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Cyberspace CPA, PLLC
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Добавлен 1 дек 2023
Advice given on this channel is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors for how to best plan for your unique situation.
Amount to save for taxes
I get asked a lot "How much should I save for taxes." This is a budgeting question so here is Jason's answer. I'm not a certified financial planner, I'm a guy that helps you lower taxes. So if I do my job right, you will never owe close to what you save.
Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors for how to best plan for your unique situation.
Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors for how to best plan for your unique situation.
Просмотров: 19
Видео
Importance of Paying Home Expenses Outside of your Business
Просмотров 4319 часов назад
Today is payroll tax deadline so I talk briefly about that. Then we talk about the importance of separating personal living expenses from your S-Corporation when calculating the home office deduction. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not inten...
Materiality, 2500 capitalization, and short term debt like affirm
Просмотров 6414 дней назад
This week we discuss the $2500 capitalization policy for long term assets meaning stuff you buy that needs to be depreciated over a few years. Then we discuss materiality to keep receipts as a business owner. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is n...
6000 Pound Vehicle Limits
Просмотров 5421 день назад
This week we discuss the 6000 pound limit for business vehicles and how in the long run, it doesn't really matter if you get a large 3500 diesel truck or a Corvette. So drive what you want. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to prov...
Writing of your vehicle for Business Taxes
Просмотров 8628 дней назад
We discuss several different aspects and ways to write of your vehicle as a business use such as the mileage rate verse the actual expense methods. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax,...
Update on BOI and 1099s
Просмотров 292Месяц назад
Quick update on the status of the BOI/CTA and filing 1099s for Contractors that work for your business. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should cons...
Common Rental Expenses
Просмотров 43Месяц назад
We discuss what are the common expenses we expect to see when reporting a rental investment property. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consul...
Update on BOI
Просмотров 752 месяца назад
Just a quick reminder of the CTA COI report due before the end of the year and updated info on due dates, failure to file penalties, and where it stands in the court systems on getting challenged.
Basic Tax Planning Strategy
Просмотров 753 месяца назад
In this video we do a summary overview of a long term tax savings strategy with the benefits verse the disadvantages of the strategy. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or acco...
Paying Wages to your Spouse
Просмотров 744 месяца назад
In this video we discuss mostly the disadvantages to paying your spouse a W2 wages out of your business and why you shouldn't do it. But we also discuss the one benefit of Social Security. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provi...
Court Case about Reporting Large Losses for Multiple Years
Просмотров 425 месяцев назад
This week I show a case where the taxpayer beats the IRS after reporting several years of significant losses and why he was able to win the case and not pay any taxes. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be...
Inventory, COGS, and Taxes
Просмотров 2875 месяцев назад
We discuss the different methods for reporting on your taxes, the expense of your inventory. The disadvantage to cash basis verse modified accrual, inventory tracking systems and what the IRS is looking for. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is no...
General Over of Our Process and Tax Deadlines
Просмотров 355 месяцев назад
This is a general overview of the deadlines throughout the year and our process for preparing and filing tax return. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Yo...
Off Shore Accounts Reporting Requirements and Risk for Failure to Report
Просмотров 316 месяцев назад
I discuss what are considered offshore accounts, the requirements to report them, and the penalties for failure to report. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advi...
Form 8879
Просмотров 1948 месяцев назад
We discuss what the E-file authorization form is, what you are signing and the benefits to risks of using a paid tax professional to file your taxes for you. Advice given in this video is for clients of Cyberspace CPA, PLLC. and material is protected under copywrite laws. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on...
How to Submit a USPS Mail Forwarding Address
Просмотров 7228 месяцев назад
How to Submit a USPS Mail Forwarding Address
Tax Savings Strategy When You're a W2 Employee
Просмотров 319 месяцев назад
Tax Savings Strategy When You're a W2 Employee
Active vs Passive and revenue streams
Просмотров 419 месяцев назад
Active vs Passive and revenue streams
How to Categorize Bank Transactions when not doing bookkeeping
Просмотров 13510 месяцев назад
How to Categorize Bank Transactions when not doing bookkeeping
Best Partnership Ownership Structure
Просмотров 2410 месяцев назад
Best Partnership Ownership Structure
Home Office Rules and Including Bathroom
Просмотров 3211 месяцев назад
Home Office Rules and Including Bathroom
This house is a prison. On planet bullshit!
Best thing I did for my business was to hire you - Thankful
Thank you so much for explaining all of this!! So helpful!
Glad it was helpful!
This is so helpful! Thank you so much for taking the time to make this!
You are most welcome.
Great video - Explained everything
If we are married, but we are non-residence (and therefor can't file as married filling jointly) we can still benefit from this approach, can't we?
You could as you are required to file married filing separate or single on the 1040NR. But your spouse would still need to report that as income in your home country which may net with your income coming out of the business. It would lower your USA taxes but should in theory have a net $0 effect on your home country taxes.
@@CyberspaceCPAPLLC What I meant was for my spouse to also fill 1040NR and us benefiting from having more profit in lower tax rates. For example, if I have extra 20k in my 1040NR it would be a 25% tax rate, but if it is in my spouses 1040NR it will be a 12% tax rate. Does it make sense or extra bookkeeping spendings will be higher than what we save?
@@ОленаБезродна-н2к This is a public forum. You should contact your tax advisor to have this discuss. That could in theory be possible.
@@CyberspaceCPAPLLC thank you
Very interesting content
If Tramp is re-elected what are the chances that he will prolong these?
Here is the link to the common business expense categories that I reference in this video: www.netsuite.com/portal/resource/articles/financial-management/small-business-expense-categories-list.shtml
Thank you!
Very informative. I guess the Real Estate is the way to go.
I live on a golf course community - and we do host client parties at the house. is there a way both deductions can be used?
If you are a C-Corp you could take advantage of the Augusta Rule. If you are an S-Corp I don't think you can. S-Corp has better tax benefits than a C-Corp.
Thank you for posting this weekly videos, it helps to get more into the context of the US tax system
Our pleasure!
Super helpful! Thank you
Glad it was helpful!