10 Tax Write Offs Your Accountant is Probably Missing
I’m going to give you 10 tax write-offs that many entrepreneurs often, very often, overlook. And I’m going to descend from the ones I think are least overlooked to tax deductions that even experienced tax accountants miss.
Book a Discovery Call: schedule.lyfetaxes.com/discov...
Subscribe: bit.ly/2HJlq46
Timestamps
Intro (0:00)
Tax Write Off #10 (1:08)
Tax Write Off #9 (4:22)
Tax Write Off #8 (6:14)
Tax Write Off #7 (8:00)
Tax Write Off #6 (8:58)
Tax Write Off #5 (10:00)
Tax Write Off #4 (11:21)
Tax Write Off #3 (12:51)
Tax Write Off #2 (13:52)
Tax Write Off #1 (15:06)
Important Note (16:07)
More Popular Uploads:
IRS Audit & Tax Court Cases: • 7 Biggest IRS Audits &...
7 Popular Tax Write-Offs That Could Trigger an IRS Audit: • 7 Popular Tax Write Of...
IRS Receipt Requirements: • IRS Receipt Requiremen...
Single Member LLC, What You Must Know: • Single Member LLC: Wha...
How to Start a Business: • How to Start a Busines...
How to File Your Taxes as an LLC: • How to File Your Taxes...
5 Startup Grants: • 5 Grants to Start a Sm...
My Personal KZread Channel: / seanstandberry
Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos! #taxwriteoffs #taxfree #smallbusiness
///
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).
Пікірлер: 48
We would love a video on retirement! Thanks for all that you do!
@LYFEAccounting
Жыл бұрын
Noted. Thanks for letting me know!
@youbyoubalancedliving9700
Жыл бұрын
Yes please!
Most application now days ASK if your a veteran or if you served and what branch
Didn’t know the new car to business rule! I like a lot of ppl think its a new 6000lb truck. Thanks, this helped a lot! Matt
@LYFEAccounting
Жыл бұрын
Happy to help!
Yes I would love for you to give more information about retirement tax right off or anything about the retirement.
Great information, thanks for sharing! It would also be nice to have a video focused on retirement accounts. Also, I just wanted to share a Cell Phone write-off loophole that I just learned about. An easy way to qualify for 100% cell phone write-off is to get yourself an inexpensive home phone/land line as your personal line of communication and then use your cell line as your business line of communication. In doing this, the cell line can be counted as 100% business expense therefore qualifying for a 100% tax write-off. I hope this helps anyone out there.
Great Information, Thank You !!!
Thank you. Very informative.
Wow thanks, extremely informative and well articulated.
I’m a counselor in Texas and I DESPERATELY needed this video today. It’s very helpful. It’s confirming some of what I sort of knew. It’s detailing info. Do more!
@LYFEAccounting
Жыл бұрын
Wow I’m so glad to hear that feedback, Ella! Will do
Honest, informative and.empowering. Thank you very much..watched one video n knew yall are genuine 💯
Awesome!! 🔥🔥
Love this channel
@LYFEAccounting
Жыл бұрын
Thanks for being here!
Gems. Thank you
Great video thanks folks!
@LYFEAccounting
Жыл бұрын
Thanks for watching!
You are my favorite guy on the internet brother !!!!
Thanks🥰❤️😊
I started following you on LinkedIn!!!!!
Great info great channel wish you talked a little faster but thank you for taking the time to teach😂❤
The vet ? Is usually on application forms
My understanding is you can contribute up to $61,000 for individual 401k (not just the 20.5k mentioned in this video). The math gets a little confusing because your max contribution is also a function of your net profit. But I wanted to point this out because solo 401k and sep IRA are very comparable.
@LYFEAccounting
Жыл бұрын
Hey Tres, thanks for pointing this out. This is the IRS reference with the annual contribution limit: www.irs.gov/retirement-plans/one-participant-401k-plans#:~:text=Elective%20deferrals%20up%20to%20100,age%2050%20or%20over%3B%20plus
Retirement video please. Keep up the good work.
Please do a video on retirement investment
what form is used for Bad debt expense?
Do you have to spend a certain amount for the start up cost?
Details on retirement contribution for the next topic plz. Solo 401k, SEP IRA. For sole proprietor and LLC w/ employees when scaling up.
@LYFEAccounting
Жыл бұрын
Thanks for chiming in on this, Menseok! Noted
What if your company is a Corporation not llc, can you still write all these off?
What kind of information can you give for an individual that’s on disability who wants to get off the program and start a business with their own healthcare and insurance coverage
Yes more on retirement accounts!
Link for a team?
Wondering if tax services come with all of your knowledge and wealth building included? Current accountant services look to cost about the same but they are absolutely not making us any money and feel I am having to learn from you to school them. Something is very wrong. 🤷🏻♀️ I don’t mind paying it if I am making it. TIA!
@boomgirl2866
Жыл бұрын
Also, would it matter that we are in Indiana?
How can I learned more I am a tax prepared
👌 👌
Retirement plans 🙋🏼♀️
i am interested in work with you sir
@LYFEAccounting
Жыл бұрын
Book a call with our team: bit.ly/3EjzL2h
If you want more consultation. Please reach out to me.
Don’t roast me too hard people but is a tax write off money that you get back?
@TaxTimeForever
Жыл бұрын
Not quite. A write off is another name for deduction. Say you make $100 in your business but you spent $30 doing it. Now you only have to pay tax on the $70 profit. The $30 was a write off
🇱🇷🇱🇷🇱🇷🇭🇳