How to Write off ALMOST ANYTHING and REDUCE Your Taxable Income | How Tax Deductions Work
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- Опубліковано 8 сер 2021
- The tax code allows you to “deduct ALL ordinary and necessary expenses paid to carry on any trade or business” from your taxable income.
Become a Tax Client: mycpacoach.com/tax-planning-s...
Then, why aren't most people taking advantage of tax deductions and tax write-offs?
Look, there are over 80,000 pages in the tax code and unfortunately it is foreign to many.
That's why in this episode I am going to break this ALL THE WAY DOWN for you.
The Tax Code is NOT your Enemy: (2:15)
What are Tax Write-offs and Deductions: (4:00)
The "Average" Taxpayer Write-offs: (5:00)
The "Super" Taxpayer Write-offs: (7:36)
What are Eligible Expenses?: (11:10)
How to Write-off ALMOST Anything: (12:35)
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Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: lyfeaccounting.com/coming-soon/
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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).
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loving these videos! Thanks for being helpful and nonjudgemental :)
I love this! Thanks
You're so welcome!
Thanks for this presentation!
Thank you for your comment!
Appreciate you for sharing valuable info . Thanks man and more subscribers for you
Thanks Lalaine. You are appreciated!
Love the video! What do you mean by investor?
Great Video. Are you licensed in Nevada?
Thank you!!!!
Step by step guide to save money. It doesn’t get any better than this!
Glad it was helpful. Thanks for the support.
Everyone needs to watch this video. It is so helpful. Question. Our accountant will not write off our home office deduction because my husband is an officer of the corporation of an s-corp. The keyword is s-corp. He said if he was an employee he could. Is that correct?
I'm a proud subscriber! I'm so happy that I've been watching you 😊 you're the best! I want to have you around always. I'm just starting my gift basket & gifts business. I can use all the help I can get from the right people that knows what they are talking about and that's you! God bless you and your business. I can't wait for you to take on new clients. I'm living in NYC now..."If I can make it here I can make it anywhere!" :-)
About time someone explains this! 100% used on the farm account!
He is watching
@@dom3372 Always watching. Eyes everywhere. . .
Dope 🔥 content
Great video😊
Thank you 😁
Extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Another great video... When are you guys going to start accepting new clients... Like me😊
Interesting subject!
It really is!
THANK YOU
love your info need you to do my taxes.
🔥Young man, 🔥!
can you please do a video on tax strategy using RV as Airbnb
Tax guy asked me to keep a “log” in my truck. Thought was interesting
Man I love yall how yall break it down make it sound so simple how do I get in touch
Thanks for the support. We are currently not accepting clients at the moment, but feel free to reach out via our website.
great video, very informative, currently opening my 1st barbershop and trying to learn as much as possible about write offs
Ohhhh nice, congrats! Be sure to take the "Startup and Organization" Costs deduction. Allows you to write-off your startup expenses. =)
Thanks Sherman for this information. I'll like you to make a video on how a small non profit business can file our own tax and how individuals can file their own taxes too. Those of us that are older are not very tech-savy but if we are shown, we can do it. I have a small 501c3 business. I watch your videos and learn a lot from them. I am looking forward to a video on how to use tax filing templates if you don't have one already. God bless you.
Love this!
Thank you
Awesome stuff! Please keep them coming!
Hi I love your explanation, by the way, may I request could please make an explanation videos regarding what to deduct on taxes for wages earners like for examples: auto loan, loans, auto insurance, boat insurance, medical insurance, dental insurance, vision insurance, and expenses of gas for car from home to work or work to home. Man necessity is considered as necessary in order the man can go to work to generate income. Please do me a favor I’m so interested on this. Thank you in advance Sir.
Do you own a business?
When will you guys be taking on new clients?
To be determined. We are focused on our courses at the moment. Stay tuned.
Thanks for this valuable info. Stumbled upon this by chance . Just what I needed to know.
Thank you. I’d hire you if you lived in my state.
Thank you, Irene.
You're not available to hire in PA? Noooo!!!😩
Very informative
Glad it helped, Pamela
Excellent information!
I really like the way you conduct your presentation 👍
If you’ve acquired some of the tools that are considered a part of your start up costs prior to starting your business, can you still write them off?
Yes. You can write off “startup costs” and “organizational costs” up to a limit for your first year of business. We’ll do a video on it for you.
Excellent video, but I thought using a vehicle for advertising did NOT qualify as a business purpose? If it does, what % have you seen clients successfully claim to take advantage of bonus depreciation to write off the purchase of new vehicles (>6000 lbs)? Thanks!
Hey Nkem, yes many people use a business vehicle as an advertising expense. Sean did a great video on this topic here: ua-cam.com/video/RlqTFM5ab5Y/v-deo.html&t=
Hi, thank you for this video it is soo much help for this new small business owner. My questions is, can you deduct the fees from your bookkeeping company?
Love your channel! I own an accounting firm as well and I am trying to love this UA-cam thing as well!
Thanks for watching, Racquelle! The more accountants, the better. 😃
That is awesome! I hope you are subscribed :)
If I bought supplies I now need for my business like 2 years ago. Can I deduct that now that I started my business?
If you already filed your tax returns for 2-years ago, you'd likely have to amend your tax return for that period to claim those deductions. I'd weigh the pros of taking those deductions against the costs to amend.
And how do I prove that my meal was used as a “business meal” and same thing for a vacation. How do I prove that while I was on vacation in Florida I was looking at real estate?
You document what was talked about and you confirm meetings via email/text prior to doing so.
Hey Lyfe,
Are you all accepting new clients? I tried to submit a form on your website and was unable to do so.
Hey Nathan, not yet but you can sign-up to be notified when we are here: lyfeaccounting.com/coming-soon
Perfect thank you!
Were can you find the tax codes?
How do u track your expenses?
QuickBooks is what we recommend to our clients.
Can you write off birthday gifts
Up to $25 of business gifts.
What if you work in your vacation can it be deductible?
Yep, as long as the vacation has a business purpose.
@@LYFEAccounting what if that vacation is a break so you can recharge for your business? Can u call that a business retreat and write it off?
@@arthurskye lol irs wouldn't like that
But can you pay yourself for working in your own company? And overtime??
Depends on your entity. How are you set up? Sole proprietor, partnership, llc, s Corp, or c Corp?
As an llc
Excellent video. I am a PHD candidate in accounting with one mission --weed out undesirable accounting students. LOL!
You can start watching from 4:00
It’s only 16 minutes. The first 4 min actually put me in a better mood to do my late taxes 😅
I love the approach/perspective to the IRS and taxes. It is these new mindset approaches that will allow a new economy to be birthed and allow for the next generation of wellth(wealth).
This video definitely cleared up some things! I’ve pretty much done my own taxes for a few years until I started a business right around the pandemic and used an tax preparer service and my AGI had dropped on my tax return and I thought the ppl were trying to run some type of scam 😱lol this video just confirmed the benefits! Ty so much
this is dope. Thats why we spend like crazy just as long as it benefits the biz
There you go! 📈
Ihave a transportation business an Im a real estate investor I need help wit my taxes. love your procast
I’m an accountant and this information is 🔑. Good refresher!! Thanks Sherman. Love the content.
Really cool! Thank you for commenting Andrew!
Andrew if I vlog at restaurants or do clothing/grocery store hauls and make a profit ate those expenses 100% deductible (or 50% because mixed with personal)?
So I use my dogs and kids to model and market my apparel. So I write off dr visits, dog food, child care. I also need to stay in shape to model and market so my massages, personal training and meal prep meals I order I write off. I currently have a storage which has some business equipment in it, so I write all that off 🤔🤔🤓🤷♂️
Woo hoo 🎉Go ahead on!