Deductions for Small Business 1. Home Office Deduction - admin office exception 2. Cell Phone - case, cords, service 3. Auto - 50% or more can take actual, write off fuel + repairs OR mileage 4. Dining - meet with potential clients, partners, etc. 5. Travel - business training, meet with clients / vendor / travel - write off 100% of travel and 50% of dining 6. Equipment & Tools - can be physical products (lighting, cameras, drones, etc.) + service (tools, supplies, etc.) 7. Family Members - if you're helping out any family member financially, pay the family member for helping you in the business. Kids can help with chores (office cleaning etc.) if under 18, do not pay tax on $13,000 8. Medical - write off medical expenses Using HRA (Health Reimbursement Arrangement) 9. Professional Services (Insurance / Services) - accounting, legal, insurance 10. Real Estate - tax deduction waiting to happen

Randomly came across this guy. I am very well versed in taxes and i heard some absolute gold in this that I've never thought of

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.

@RobertJenkins835

2 ай бұрын

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

@JeanelleMulligan

2 ай бұрын

She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states

@PatrickVelazco

2 ай бұрын

You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family.

@KimberlyPham252

2 ай бұрын

I'm new at this, please how can I reach her?

@LynnAnderson497

2 ай бұрын

she's mostly on Telegrams, using the user name.

First time listening to this man. He is one of the best on my list. I will follow him for the remainder of my life! Love the awesome video! Thank you, thank you...

You are a gift from God Mr Kohler!!! Thank you so much for taking these questions. Just learning from you in this video saved me $$$! Definitely subscribed! Keep doing your thing. The people need you. Too many tax preparers don't care to share knowledge like this because they just want to make a quick buck. I appreciate your help to entrepreneurs in this challenging time we live in. 🙏 ❤️

Best Tax write off ever! TAXES are Voluntary! Don't pay Taxes!!!

Great show, keep up the work and you're doing a great job thank you very much

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

Enjoyed the video. Thanks for sharing

Thanks Mark J Kohler! I always like your videos, and extremely top notch and super informative!! 💝

OMG I love you!!😂😂😂😂 YOU inspire me and my hustle!

I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Gloria Robinson.

@Brucelanham845

2 ай бұрын

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

@Nguyenvictory83

2 ай бұрын

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

@Scottweeier846

2 ай бұрын

You trade with Gloria Robinson too? Wow that woman has been a blessing to me and my family.

@Rodriguezpaul-9

2 ай бұрын

I'm new at this, please how can I reach her?

@carolynvo7802

2 ай бұрын

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

Amazing content & learned a ton!

What if you paid off your house but you still use over 300 square-foot for your office space are you still able to utilize some of those write offs as you would if you were making mortgage payments?

love the channel!

Mark, a great presentation!

Thank you!!

The depreciation you're required to take in home office deductions is subject to capital gains tax when you sell your home. For example, if you own your home, use 20% of it as a home office and deduct depreciation, 20% of your profit on the home's sale may be subject to capital gains tax.

Great videos

I'd like an itemized receipt for what my federal taxes actually go towards, and a copy of the law saying it's constitutional.

You’re the Billgates of our tax issues, and our McDonalds we run to for our tax crisis ❤❤❤

I was audited in 2014 for my 2010 taxes. I bought one thousand troy ounce trading bars @$15.00 per ounce and sold them @$18.00 per ounce about 15 times over 2010. And instead of taking my profits in a check I bought US Gold coins according to 1985-86 tax code the buy, sell, or trade of US bullion is a tax-free event and after showing my receipt of the purchase of $40,000.00 US gold coins the tax attorneys for the IRS told me that they were sorry for wasting my time and I would never hear from them again. I knew that the back pay for my SSDI three years worth was tax free and I wanted to invest it as tax free as possible so in 2010 I doubled it and walked away with the profits. Is it still a tax free event? Or have they changed the code?

Many are opting out of the tax system through the ucc11. Thats why thier trying to do digital money that way they can take what THEY want .

Question : Is it possible to write off losses due to currency unfavorable exchanges rate (EUR.USD) as I realize my US stocks profits, then convert them back into € before transferring those profits into my French euro bank account? And what happens on a tax perspective if the exchange rate is favorable ? Thank you!

Thanks that I encountered this podcast. I’m starting a rental property and married. my husband doesn’t want to get involved. Which is better LLC or S Corp can I right off the expenses before opening a business I spend a lot for the renovations ~400K. Thanks

There’s no American dream anymore. I moved to Dubai with properties in Switzerland. Two counties that don’t tax the crap out of people AND are extremely crypto friendly. No taxes!

@meecheongkim3980

3 ай бұрын

You are not a US citizen any more? How did you get UAE citizenship?

•Title 26 is not Positive Law. •You unknowingly contracted into paying taxes by checkmarking yourself as a u.s. citizen. •File a Form 56 and a Revocation of Election Affidavit to IRS Commissioner. *pOoF* Your tax liability is gone.

How do you scale up from a single member L3C to an S Corp. I don’t believe that’s possible?

Please post me on any of your estate planning classes many thanks

Any resources and professional’s in Canada

I thought you couldn't write off veh fuel.

I'm a small business owner, Would love to see book a FREE CONSULTATION in that RV when you get it! When are you coming to Waukesha, WI.

Do you need to get a business license?

You wouldn’t believe where my accountant has me. I’d love to tell you my story. I also need to create some protection for my rental property. I have s corp. sole proprietor (need to protect) now this new venture. I’d like to talk about tax forms. I carry a 600k loss that I have& it’s carrying forward for years. Anyway I’ve been learning & discussing w/ my acc. She does not let me take advantages b/c I have the loss. Also my stuff is paid off.

Hi Mr. Kohler, i was recently defrauded in a task base coin fraud scam. How will this affect me year end for tax purpose? Thank you.

What’s the best strategy if I’m going to pay my daughter’s medical student loan?

- Have a side business to generate additional income and benefit from tax deductions. - Maximize write-offs for business expenses such as cell phones and automobiles used for business purposes. - Utilize health reimbursement arrangements (HRA) to deduct medical expenses, including copays, deductibles, and prescription drugs. - Invest in real estate to take advantage of unparalleled tax benefits and build wealth. - Explore retirement account contributions, including Health Savings Accounts (HSA), Roth IRAs, Coverdell accounts, 401(k), SEP, and SIMPLE plans, to grow savings tax-free.

@heathersundermeyer3691

2 ай бұрын

Why is the W2 W4 and 1099 all class 5 gift and estate tax forms? And what is the definition of income? Are you an elected official question if we the people have ever earned income?? And why do we have to sign a paycheck to cash it? And are we supposed to file a class 2 form doing a 1040 form? Class 2 that’s a donation to who??

My 401(a) is a cash match plan through my employer. I'm government, not non-profit.

I get so tired of Real Estate guys and some CPAs on KZread saying you can't leverage stocks. Margin account gets you 2 times leverage. Active trader gets you 4 times. I can also increase the value of the hypothetical Walmart stock by selling covered calls and collecting dividends both impossible to lose on. Hold longer than a year and only pay long term capital gains. No tenants, no repairs, no HVAC replacement etc. If Walmart needs a new roof not my problem. And Im totally liquid. No Real Estate agents, Lawyers, or closing costs. I do love your content though. One caveat is rental real estate the tenant will pay your margin. When you have a tenant.

I am a single member LLC, no employees - how can I change to a S Corp? Or can I even do it? I’m still in start up - not even at break even yet. Rent a small place. Did my own LLC, Thanks!

I think he meant federal student loans, perhaps

Crazy . Ive been driving uber .

“doesn’t “

Small business .... What registration is required for it......

Can gym memberships be a write off for model/ influencer and yoga instructor?

Do we need a tax reform?

Lets say there’s a young adult, 20 years old, in Arizona, does not go to school, and does not work a job “at all” and received 0 income in the year of 2023, what does said person do? Or not do? Just ignore taxes? (For the record, said person is NOT me)

How about 65 or 66 years old am I disqualified from doing hsa account???

I know u r sharp. . Have your books. I also like your personality. Getting ready to try to open a non profit foundation. I’ve got an idea,that I hope to franchise or expand at the least. As for side hustle you need to know me better.. This isn’t the place for me to share.

I’m waiting to file BOIs for existing business entities until we get more action from the courts - more lawsuits are coming. Filing for newly formed entities immediately to be on the safe side. As a side note - President Trump vetoed this legislation which is a massive overreach by the feds. Congress over rode his veto. Elections matter - vote accordingly.

❤

What could be the write offs for a swapmeet small business selling used goods?? Thank you 🙏

Why are we the people paying more taxes than ever and never getting a refuns

@bigvalley4987

2 ай бұрын

The government keep raising the standard deductions. They are very cunning, they use a formula that work for the government agency’s. We the people need to collectively speak up against what the IRS is doing to us. I am mid income and paying a mortgage in California . And I still owe $3,800.00 in taxes🧐Just ridiculous🤬

Why didn't you upload this Yesterday?

I do NOT want to be land rich & cash poor.

Thanks

Paying taxes is voluntary.

what info I am getting from others in peer reviews that Mark as a whole is good info but his business entity workforce sux and they would not recommend them to anyone. Is this guy a good marketer but when it comes to service he is no better than a newbie in a law firm? Source is from reviews that I researched from various sources on the internet.

You know what they shouldn't tell you any of that you shouldn't have to pay tax on any of this stuff! You have that freaking bag for help this is crazy to tell you what you can claim what you can't claim why is everybody paying taxes that's what I want to know why why why why why why why why why why why

Tell the IRS to send a copy of the law. I did 20 years ago with no response. Have not paid since. Stop ripping people off.

You should change the title. I doubt people want to watch a video on stuff they needed to know yesterday lol. Maybe “The tax strategies you’ve been missing” something like that..

Can I use my cell phone for business and use a google app phone on that cell phone for personal calls and write off 100% of cell phone? 😂😂😂

*doesn’t* want you to know.

I rent a couple rooms. Should i claim management business?

Do you have a disclaimer saying ' This is not legal advice...' Then your channel is for entertaining purposes only.

You lost my respect when you started talking about Bitcoin

@sprestyly

3 ай бұрын

Bitcoin is going continue to outperform all asset classes.

Man, what will it take to get you to do this video for the Canadian tax system? I bet the relevant audience could easily get $10,000 USD+ Together in a kickstarter to fund a series of Canadian counterpart videos. You can tell Mark is good because he picks out Bitcoin and Solana as his crypto examples. ...Just by accident. No reason why. Definitely not.

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Kathleen Nolan

@danbutler7708

4 ай бұрын

Remember with any of those losses carry those forward. One thing to steer clear of is buying a property with DEQ contamination that was my wife's worst mistake

@nunovurbiznis

3 ай бұрын

SCAM