Self Employment Tax Deductions to Take Advantage of in 2023!
Don't overlook these important tax deductions for self employed and small business owners.
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#AllUpInYoBiz #taxdeductions #smallbusiness
00:00 Intro
01:08 How tax deductions affect your tax payment
02:21 Tax deductions vs tax credits
03:29 Startup costs
04:40 Home office expenses
05:51 Mileage deduction
07:18 Medical expenses
07:41 Education expenses
08:10 Insurance costs
08:34 Meals and entertainment
09:03 Employee expenses
09:15 Office supplies and software
09:56 Outro
Пікірлер: 22
Great video. Didn’t even know education could be written off.
Great summary of the things that are available as deductions. And the single member LLC is not required to take these--the active business it's related to is. So, track your expenses and run things by your CPA/EA to get the right answer for you.
Great wisdom,thank you. Awesome chair!
Thanks for the video, I appreciate it!
Thank you for your time 👍🏽
Thanks for the info👌
Great video can you do a video on the end of the tax cut and jobs act or tcja and what that will do to personal taxes
You are a blessing
What about self-storage units? What category does that go under? If it goes under "rent" or "lease" category, does IRS go by square feet or all covered?
Thank you so much for sharing your knowledge. I am a small business owner who won’t even open my door for the first time until November 1, 2023. I have been wondering about the tax deductions that I could use where tax season is upon us. Thank You Thank You 😃
Thank you.
Thank you so much for posting these great videos, they are very encouraging. I haven't taken a single tax deduction yet, however I think it was mentioned before that you can still take business startup cost deductions up to 5 years after the fact? Also if I already own a piece of equipment, but now I use it specifically for my business, is there any way to claim that as an expense or do I have to "Sell" the equipment to my business? And finally (I swear its my last one), I'm still slowly increasing business, my "profits" are miniscule and haven't exceeded 3 digits. Can I actually end up getting more in tax deductions from my costs than I make in actual profit every year?
I always wince when you say you’re not MY lawyer. 😅
Ugh I hate this. I am new to this and not even sure if our accountant was able to do our taxes to our “advantage”
@allupinyobiz
Жыл бұрын
Then talk to a different one! You can amend your tax returns if needed.
Love your videos! I am a new fan, Aiden! Question. How much revenue do I need to earn my KZread channel before I can write off expenses? Not sure if this would make things different but I live in Canada. Would you wait until you are monetized before writing off your first start up expenses?
I subbed just bcause of the name haha
☕☕
So when i order starbucks from doordash just for myself that would not be tax deductible?
@allupinyobiz
10 ай бұрын
Definitely not. Well unless you do it while you’re traveling for business or something, then maybe.
@benjiebarker
10 ай бұрын
@@allupinyobiz oh man i got to stop ordering tiktok cystom starbucks drinks 😭
🤓❤️❤️❤️❤️❤️