5 Tax Deductions Every Business Owner Needs To Take!
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- Опубліковано 10 лип 2024
- 5 Tax Deductions Every Business Owner Needs To Take!
In today's video we explore 5 must tax deductions for new and existing business owners!
IRS Guidance on Business Expenses / Start-Up Costs:
www.irs.gov/pub/irs-pdf/p535.pdf
IRS Updated Guidance on Food & Beverage:
www.irs.gov/newsroom/treasury...
0:00 Introduction
0:40 New Business Data Trends
2:01 What is A Tax Write-Off?
2:44 #1 Business Start-Up / Organizational Costs
4:47 How the Deduction Works
5:10 #2 Legal & Professional Fees
6:01 #3 The Home Office Deduction
7:54 #4 Business Meals
8:57 #5 Travel Expenses
11:16 Time To Crush It and Leverage The Tax Code!
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🖥️Some of My Favorite Small Business Tools:
► BetterLegal - Have a Simple Business Structure? Great for setting up a simple small business.
betterlegal.com/?aff=848faca5...
► Gusto - Make paying your contractors and employees easy and painless!
gusto.com:/partners/r/brian38204
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► Google For Business -
workspace.google.com/landing/...
► Canva - great for building presentations and digital graphics for your social media
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DISCLAIMER: I am not a financial adviser but fortunately I am a CPA :). These videos are for educational and entertainment purposes only and should not be taken as "individualized" tax advice. Should you need tax solutions I highly recommend consulting with a professional or our CPA Firm. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: I only recommend products and services I truly believe in and/or use myself. Some of the links on this web page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Commissions earned will be used towards growing the content this channel.
⚡️ Tax Free Wealth Training Course 😊 - Pre Launch List
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Can you do a video on purchasing a car within your LLC?
putting it on the list!
awesome video
Please, a video about Taxes for traders - alien non residents. Some people say with a LLC there are a lot of advantages. In my case I'm from Latin America and thousands like me around the world are confused.
Do you by any chance know what is the equivalent of an LLC in Canada? Thanks
Hi. If you have an existing trading account, is it possible to create a new business account (LLC, S Corp, etc.) and roll over your existing account funds into the new one?
If it’s same broker you can do an asset transfer. Otherwise you’ll have to liquidate your positions and wire the funds. Key is trading account must be under llc
@@BrianRiveraCPA okay great. So yes, I do have an existing trading account with a broker I intend to continue to use when I create a new business entity as well as a trading account for that business.
@@edwardcamarena5759 what broker will you be using to trade under LLC?
@@edwardcamarena5759 Let's talk now 👆👆👆
@@jlchavezz Let's talk now 👆👆👆
Great video! I'm a funded trader right now with 5%ers and I'm considering starting a LLC for my payouts and future funds that I participate in. It looks like I'm considered kind of like an independent contractor with them, do you think an LLC would still be beneficial or is that something I should consider just when trading my own personal account with a broker (which I put on pause as I've been focusing on my funded account at the moment)?
If you are day trader and travel to Europe to trade actively for 1 months. Can you deduct it as a travel expenses...Hotels, air fare and foods beverages. Thanks. I enjoyed your vids.
Let's talk now 👆👆
Me and my brother are sharing capital to start day trading. Would it make financial sense for us to incorporate if we only trade our own money and do not take in any clients?
Let's talk now 👆👆
Question: Is it possible to claim just long term capital gains tax (rather than 60/40) on continuous futures contracts open and held for over a year, and then closed?
Default treatment for 1256 products is 60/40. So if you are trading index products I’d recommend trading the equivalent etf.
@@BrianRiveraCPA Thank you for your reply. The only thing about ETFs is they don't have the leverage that futures do, which is why I am more interested in Futures.
How can i reach y'all?
Let's talk now 👆👆
Do you have crypto miners as clients ?