You sound more realistic than what alot of people are saying out there. My question is how come alot of these youtubers make it seem like you could deduct 100%. How can you get to a level of Trump pay only $700 alone in tax.
Hey, great question! It’s definitely possible. This video should answer your question: How to (Legally) Owe $0 In Taxes on Unlimited Income ua-cam.com/video/VCZVOHUe1Fo/v-deo.html
Great informative video. I hope you make many more videos on business. I'm going to start a UA-cam channel for travel for a niche group. This info is very valuable. Thanks.
Great stuff, thanks! Do you know if startup/organizational costs can include material to start a home-bakery? E.g. a mixer, baking sheets, a laptop to launch a website, is home rent also deductible?
Hi, I have a question, if the total of start cost are 9,000 (travel, virtual office, incorporation fees) and in the first yr the business did not have any income. How do you do? Amortized the total amount and just deduct amortization expenses or deduct $9,000 like expenses. Please, advise.
My LLC was formed in Oct 2021 and I did a filing for that year. Given that it was only 2 months of 2021, Can I still deduct up to 5k of startup costs when I file for 2022?
Great video. But you missed .. how to claim the deduction on 1065 partnership ? Also. After talking $5k deductions 1st year. Can your also get the amortization starts 1st year as well? Meaning. Let’s say there is 20k stray up cost. Can I take 6k 1st year ( 5k + 1k amortization ). Thank you.
Hey do y’all have a video or info anywhere on general expenses. I’m planning on starting a business within the next year or so and I have very basic business knowledge. It’s going to be a service business with less than 3 employees. No office space. I have a list of things like- machine payment, labor, maintenance, fuel, insurance, profit for growth, consumables. I wanted to make sure I go into it with as many expenses figured as possible
QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years?
My wife and I have a single member LLC. We paid for some business expenses with our personal credit card before our business card came in. How do we reimburse ourselves from our business bank account? Do we need to categorize the reimbursement as something specific? We'd like the expenses to be tax deductible as opposed to an owner distribution. We use Wave for accounting.
I formed my LLC in December 2023. However, no sales or income will occur until early 2024. I've also delayed purchasing sratup costs (laptop, software) until 2024. Would i use the 5,000 deduction in 2024 when i have actual slaes or in 2023 wheni formed the llc but have no income or return to file?
If my llc started 1/1/24 but I started making purchases for the business (to get it started) at the end of 2023. How would I go about this at tax time? In California
Business start-up cost question 🤔 I bought a truck for $30,000, this 1st phase of my business failed, I sold the truck for $23,000 only, is there any tax deduction that I can use for it?
Can I write off start-up expenses on my personal returns, too? I know I'll write off the start-up expense from the business tax return but since I paid out for the expenses of my pocket, can I write off the same expenses from my persona return
If my business is completely set up / legally & legitimately, but has not made any sales because we have not opened for business, am I still able to write off start off expense on my business taxes? Or only if sales have been made?
What is im buying a business for 550k on an sba loan which is 13.500/mo or 165k per year in payments and the business makes 200k?? would it be 200k net -165k for the cost to acquire business so tax burden is 35k?
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Watch Next: 101 Tax Write Offs & Deductions For Entrepreneurs - ua-cam.com/video/xrxRW5wGRJA/v-deo.html
Man, your explanations and examples are so very clear. I am glad I found your channel. Color me Subscribed!
You earned yourself a subscriber. Thank you for putting this together.
I need an accountant ASAP first year in business and it’s a lot
You sound more realistic than what alot of people are saying out there. My question is how come alot of these youtubers make it seem like you could deduct 100%. How can you get to a level of Trump pay only $700 alone in tax.
Hey, great question! It’s definitely possible. This video should answer your question: How to (Legally) Owe $0 In Taxes on Unlimited Income
ua-cam.com/video/VCZVOHUe1Fo/v-deo.html
Great informative video. I hope you make many more videos on business.
I'm going to start a UA-cam channel for travel for a niche group. This info is very valuable. Thanks.
So for supplies to start business like printers, desk, chairs, computers, can those be deducted? What category do they fall under?
Buisness startup costs, yes yuh can write those off
I bought my office furniture , laptop and phone in 2022 but did not make money until 2023, can i deduct as start up cost for 2023? Thx
Thanks exactly what I was looking for.
Great explanation, thank you
Great stuff, thanks!
Do you know if startup/organizational costs can include material to start a home-bakery? E.g. a mixer, baking sheets, a laptop to launch a website, is home rent also deductible?
Yes
Great information!
Thxxx broo
THANK YOU FOR MAKING THIS VIDEO!!! :)
My pleasure!
Another Gem. Thank you
💎
How is “launch” of the business defined, specifically? Is is it your first sale/transaction or a certain threshold in revenue?
I think this means whenever your business became an official llc
What about equipment or software purchased to start the business. Example, a laptop and quickbooks for a bookkeeping business
Hi, I have a question, if the total of start cost are 9,000 (travel, virtual office, incorporation fees) and in the first yr the business did not have any income. How do you do? Amortized the total amount and just deduct amortization expenses or deduct $9,000 like expenses. Please, advise.
My LLC was formed in Oct 2021 and I did a filing for that year. Given that it was only 2 months of 2021, Can I still deduct up to 5k of startup costs when I file for 2022?
Great video. But you missed .. how to claim the deduction on 1065 partnership ?
Also. After talking $5k deductions 1st year. Can your also get the amortization starts 1st year as well? Meaning. Let’s say there is 20k stray up cost. Can I take 6k 1st year ( 5k + 1k amortization ). Thank you.
Hey do y’all have a video or info anywhere on general expenses. I’m planning on starting a business within the next year or so and I have very basic business knowledge. It’s going to be a service business with less than 3 employees. No office space. I have a list of things like- machine payment, labor, maintenance, fuel, insurance, profit for growth, consumables. I wanted to make sure I go into it with as many expenses figured as possible
QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years?
My wife and I have a single member LLC. We paid for some business expenses with our personal credit card before our business card came in. How do we reimburse ourselves from our business bank account? Do we need to categorize the reimbursement as something specific? We'd like the expenses to be tax deductible as opposed to an owner distribution. We use Wave for accounting.
Did you find the solution?
I thought in there was a publication for educational cost. You mention research cost does not count 🤔.
If you don't launch the business, expenses realized in the course of general research and no specific business are not deductible.
Can we still do this if we started the business in October and haven't made any money yet
Yes!
I formed my LLC in December 2023. However, no sales or income will occur until early 2024. I've also delayed purchasing sratup costs (laptop, software) until 2024. Would i use the 5,000 deduction in 2024 when i have actual slaes or in 2023 wheni formed the llc but have no income or return to file?
Thanks!! Is acquisition of a software tax deductible??
Hey! Did you buy the business or just the software for use in your business?
How long do you have to claim startup costs after you register your LLC? 1 year?
If my llc started 1/1/24 but I started making purchases for the business (to get it started) at the end of 2023. How would I go about this at tax time? In California
Just start claiming it!
Business start-up cost question 🤔
I bought a truck for $30,000, this 1st phase of my business failed, I sold the truck for $23,000 only, is there any tax deduction that I can use for it?
So do I just put 5000?
Can I write off start-up expenses on my personal returns, too? I know I'll write off the start-up expense from the business tax return but since I paid out for the expenses of my pocket, can I write off the same expenses from my persona return
No. Can't receive a double benefit.
@@mtigress4589 thank you!
What would be considered organizational costs?
See 2:02 mark in the video :)
If my business is completely set up / legally & legitimately, but has not made any sales because we have not opened for business, am I still able to write off start off expense on my business taxes? Or only if sales have been made?
Yes, you can. Search our page for my video on writing off startup expenses. 😆
What is im buying a business for 550k on an sba loan which is 13.500/mo or 165k per year in payments and the business makes 200k?? would it be 200k net -165k for the cost to acquire business so tax burden is 35k?
Yes, your loan payment is tax deductible
I had a business that I was doing but not making any real money just losses. How can I start fresh with a new business ?
Just start the new business as a sole proprietor or incorporate the new business under a new name.
@@LYFEAccounting I would love to use your company for my taxes. Do you also work for NYers?
💯🎯
💯
Im lost. I don't get it smh
What question do you have?
First
🥇 Thanks!