Additional tips: - dont forget about the bathroom when deducting for home office usage - use your typical work hours for phone expenses (i.e. 8-5) - don't try to be shady with the IRS, it's not worth the risk. what I mean is don't expense personal vehicles, or claim personal travel or meals as business expenses because you "thought" about work. - absolutely file your llc as an s-corp. you can split your reported income in half (depending on how much you make) and avoid paying double tax on the same income - keep extremely meticulous books either with a program or making your own spreadsheets. also save or take a pic of every business expense and record it in your books immediately bottom line, hire a cpa. filing your business taxes is extremely painful and you can spend that time making more money instead. They're a well oiled machine and you trying to figure it out yourself will take days upon days of research and documentation. Typically it'll cost $650 to prepare your business return plus $100-400 for their labor to sort through your books (this is where it pays off to keep good books).

Thanks for the video. It was very informative! Keep the videos coming! 🔥

Thank you very much. Great explanation. Cheers!

Y’all been soooo helpful, I’m telling you!!! I’m a new business owner in business a year in a half now and just now filing my gov. Taxes…. I get alot of info from yt channels but y’all’s info I have used the most! I have to give y’all your 💐💐💐 THANK YOU

@LYFEAccounting

2 жыл бұрын

Really appreciate the kind words. Happy to help!

liked and subscribed for the quick intro and bulletpoints

Love this informative video on tax write of. Will be helpful for those who are thinking of starting a business or is already in business.

This is the one 🙌🏾🙌🏾 Straight to the point for me !

@LYFEAccounting

2 жыл бұрын

That’s the goal! Thanks for tuning it.

Exactly what I was looking for, thank you!

Super Informative! Right on time!

@LYFEAccounting

2 жыл бұрын

Glad it was helpful!

Great information, Keran

Clear and to the point. Thank you !

Great I will re watch this

knowledge is power…THX

@LYFEAccounting

2 жыл бұрын

It truly is! Thanks for watching.

Can you please talk about a partnership LLC specifically husband and wife ..Also, if you can elaborate on joint ventures that would be greatly appreciated. I dont see many talking about these. Thanks in advance

thank you

Thank You…🙌

🏃‍♂️ = me running out to buy stickers with my company logo Thanks appreciate concise and great info as always!

@demetriows1207

2 жыл бұрын

✍ = me accounting the sticker purchase as advertising expenses 😝

@LYFEAccounting

2 жыл бұрын

Demetrio is correct. If it is not embroidered, the sticker itself is an advertising expense, not the clothing.

helpful!!!!

@LYFEAccounting

2 жыл бұрын

🙌🏾

So helpful!

First of all thank you for all the good quality videos you make, very informative for all the entrepreneurs out there. I have a question about if buying a car can be a deductible as a start up cost. I have a construction business (single member LLC) and I had to buy an used cargo van to have my tools, I use it 100% for business purposes, I couldn't get it under the name of the company since I just registered it on January and I don't have enough credit history, so I jointly got it with my wife put $2500 down-payment cash and a trade in value of $3800, is there anything of this money I used deductible in any way? I'm tracking mileage and all the vehicle expenses as well. Thank you for your help.

@brettmanning4639

2 жыл бұрын

absolutely, 100% business expense. you need to create an "accountable plan for expense reimbursement" to keep in your records that outlines how the business reimburses employee paid expenses. Also make sure you have a business bank account (wells fargo is a great option).

Can you show me where you got you tax information in writing on KZread videoing

This will be a great one !!

@juicyworkshaw1716

2 жыл бұрын

Smart man 💰

@jtreed5716

2 жыл бұрын

Facts

Do you have to purchase technology equipment like a laptop after your LLC is formed in order to write it off?

@LYFEAccounting

2 жыл бұрын

No. You can write it off as a startup expense.

@brettmanning4639

2 жыл бұрын

also to note: you can expense any large (>$1000) expenses for office equipment that was purchased prior to forming a business (like a year or more) for the value they're currently worth as business assets (but if you sell them that has to be reported as income).

Is it better to SCorp your single member LLC or just leave it as single member and do owners draw ?

@ForgedDimensions

2 жыл бұрын

Probably leaving it as an LLC, if you put it in an scorp you’ll have to put yourself on payroll and that comes with it’s own headaches

@LYFEAccounting

2 жыл бұрын

It depends! Check out this video: kzread.info/dash/bejne/jHiWo61sZdi1ncY.html

@brettmanning4639

2 жыл бұрын

absolutely better to file as an s-corp, yes it has some headaches with keeping up with paying payroll on the schedule the IRS assigns you (based on your income, i.e weekly, monthly, etc), but you will save so much more in taxes

I have a small business can I use Single miles deduction

@LYFEAccounting

2 жыл бұрын

Single miles deduction?

@fritzbookman7243

2 жыл бұрын

Does it have to be newer cars or older cars is a different question