I just started my LLC with S corp for my inflatable rental buisness and this all new to me and you are making it eazy for any new buisness owner thank you !!
This brother had to be sent by Jesus Christ, himself. I read about him in Isaiah 61 all 11 verses. Finally, a real true expert cloaked in a spirit of humility. Mannn, this video is God sent. Mr. Standberry, thank you and your team for truly giving back! You will undoubtedly be blessed continuously. Thank you brother! This is the kind of spirit that's contagious.
I am so disgusted with the CPA that I hired a couple of years ago. He never told me what I could do to get write offs, depreciation, etc. I’ll be contacting your company in regards to my S-corp.
We made $1.3 million this year in our small business, and thanks for confirming a lot of what our CPA has told us and set us up to reduce our taxes. We have an LLC/ S Corporation. Our business expenses and purchases go through our business checking and business credit cards. We have significantly reduced our tax bite using the write-offs you mentioned in your video. Thanks again. We are new subscribers to your channel. We will tell our small business owners and friends to join your channel.
@@nieznanyx@nieznanyx Our previous CPA did not know when we asked him. We are very happy with our current CPA, as he has years of experience in using the LLC/S Corporation method to legally reduce our taxes. I also suggest you talk to a financial planner about SEP and 401K plans for small business owners. It may help you reduce your income tax liability.
Sherman, I am so appreciative for the clear, concise, detailed information. Who needs to spend $180,000 on a Wharton School of Business MBA when we have you! I happily subscribed! Thank you, Felicia.
Sent this vid to a couple of my friends! Been in business 7yrs but this was very informative! I had a great year my business made 1.65mil and it’s definitely a good thing but tax’s this year has me worried because I don’t use an accounting software! Hope you can point me in the right direction! Also going to try to set up a S corp as rn it’s a two person LLC
Your video has been the most informative video that I have watched thus far on this app. You taught me so many things in 26 minutes and you just do not know how thankful I am that you are willing to spread such valuable information to business owners who are ignorant. Keep up the good work! You have gained a subscriber!
Hi Sherman! I just found you this evening, as I was looking for a video to tell about business tax write-offs for my T.E.A.M. and some other partners. This is Awesome information! Thanks so much!❤ I have Subscribed to your channel.
Wow !!! ❤❤❤ Im a private practice physician of over 30 years experience and even though my CPA does get us some deductions, but it is definitely not as extensive and well explained as this... Thanks for this and I'll be contacting you soonest
Haven’t read through all the comments. I’ve used services such as Upwork and Fiverr for one off services on an as needed bases. When a VA is overseas do you need to issue a 1099? What if the Upwork person you hire is in the US? Great information.
Thanks for this. Very informative. Stumbled on your page researching. Unfortunately many of these things, I paid for using my personal account so now I shall need to put money in a business account or something.
So if I have a small business out of my house, to get the home office deduction. How do the expenses need to be paid to not risk the piercing the corporate vail? I don't want my house to be on the line incase this idea doesn't pan out
Hey bro, thanks for another amazing video! Also sorry for not commenting on your videos in a while, I’ve just been going through some difficult stuff recently because one of my uncles recently passed away unfortunately, so it’s been hard to go on UA-cam lately.
Why is my CPA telling me that because I "rent out" my home office space to my S Corp, I have to count this as rental income on my personal tax return? I thought my home office was a DEDUCTION on my personal tax return? This is what he said "you would still have to report the rent as income on a Schedule E even with an accountable plan - bottom line, you are renting part of your house to your s-corp, if you don’t show those payments as rental income, under an IRS review, you will lose. So you can either ignore the home office - don’t show it on either return or show it as rent expense on the s-corp and as a home office on the personal".
The home-office deduction is not a rental agreement between two entities. Therefore, if you do have a rental agreement, the income you receive as "rental income", would technically be taxable income. The only exception would be if you rented your property for less than 14 days throughout the year under the Augusta Rule. With some tax planning, you should be able to maximize your home-office deduction without triggering income.
Thank you for the great video! I would like to ask you a question. How can we write off an amount that we payed in order to settle a lawsuit case before trial begins?
Great video, I have a quick question what about dress clothes, hair Cutts etc if your normal work environment attire is related to business I.e. a salesman that wears collared shirts with neckties slacks etc? I am more just curious thank you very much fantastic video
@@mycpacoach I did that already, the leap of faith is what I'm speaking on. I'm about to go for it anyway but this have me so much more confidence to do so. I'm filling for trucking authority today, I have no money really but I have job offers for 2500-6500 4000-7000 and 5 to 10000 a week. I have a 790 credit score and first chance I get will be going to my 3 credit unions and 1 bank to open business accounts. I'm approved for a 26ft box truck with the first 3 payments being 50$ and know the little money I put in will be quickly returned. I'm looking for a reasonable insurance provider.
I'm looking to switch gears in my teaching career to a 1099 position, so this all seems incredibly helpful! Can I still have a "Busincess Bank Account" without filing an actual LLC?
You said something wildly inaccurate. If your making enough to max out an SEP IRA then you are NOT allowed to deduct your personal IRA contribution. I learned that the very painful way. There's no way the scenario you described works. Your allowed to contribute personally if you have an employer plan but it's not deductible so your basically going to get taxed twice. Better off with a solo 401k that allows employer and employee contributions and keep it in the same plan.
One thing I wanted to make sure I understood is that all expenses have to be made through my business account, but if I'm just starting out, is it ok to deposite funds earned outside of my business in order to operate my business?
It is okay but will make recordkeeping (and tracking all of your deductions) much more difficult. I'd suggest using a business account as soon as possible.
I have a single owner LLC and from ignorance, I have been filing my taxes on a form 1065 for several years. Can I NOW switch and file Schedule C on my personal 1040? 🤥
Where should business who don't make 500,000k yet work with , since that is a stipulation to work with you - need / would like to work with you, but no availability in calendar etc ....
You said you can deduct property taxes. Can I deduct property taxes if I am not the owner of the home? I live with my parents who own the home but pay the property tax as it's too expensive for them, would I still be able to deduct this?
Kinda a stupid question to ask but ill ask anyway lol. On the part where you mention that you can write off an employees salary, would that mean i could technically write off the salary i pay myself through my scorp? I know mostly likely thats a no but i just had to ask lol
Not silly at all. Yes, the S corp can write off your W2 salary. But you will still report your W2 salary on your individual tax return. So the net tax benefit to you as the owner will be minimal.
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
I just started my LLC with S corp for my inflatable rental buisness and this all new to me and you are making it eazy for any new buisness owner thank you !!
This brother had to be sent by Jesus Christ, himself. I read about him in Isaiah 61 all 11 verses. Finally, a real true expert cloaked in a spirit of humility. Mannn, this video is God sent. Mr. Standberry, thank you and your team for truly giving back! You will undoubtedly be blessed continuously. Thank you brother! This is the kind of spirit that's contagious.
It is my pleasure. Thank you for your kind words!
@@mycpacoachlllllllllllllllllllllllllllllllllllllkb
I was just thinking the same thing
+1 here
Psyche
I am so disgusted with the CPA that I hired a couple of years ago. He never told me what I could do to get write offs, depreciation, etc. I’ll be contacting your company in regards to my S-corp.
We made $1.3 million this year in our small business, and thanks for confirming a lot of what our CPA has told us and set us up to reduce our taxes. We have an LLC/ S Corporation. Our business expenses and purchases go through our business checking and business credit cards. We have significantly reduced our tax bite using the write-offs you mentioned in your video. Thanks again. We are new subscribers to your channel. We will tell our small business owners and friends to join your channel.
can you do both LLC and Scorp for the same business tho? i thought its one or the other no?
@@nieznanyx@nieznanyx Our previous CPA did not know when we asked him. We are very happy with our current CPA, as he has years of experience in using the LLC/S Corporation method to legally reduce our taxes. I also suggest you talk to a financial planner about SEP and 401K plans for small business owners. It may help you reduce your income tax liability.
@@nieznanyx nope you can do both.
First year with LLC and 30 seconds into video I’ve saved money by being reminded of property tax write off
Love to hear it.
Oh my gosh, this video is the BEST!!! I am a new small business owner andlearned soooo much from you. Thank you so much!!
I knew it would help someone! Lol, I am glad that you found it helpful. You're welcome!
Great video, well explained, very motivational as a new business owner to know that advertising is tax deductible, now I'll grow my business easily.
Yes, writing off advertising expenses can be a great tax strategy while growing your business. I'm glad you found this helpful.
New business owner here. Thank you for clarity on what I can write off.
Congratulations on your new business! Happy to help.
Sherman, I am so appreciative for the clear, concise, detailed information. Who needs to spend $180,000 on a Wharton School of Business MBA when we have you! I happily subscribed! Thank you, Felicia.
Sent this vid to a couple of my friends! Been in business 7yrs but this was very informative! I had a great year my business made 1.65mil and it’s definitely a good thing but tax’s this year has me worried because I don’t use an accounting software! Hope you can point me in the right direction! Also going to try to set up a S corp as rn it’s a two person LLC
Also SUBSCRIBED! Awesome vids can’t thank you enough bing watching your vids at the moment!
Your video has been the most informative video that I have watched thus far on this app. You taught me so many things in 26 minutes and you just do not know how thankful I am that you are willing to spread such valuable information to business owners who are ignorant. Keep up the good work! You have gained a subscriber!
Thank you very much, Asia. I tried my best! Glad you found it helpful.
Hi Sherman! I just found you this evening, as I was looking for a video to tell about business tax write-offs for my T.E.A.M. and some other partners. This is Awesome information! Thanks so much!❤ I have Subscribed to your channel.
I’m glad you found this helpful. Thank you 🙏🏽
You're definitely on my top list of financial professionals online. Very knowledgeable, articulate, and informative 👌
Wow !!! ❤❤❤
Im a private practice physician of over 30 years experience and even though my CPA does get us some deductions, but it is definitely not as extensive and well explained as this...
Thanks for this and I'll be contacting you soonest
Wow - this is the most comprehensive list I have ever seen. Everything is so clear! Thank you!!! Liked and Subscribed
Thanks once again. I recently discovered your channel. I have watched some of your videos over and over again. There is so much useful information.
I'm happy to hear that! Thank you for watching.
Dude, thank you soo much for the education, definitely checking your sponsors
Great channel brotha!
Absolutely Awesome Video‼️
Glad you enjoyed it, thank you!
I am sole proprietor and I don’t much as sole proprietor this year i think I made 400 . Can I still write off all my expenses or do I even got file
perfect guide! thanks
Glad it helped!
Love this.
Amazing information, thanks.
Thank you! Happy to help.
Can you put in comments how you are helping please
I just LOVE your channel. It’s so informative!!! Thank you so much for sharing your knowledge with us!!!
Haven’t read through all the comments. I’ve used services such as Upwork and Fiverr for one off services on an as needed bases. When a VA is overseas do you need to issue a 1099? What if the Upwork person you hire is in the US? Great information.
Thanks for this. Very informative. Stumbled on your page researching. Unfortunately many of these things, I paid for using my personal account so now I shall need to put money in a business account or something.
Thanks for the video. I didn't know I could write off many of the topics. Very clarifying!
Subscribing and sharing!
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Thank you. I am glad you found it helpful!
Believe it or not you can even write off this comment.
This is cool. Thank you
Hi Great video. Can you please make a video about taking a loan from your own business
I am about to venture into a business. Would you recommend LLC or SCorp?
So if I have a small business out of my house, to get the home office deduction. How do the expenses need to be paid to not risk the piercing the corporate vail? I don't want my house to be on the line incase this idea doesn't pan out
Hey bro, thanks for another amazing video! Also sorry for not commenting on your videos in a while, I’ve just been going through some difficult stuff recently because one of my uncles recently passed away unfortunately, so it’s been hard to go on UA-cam lately.
Thanks bro. And I'm very sorry to hear about your Uncle. Will pray for your family.
@@mycpacoachThank you so much! I appreciate it :)
Knowledge is power; thank you
Why is my CPA telling me that because I "rent out" my home office space to my S Corp, I have to count this as rental income on my personal tax return? I thought my home office was a DEDUCTION on my personal tax return? This is what he said "you would still have to report the rent as income on a Schedule E even with an accountable plan - bottom line, you are renting part of your house to your s-corp, if you don’t show those payments as rental income, under an IRS review, you will lose. So you can either ignore the home office - don’t show it on either return or show it as rent expense on the s-corp and as a home office on the personal".
The home-office deduction is not a rental agreement between two entities. Therefore, if you do have a rental agreement, the income you receive as "rental income", would technically be taxable income. The only exception would be if you rented your property for less than 14 days throughout the year under the Augusta Rule. With some tax planning, you should be able to maximize your home-office deduction without triggering income.
thanks for this video... helps a lot!
Thank you Sherman !
This is great content
Where is your office?
Is all this the same for the uk, sorry if I sound thick I’m new to all of this. Great video very informative thank you
Thank you for the great video! I would like to ask you a question. How can we write off an amount that we payed in order to settle a lawsuit case before trial begins?
Is the lawsuit related to your business?
@@mycpacoach Yes, 100%. we had to pay a few thousands to settle the case.
Can we do car depreciation for GST or only annual tax return? Great content
Hello Sherman, do you also have content specific for Canadian tax residents? Thanks.
so glad i found you!!!
How do we retain your firm for our business tax needs?
Great video, I have a quick question what about dress clothes, hair Cutts etc if your normal work environment attire is related to business I.e. a salesman that wears collared shirts with neckties slacks etc? I am more just curious thank you very much fantastic video
This video is about to make me take that leap
To starting a business?
@@mycpacoach I did that already, the leap of faith is what I'm speaking on. I'm about to go for it anyway but this have me so much more confidence to do so. I'm filling for trucking authority today, I have no money really but I have job offers for 2500-6500 4000-7000 and 5 to 10000 a week. I have a 790 credit score and first chance I get will be going to my 3 credit unions and 1 bank to open business accounts. I'm approved for a 26ft box truck with the first 3 payments being 50$ and know the little money I put in will be quickly returned. I'm looking for a reasonable insurance provider.
I'm looking to switch gears in my teaching career to a 1099 position, so this all seems incredibly helpful! Can I still have a "Busincess Bank Account" without filing an actual LLC?
That’s great! And you may be able to get one without an LLC if you have a business EIN. You can get this from the IRS.
home office space max 300sqft right? + expenses?
There is only a max if you use the "simplified method". We prefer the actual expense method, which tends to save our clients more $$$.
What if I take a field trip with my students, how would that work?
Do you perform income taxes virtually?
Yes, you can apply for immediate assistance here: mycpacoach.com/contact/
Hey brother. This is real value. What your name? How do we connect? Kudos good job
Hey Charles, thank you. Be sure to subscribe to our channel here to connect.
Do you offer tax planning services in florida?
Yes. We love Florida!
You said something wildly inaccurate. If your making enough to max out an SEP IRA then you are NOT allowed to deduct your personal IRA contribution. I learned that the very painful way. There's no way the scenario you described works. Your allowed to contribute personally if you have an employer plan but it's not deductible so your basically going to get taxed twice. Better off with a solo 401k that allows employer and employee contributions and keep it in the same plan.
One thing I wanted to make sure I understood is that all expenses have to be made through my business account, but if I'm just starting out, is it ok to deposite funds earned outside of my business in order to operate my business?
It is okay but will make recordkeeping (and tracking all of your deductions) much more difficult. I'd suggest using a business account as soon as possible.
I have a single owner LLC and from ignorance, I have been filing my taxes on a form 1065 for several years. Can I NOW switch and file Schedule C on my personal 1040? 🤥
Hi, can you file my taxes?
Yes, you can book an appointment with one of my CPAs here: mycpacoach.com/contact/
Where should business who don't make 500,000k yet work with , since that is a stipulation to work with you - need / would like to work with you, but no availability in calendar etc ....
You don't have to have $500K. If you submit this form, you'll be directed to a CPA who can help you asap. mycpacoach.com/contact/
NICE!
You said you can deduct property taxes. Can I deduct property taxes if I am not the owner of the home? I live with my parents who own the home but pay the property tax as it's too expensive for them, would I still be able to deduct this?
No
You left out START-UP BUSINESS EXPENSES
13:05
Kinda a stupid question to ask but ill ask anyway lol. On the part where you mention that you can write off an employees salary, would that mean i could technically write off the salary i pay myself through my scorp? I know mostly likely thats a no but i just had to ask lol
Not silly at all. Yes, the S corp can write off your W2 salary. But you will still report your W2 salary on your individual tax return. So the net tax benefit to you as the owner will be minimal.
This is crazy
IKR
I thought Board members of a business cannot be related by marriage or blood. (?)
Where in the tax law does it say that?