Great video. I like this format! - here's an Idea. Writing an Ebook of a more "simplified" version of the current tax code. I know its big but I'll be willing to pay Top dollar for that.
Just started my LLC this month and this channel has helped understand what steps I need to take to be successful. Large lists help in showing a big picture when it comes to deductions. Then your more in-depth videos help break them down. Thank you so so much
OMG I cannot thank you enough for taking the time to do this video! I loved this! Every time I watch your videos, my eyes open wider and wider and I become so much more knowledgeable. May God bless you so much and give you amazing UA-cam ideas Keep them coming
Great late evening, LYFE Accounting family! You all are providing us with such an immense amount of valuable information/content... We thank and appreciate you all for your time, dedication, and consist uploads. Continue to be a guiding light for those of us who still remain in the dark.
I have a new small business that doesn't bring in a lot of income..maybe $1000 gross a year. Am I allowed to take heavy deductions like that if it is not making a lot of money? I use my office space, car, equipment (printer, internet, phone, utilities) to help run the business. Having such a low gross, I don't want the IRS to see my business as a hobby... because it isn't. Will the deductions make my business see a net loss if the deduction is over $1000? My business makes about $400 net profit vs the $1000 gross. But will the deductions make my business see a net loss?
Hey! When your deductions are higher than your income for the year you can have a net operating loss. You would use a net operating loss by deducting it from your income in future tax years.
@@LYFEAccounting So I only deduct up to a net loss of $0 and roll over the deductions for next year? Could I use all of the deductions that year if I wanted to?
Wow!!! This is an amazing video that all business owners need to watch 😮 im blown 😳 away thanks for this information.! Oh by the way you got a Sub from me great work and thank you again. 🙌🏾
I am starting up a DJ/sound production LLC. Can and do write off business expense for equipment I need to run the business? How do write expense I for equipment I already own and want to use in the business?
What kind of proof do I give my cpa? Receipts? Credit card/ Bank Statements? Do I need to write next to them what the expense is or just go through it with them?
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?
What about small business loans? We are a lending marketplace and offer a multitude of different loan programs on our platform here. Many equipment finance and small business loans we close are to try and take advantage of tax benefits when in the 3rd and 4th quarter
I'm a new small business owner and when it comes to taxes I want to ensure I'm choosing the correct tax professional. Would it be unrealistic to look for an tax agency/professional that has personnel that has an understanding of my specific business? Thanks for the videos
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](/img/tr.png)
![15 Biggest Tax Write Offs for Small Businesses! [Best Tax Deductions 2024]](http://i.ytimg.com/vi/rrPxbI8DXyw/mqdefault.jpg)
Great video. I like this format! - here's an Idea. Writing an Ebook of a more "simplified" version of the current tax code. I know its big but I'll be willing to pay Top dollar for that.
Great idea. Will bring it up to the team. 😄
GREAT IDEA
Me too!!
Just started my LLC this month and this channel has helped understand what steps I need to take to be successful. Large lists help in showing a big picture when it comes to deductions. Then your more in-depth videos help break them down. Thank you so so much
OMG I cannot thank you enough for taking the time to do this video! I loved this! Every time I watch your videos, my eyes open wider and wider and I become so much more knowledgeable. May God bless you so much and give you amazing UA-cam ideas Keep them coming
Great late evening, LYFE Accounting family! You all are providing us with such an immense amount of valuable information/content... We thank and appreciate you all for your time, dedication, and consist uploads. Continue to be a guiding light for those of us who still remain in the dark.
Our pleasure!
It’s Tax Time for my LLC!!!! So many deductions, great video.Thanks Bud!
Watch this next: Best Business Checking Account For Startups & Bad Credit - ua-cam.com/video/TZSwUu_kGfQ/v-deo.html
I have a new small business that doesn't bring in a lot of income..maybe $1000 gross a year. Am I allowed to take heavy deductions like that if it is not making a lot of money? I use my office space, car, equipment (printer, internet, phone, utilities) to help run the business. Having such a low gross, I don't want the IRS to see my business as a hobby... because it isn't. Will the deductions make my business see a net loss if the deduction is over $1000? My business makes about $400 net profit vs the $1000 gross. But will the deductions make my business see a net loss?
Hey! When your deductions are higher than your income for the year you can have a net operating loss. You would use a net operating loss by deducting it from your income in future tax years.
@@LYFEAccounting So I only deduct up to a net loss of $0 and roll over the deductions for next year? Could I use all of the deductions that year if I wanted to?
This is really important information ℹ️!!! Thank you!!!
Glad it was helpful! Thanks for watching.
Another great video!! Keep them coming
Thanks! More to come!
I just want to say how much I appreciate the information given. It has greatly helped me. Thank you so much.
Unreal value! Thanks for the excellent video.
That's the goal. My pleasure.
Wow this is very informative I didn't know half of these things can be written off
Excellent Video!!!! Thank you
What deductions are ok for a non-profit?
This is a great video.. Thank you
Love it. Keep ‘em coming
Thanks 🙏🏾 ❤
thank you for great video, questions, do you know if total medical expenses can be tax deduction?
Gratitude 👁♾
Video name should be " How to completely finesse the IRS". Love it!
Wow!!! This is an amazing video that all business owners need to watch 😮 im blown 😳 away thanks for this information.! Oh by the way you got a Sub from me great work and thank you again. 🙌🏾
I am starting up a DJ/sound production LLC. Can and do write off business expense for equipment I need to run the business? How do write expense I for equipment I already own and want to use in the business?
What kind of proof do I give my cpa? Receipts? Credit card/ Bank Statements? Do I need to write next to them what the expense is or just go through it with them?
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?
Great video guys
Thanks!
What about small business loans? We are a lending marketplace and offer a multitude of different loan programs on our platform here. Many equipment finance and small business loans we close are to try and take advantage of tax benefits when in the 3rd and 4th quarter
Wow.. this was awesome. Thank you!!
Glad to help!
Great information, Thanks
Anytime!
Easiest subscribe button I’ve ever hit
I'm a new small business owner and when it comes to taxes I want to ensure I'm choosing the correct tax professional. Would it be unrealistic to look for an tax agency/professional that has personnel that has an understanding of my specific business? Thanks for the videos
Thanks again
Thank YOU for supporting.
Nice video
Invaluable info. Tu.
Anytime. Thanks for watching.
Business meals are not 100% deductible anymore as of 2024 right?
Nothing but GAME
Y'all better make sure to be taking notes
What if you own a business but also work from home?
First 🏆
Lmfao damn you beat me!!!!
🥇
🔥🔥🔥
🔥💯
3:16
0:28
💎 💎💎
Can i like this video 5000 times please?
I wish 🥺 Thanks for supporting.
I put a great sum of my business's money into cryptocurrecy as an invest for my business. Is that a possible tax right off?
Thats like nearly everything, should retitle run your business tax free...shit
🇱🇷🇱🇷🇱🇷🇱🇷