Single Member LLC Tax Deductions for 2024
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- Опубліковано 12 лип 2024
- Here are the top 10 Tax Write-offs for Single Member LLCs, period! These are the BIG tax write-offs you can take no matter the size of your business or how long you’ve been in business.
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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).
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
Additional tips:
- dont forget about the bathroom when deducting for home office usage
- use your typical work hours for phone expenses (i.e. 8-5)
- don't try to be shady with the IRS, it's not worth the risk. what I mean is don't expense personal vehicles, or claim personal travel or meals as business expenses because you "thought" about work.
- absolutely file your llc as an s-corp. you can split your reported income in half (depending on how much you make) and avoid paying double tax on the same income
- keep extremely meticulous books either with a program or making your own spreadsheets. also save or take a pic of every business expense and record it in your books immediately
bottom line, hire a cpa. filing your business taxes is extremely painful and you can spend that time making more money instead. They're a well oiled machine and you trying to figure it out yourself will take days upon days of research and documentation. Typically it'll cost $650 to prepare your business return plus $100-400 for their labor to sort through your books (this is where it pays off to keep good books).
Thanks for the video. It was very informative! Keep the videos coming! 🔥
Y’all been soooo helpful, I’m telling you!!! I’m a new business owner in business a year in a half now and just now filing my gov. Taxes…. I get alot of info from yt channels but y’all’s info I have used the most! I have to give y’all your 💐💐💐 THANK YOU
Really appreciate the kind words. Happy to help!
This is the one 🙌🏾🙌🏾 Straight to the point for me !
That’s the goal! Thanks for tuning it.
Thank you very much. Great explanation. Cheers!
Exactly what I was looking for, thank you!
Super Informative! Right on time!
Glad it was helpful!
liked and subscribed for the quick intro and bulletpoints
Clear and to the point. Thank you !
Great information, Keran
Love this informative video on tax write of.
Will be helpful for those who are thinking of starting a business or is already in business.
knowledge is power…THX
It truly is! Thanks for watching.
Great I will re watch this
thank you
Thank You…🙌
helpful!!!!
🙌🏾
🏃♂️ = me running out to buy stickers with my company logo
Thanks appreciate concise and great info as always!
✍ = me accounting the sticker purchase as advertising expenses 😝
Demetrio is correct. If it is not embroidered, the sticker itself is an advertising expense, not the clothing.
So helpful!
Can you please talk about a partnership LLC specifically husband and wife ..Also, if you can elaborate on joint ventures that would be greatly appreciated. I dont see many talking about these. Thanks in advance
This will be a great one !!
Smart man 💰
Facts
First of all thank you for all the good quality videos you make, very informative for all the entrepreneurs out there.
I have a question about if buying a car can be a deductible as a start up cost.
I have a construction business (single member LLC) and I had to buy an used cargo van to have my tools, I use it 100% for business purposes, I couldn't get it under the name of the company since I just registered it on January and I don't have enough credit history, so I jointly got it with my wife put $2500 down-payment cash and a trade in value of $3800, is there anything of this money I used deductible in any way? I'm tracking mileage and all the vehicle expenses as well. Thank you for your help.
absolutely, 100% business expense. you need to create an "accountable plan for expense reimbursement" to keep in your records that outlines how the business reimburses employee paid expenses. Also make sure you have a business bank account (wells fargo is a great option).
Can you show me where you got you tax information in writing on UA-cam videoing
Do you have to purchase technology equipment like a laptop after your LLC is formed in order to write it off?
No. You can write it off as a startup expense.
also to note: you can expense any large (>$1000) expenses for office equipment that was purchased prior to forming a business (like a year or more) for the value they're currently worth as business assets (but if you sell them that has to be reported as income).
Is it better to SCorp your single member LLC or just leave it as single member and do owners draw ?
Probably leaving it as an LLC, if you put it in an scorp you’ll have to put yourself on payroll and that comes with it’s own headaches
It depends! Check out this video:
ua-cam.com/video/ZDbAK35uOmc/v-deo.html
absolutely better to file as an s-corp, yes it has some headaches with keeping up with paying payroll on the schedule the IRS assigns you (based on your income, i.e weekly, monthly, etc), but you will save so much more in taxes
I have a small business can I use Single miles deduction
Single miles deduction?
Does it have to be newer cars or older cars is a different question