Give me 9 overlooked write off, that’s it.
Great video! Not too complicated and over my head I’ll be watching more and sharing ❤
It's important to realize this is for the 2021 tax return. There are changes for 2022 returns.
This was really helpful--especially the HSA account and property tax information. Thank you.
I always go back to your videos. So much valuable information Tfs 😊
Thank you for explaining EVERYTHING so clearly most others dont even cover the teachers allowance
Explain for single person that do not pay taxes for low-income and fixed like SSI and SSDI
Great video. Every day I learn something new.
Your fist point is very important and easily explained. For all tax payers, the first 10K of taxable income is taxed at 10%, the next 30K is taxed at 12%, and the next 50K is taxed at 22%, etc. This is both progressive and equitable.
If you donate cash, then you don’t have that cash…….
Excellent presentation, thank you
Very informative, thanks for the great content!
Really great information! Thank you!
Love your videos however solar panel energy credit is a REFUNDABLE TAX CREDIT! One of my clients just got solar Panels installed on their roof of their town home and received an additional $6000 in refundable tax credit when I did their taxes! And you can also get credit for purchasing an electric vehicle too!
I wonder if your client got a state credit too? Because this is from the IRS Website “The residential energy property credit is non refundable. A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero.”
Very good knowledge. Keep it coming
Great Job!
This is so helpful, thank you!
I love your videos! They are so helpful!!
Awesome video, thank you!!
Awesome info! Thanks!
Tax return 101 right here. Good for someone doing their taxes for the first time ever maybe?
Young man, you have a "excellent informative pod cast", I got my questions answered. LLC, is my current CDL venture, and I've absorbed a wealth of knowledge and venue direction, toward resource. Thank you, Richard Washington, Bulldog trail lines. LLC, based in Atlanta,ga
This really made my day, thanks so much, Richard! What kind of business is bulldog trail lines? Maybe I can visit one day
@@LYFEAccounting what about if your HOH what is the standard deduction for someone made $48g
It's upsetting how the government caps off your property, local, state taxes at 10k but they don't hesitate to cap the taxation amount. I pay 9k just in property taxes, pay another 3k in supplemental local taxes. If they are going to cap your write off then they should cap off the amount they tax you too.
I was told by a tax professional that a person needs to own a home or currently be buying a home/ making payments to use any of those things as a tax write off! 😡 😢 crazy
Great info, I always learn from your uploads!
💯💯 Thanks so much! And really appreciate you continuing to comment for the UA-cam aligorithm
HSA members can contribute up to the annual maximum amount that is set by the IRS. Those 55 and older are allowed by the IRS to contribute an extra $1,000 to their annual maximum amount. Those 55 and older are allowed by the IRS to contribute an extra $1,000 to their annual maximum amount.
Make a video for taxes breaks for poor people please.
Great video!!!
Not leaving “free” money, your money!
Just curious what would be some examples of your itemized deductions exceeding the standard deduction of $12,950?
Great info. I’ve learned so much from watching your videos. Thank you.
Thank you!
I love it.
What about small business owners?
Wonderful tips , but for which states in America... Each state has different rules!!
I’m assuming this is all for federal
I know I’m Kansas tax form K-26 is for aviation/aerospace employee’s and employers
Great Video.
Room and board can be deducted? What I know is that Room and board can not be deducted from eduction expenses. Please verify it
Hello. If you bought a $500K house in 2021 and paid $20,000 on the mortgage interest in 2022, can all of $20,000 be written off?
My takeaway from this is I'm better off just taking the standard deduction
Yeah most people are, to be honest
As a 1099, can you get the standard deductions PLUS itemized deduction?
I’m 1099 for door dash and so far I’m able to write off my cell phone bill, car wash, car insurance, car repairs and gas. If you learn of anymore write offs, please let me know 😎
@@chrissmith4539 You should write off your milage instead of your gas cause that would be a better write off especially if you're driving more. You can also write off your insurance, credit card annual fee deductions, you can deduct the tax preparation fee, any headphones you use, ear phones, car yearly tags, any dues or subscriptions you have in relation to your job, you can deduct any advertisements,. I heard you can also deduct HALF of your self-employment tax as a tax deduction which is A LOT depending on which state you're in but A LOT for me here in california. If I were you, I would also put 6500 in an IRA account (traditional) which counts as a tax write off as well. 6500 is the max for now. That's all I can think of for now but honestly if you hire a good business tax attorney or accountant, they should give you more clues.
:) lol
Appreciate the detailed breakdown! 🧐 I have a quick question: 🤷♂️ I have a set of words 🤷♂️. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How do I use this? 🤨
None of those other deductions count if they don't exceed the standard deduction. Mine hasn't for a number of decades.
I thought homeowners insurance was deductible for rental properties?
This is for the primary residence on the Schedule A return
When you are single and tenting and 57 we get screwed lol. No write offs other than 401k
Quick question so FEDERAL TAXABLE INCOME on 1040 shows 51k but I had to pay close to 20k hows that even possible?
$300,000 Income Tax Reward
Freedom Law School is offering $100,000 to the first person who can demonstrate any of the three propositions listed below. The winner can collect up to $300,000 if he or she can prove all of the propositions below.
1. Show what statute written by the Congress of the United States that requiring Americans to file an income tax “CONFESSION” (return) and pay an income tax.
2. Show how Americans can file an income tax “CONFESSION” (return) without giving up their 5th amendment right to not give any information to the government that may be used to prosecute them.
3. Prove that the 16th amendment to the United States Constitution, which, according to the IRS and modern American courts permitted the income tax to exist was lawfully added to the United States Constitution.
This video helped me alot. Somethings I didn't know I could take being single filer
I have never understood why tax advisors recommend donations as a tax saving strategy. Yes, it’s commendable, but in your example, James donates $20,000 and saves less than $2000 in taxes. To me, he’s out $18,000 of income. How is that a positive benefit to James?
No one says you're making money by donating to charity. It's just reducing your tax liability.
The Residential Energy Tax Credit is now 30%, expanded (so it applies to more things), and extended (to 2030 I think?). Changes are retroactive for tax year 2022, too.
What about taking tolls every day to get to work?
🎉🎉🎉 so glad I found you online! Great stuff❤
great vid
Good video
Thank you for the video. What about writing off gambling winnings. Say I win the jackpot, how do I write off the taxes on that? Is there anyway to cut back on that before you even get the check?
The spinning logo is distracting. Great information!
This was very helpful-will you get the same tax break if you donate to a donor advisor fund as one would with their IRA?
Donate 20k worth of cash and stuff to save $1.5k? IRS is an extortion gang!
Does the standard deductions apply on its own? Or is there a form that has to be filled out for it?
One should not be forced to need a professional to file/explain the tax system to us. The tax system should be simplistic enough for all to understand and function within. The only reason our tax system is so complex is to allow government to interpret it the way they choose.
Good information! Where are you located?
How do you get appraisal for example 10 refrigerators you want to donate to multiple churches?
On your chart is the 31,049 a typo I’m calculating he should pay 12% on 31,499.
I was never told about any of this. If I could redo my taxes over and have a CPA that will prepare them correctly, I would get money back.
you can always file an amended return....for any year. My tax person basically skipped over things in 2021 due to covid...I was going through stuff and found errors..I called the IRS and they said any year...you can always file an amended return
D.A.F. Had no idea about this 😊
Subscribed
Irs publication 502
Hsa
CAn i get a credit or some sort of write off for paying my adult son's rent and expenses while he is in another state at medical school?
No
Can you deduct property Taxes along with the interest taxes filing single if you have a house?
Yes property taxes deductible if you itemize up to 10000
I’m a Good way.. you look like Robert Townsend
I have no tax deductible write offs other than charitable donations but I don't have any receipts for them.
I'm retired from the military and also I get Social Security disability I am 63 years old I decided in 2022 to do eBay selling products.I sold over $3,000 or more on eBay so now the new law is that anything over $600 you have to report on your tax forms I have distributed money for Charities or finishes Goodwill stores so for even a small business owing a little bit of taxes can I do a tax write-off on that thank you for letting me know.
You are supposed to report it no matter how much it is
People think the first 600 is “free” it’s not
If you sold 3000 you can deduct the original cost of what you sold plus other expenses incurred
@@g.t.richardson6311 0
What software do you recommend to do taxes ? Great video
I own a daycare center, am I allowed to claim education expenses?
Taxes are voluntary you don’t have to pay anything if you don’t want to
Starting to learn to prepared myself for 2023. When I bring my statements to a CPA or Tax Professional, will they let me know about about write offs or deductions I miss?
I don't know if they would look over your return for free...Time is money. Ur better off paying for it to get done the one time then look over wat they did. Then learn on your own :)
@@deniawiseone95 Additionally - tax laws get updated annually, hence it is best to consult a tax professional
If I’m a single member LLC can I get taxed like an s-corp? If so how often can I change my tax preference?
Can you write off supplemental tax that you pay once you get a new home?
My CPA said you can oy write off medical insurance premiums and expenses over a certain percentage of your taxable income. Are the laws the same for a LLC?
Thanks now 2024
IRS is gone why don't you know this.
What is grace ?
Uhm correct me but to donate 20000 dollars in items is absolutely not worth saving 1500 bucks. Keep the 20000 and pay your 1500 extra on taxes. Nowhere does that seem like a smart move