The 12 Most Valuable Tax Deductions For Small Businesses (Do This Now!)
HTML-код
- Опубликовано: 4 авг 2024
- Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/6fk
Starting your own empire can start with a single small business but, you definitely don't want taxes to take control. However, there are ways to prevent this from happening. Here are the 12 most valuable tax deductions for small businesses.
Within this list of 12 tax deductions lies something for you to implement in your next tax season.
Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/6fk
Our expert, Toby Mathis, Esq., knows what he is doing when he says these are valuable opportunities you should be taking advantage of if possible.
Don't lose more money than you have to…
Keep what you earn and use that money to build yourself up!
Hopefully, this video will be helpful to those who are seeking to learn more about saving money on their business taxes.
If you enjoyed the content, please consider doing one of the following:
Like
Share
Subscribe to the Channel
Also, remember, that we love to read your comments and suggestions. While we may not respond to everyone, we do read them so please keep the positive comments coming and we will try our best to respond.
Thank you for joining us and good luck with your business endeavors.
Show Notes:
0:00 Intro Types of Businesses
2:37 Accountable Plan
8:23 Direct Cost & Indirect Cost
11:13 Reimbursements for Your Business
14:50 Meals
16:15 Equipment
17:17 Health Insurance
20:03 Travel Expenses & Practises
22:50 Start-Up Expense Write-Offs
25:09 Retirement Plans
26:40 Defined Contribution Plan
29:25 Qualified Business Income
32:01 Outro
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
aba.link/subscribe
~~~~
FREE REAL ESTATE INVESTMENT STRATEGY SESSION
Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/6fk
FREE TAX & ASSET PROTECTION WORKSHOP
Learn about Real Estate & Asset Protection from Clint Coons, Esq, and Toby Mathis, Esq. at our next all-day free Livestream from 9 am to 4 pm PT. on Saturdays. Our attorneys and specialists will answer ALL questions: Save Your Seat: aba.link/byj
TAX TUESDAY LIVE
Toby Mathis, Esq. and Jeff Webb, CPA will answer ALL your questions LIVE on Tax Tuesdays every other Tues 👉 aba.link/g5y
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and much more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
aba.link/tobyevents
~~~~
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership" and find greater success by taking advantage of tax laws for your business. Here 👉 aba.link/tobyshop
Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 aba.link/tobyaba
~~~~
FOLLOW US:
Instagram: aba.link/instagram
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
TikTok: / tobymathisesq
~~~~
CONTACT US
Phone: 800.706.4741
Email: info@andersonadvisors.com
Fax: 702.664.0545
ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
---------------------------------------------------------------------------------------------------------
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#smallbusiness #taxdeductions #taxes
Claim Your FREE 45-minute consultation to receive business planning tips and asset protection. 👉 aba.link/6fk
Toby thank you!!!!
Great topics, Toby🙏🏾
I just found you… and I’m so glad that I did !!! Thank you for getting straight to the point, thank you for being so thorough. I appreciate you ✨ I just subscribed!!!
Great video! Very clearly explained. Not many accountants are this clear and or educated about this.
Glad you liked it dear viewer!
Agreed!
First time I can watch an honest learning video with a clear context. There are few people who do things without any interest. Gracias 😊
Great video! Very informative and clear to me. I'm someone who is thinking about starting a youtube and worries about the tax/business part so this was helpful. Thank you!
LOVE LOVE LOVE your videos! LOVE LOVE!!!!
You’re a great teacher. Thank you so much. I have an accountant and I’m afraid to ask questions regarding many of these issues. He always tells us we have no deductions because my spouse works for a corporation-have to wait until he retires to get the full tax benefit of rental properties. Also, you have great cadence. Good luck and good health to you and yours.
No wonder small businesses stay small when they do their taxes with H&R Block and the rich keep getting richer, because you need to pay a little more to have someone like this guy on your side (advertising you). H&R Block haven’t told me any of this.
A CFP is different than a CPA.
thank you sir its been so important for me.. im signed up with your company and i love the peace of mind.
LOVE all your information, Toby!
Thank you for sharing it with us!
Sure thing!
Thank you for the information!
Hey Toby, thanks for the valuable information. Smart but safe. I appreciate that. I have a question… have you ever handled taxes for influencers?
It’s a crazy and different lifestyle as a business owner. I’m curious as to legitimate write-offs.
Great question - I fall into this space as well and I know a lot of people who have had terrible advice from accountants who don't understand how certain things are legitimate business expenses.
Thank you very much I am not NEW but am way more educated about what to ask as I start a new LLC
Amazing information. Subscribed right away
Thank you for video!
So much rich information for free! Thank you, Toby! I did have a question. I noticed you barley mentioned LLCs. Is that because once you set up an LLC, you have the option for elect S-Corp or C-corp as your choice for tax purposes? Is that how it works, and can you switch it up each tax year or once you’re an LLC taxed as a C-corp it remains that way? Thanks again!
This video and all the information you share from your videos has been so phenomenal for me thank you so mucH!!!!
You are so welcome!
Thank you so much Toby very great and smart vdo😊
Best!!! Thank you!
Great information.
I clueless all about tax.
I'm glad I found you, I'm educating myself from your videos.
Tanks much
Thanks for the support! Keep learning and rockin' those taxes =)
Thanks for the video. Easy to follow and full of great information. I subscribed.
Awesome, thank you!
You are friggin AMAZING!!!
Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!
Glad to hear it!
Thank you for the video!!! We learn a lot with you! Thank you!
My pleasure! Thank you for watching.
Thanks for this great content. Looking forward to working with you in the near future.
Can't wait! Let us know if you need help with anything 👍
Thanks for telling us how you felt small when you first started. Also, it’s so expensive to talk to lawyers and accountants. You’re so kind to share your knowledge. 😊
We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Excellent and valuable explanation -thanks so much!!
You're very welcome! Thank you for watching!
Thank You! 🙃
Very helpful and useful info! Thanks!
Glad you think so, thank you for watching the video!
Excellent video. Enjoying the channel. Tks for sharing.
Thanks for watching!
Thank you so much Toby, it is really kind of you to share this much information. I appreciate you!
Thank you for watching the video!
Great video! Valuable information.
Thank you!
Thank you so much for this information. This was amazing.
I'm glad you found the information helpful!
Thank you! Love your content! ❤
Glad you enjoy it! Thanks for watching.
Really appreciate, good for knowledge 👍🏼
Glad it was helpful!
As always, knocked it out of the park!!!!! Thanku, my friend, I've been enlightened, and I'm sharing with my family, friends, and associates so that they can be enlightened and successful as well!!!
I appreciate the support!
Absolutely great information! Thank you!
Glad you enjoyed it! Thank you.
Great stuff
I watched this again. Alot of great info here!
Glad it was helpful!
This is the best thing on the internet. I wish I had known this 5 years ago when I became a Realtor. Now how to set it up 😅
Thanks. I knew a lot of this but learned some new things.
Glad it was helpful!
Great video!! I'm writing my business plan for a home-based business as a virtual assistant offering mental health billing & bookkeeping. I do intend to form an LLC.
You have a wealth of information our livelihood.
Awesome thanks so much…
You bet!
Great info. You sound like my tax advisor 👍😁🤣
GREAT GREAT INFORMATION.....
Thanks for watching!
Awesome video thanks
Thank you for watching!
Hey Toby! I love all the information you so generously share. Thank you !
I have a question, can a real estate agent have a single member LLC? Because my broker had me open a sole proprietor, I’m considering to redo it after watching this video 😅
Wow. Solid Gold 💰
Amazing information, thank you!!!
Glad you enjoyed the video!
Just found this channel, great information 👍.
Awesome, thank you!
Thank you for the great information. I am learning so much. I would like to see a video on how to set up my LLC, S-Corp, real estate in a trust. How to set up the real estate in the business name. Advantages and disadvantages of that.
Great suggestion! We will make a note of it!
Thank you!
You're welcome!
Great information. My late husband was a master at these techniques. Hope your transparency and tutleage will help me this tqxbs season.
Toby, this content is truly amazing and eye opening. Thank you for the time and effort that you have spent to compile and present this so elegantly.
I appreciate that! I hope you subscribe to the channel for more of my videos.
@@TobyMathisabsolutely and attended your seminar. What a wealth of information. Immediately saw value for my biz and now have my holding LLC started with Anderson. This is such a game changer for me at the perfect time as I begin building my structure. I cannot thank you enough.
As a brand new business owner of an S-corp all these videos are amazing! thank you for sharing and I'm glad I've stumbled upon your channel!
Thank you for this info. How do you write off employees overseas (without a SS)? Is there a path to justify necessary expenses associated with your cost of goods?
Thank you! I did get lost a bit between the different types of business incorporations and the comparisons to what the individual employee can take in write offs if someone has a very small 1-2 person company. Perhaps graphics would help someone like me? Fantastic information to dive into.
Please let us know if you have any questions!
Hi i recently subscribed because i love your contents and I’m trying to do well in life , and because of this i have a following question.
How do i person like me with some savings but regular employed with a big corporation avoid to pay so many taxes ? Should i open a gst and find a secondary job ? Or maybe with a secondary investment property and gst as real estate business i could use some loophole maybe ?! Thank you for your help !
Can you cover ROBS 401k and any strategies there might be to replenish the 401k post business acquisition that isn't dependent on selling the business at the end?
Toby as always great video cld u do video about thid Infinit banking or life insurance where u cld borrow money aganst my primium, use it to for investment
Your videos are so informative. Do you have a video on new LLCs that earned No money
Thanks for the support! That is a great video suggestion! In the meantime, I recommend you register for a free strategy session to learn more about LLCs that haven't earned no money. aba.link/6fk
Loved your video please tell me more about putting away for retirement I have a C Corp.
Toby, are there any breaks for passive income from digital real estate or is it not considered that way in tax law.
Genius! I think I may have to switch over to you 😀
You should! Let us know if you are interested in a free strategy session to go over our offerings 😄
I've been binge watching all your content! Very informative videos, Toby; keep up the great work!
Thanks! Will do!
Me too!!!!
Thank you. How do you file disregard LLC?
Incredible and clear content! Thank you. Sole proprietor here many years... will you please consider a class on changing to an S or C corp and which is best to choose.
Great suggestion! We will certainly consider it!
@@TobyMathis Thank you. At 1st glance, an S Corp seems like it could be a good fit, however, I have other revenue streams and... I'd like my company to fund our non profit.
Hey Toby, thanks for this info! Question: should I bring these items to my accountant, or should I work with some sort of tax planner to determine what applies to me and then bring that to my accountant? My current accountant doesn't seem to know of any kinds of tax savings for my small business so trying to figure out next steps.
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Hi Toby, how can I be a client to start 2023 right. I have a new C corp currently. Thank you.
I haven’t watched all your videos, but I wanted to see if you could do a video on how people working full-time, with a part-time small business deal with taxes. For example, should I be paying quarterly taxes or can I wait until I file my yearly taxes? Topics like that would be helpful. Thanks in advance.
Hi. I don’t know if you got a reply on this. I’m a CPA and am happy to discuss with you if you’d like.
Great video! Thank you! Is an LLC able to still use these tips?
Hi, great question! For a more detailed response, I suggest you sign up for a free strategy session with my team. Visit: aba.link/6fk
Yes I sent it to 3 other people!
Is there a tax write off for using your personal money to pay for business expenses necessary before the business earns any money.
Great content! QUESTION - What is the major difference between the S Corp, the C Corp and the LLC? Also, is an LLC the same as a sole proprietorship? And, can an LLC also deduct the cell phone expense and internet bill on a home employee?
Good questions. We could speak for days on the answers, but to be brief: 1- An S-Corp is a hybrid between a Corp and a pass through entity. Good for small business owners. A C-Corp is more of a 'traditional' corp, and is used for investments and businesses that plan on having investors. An LLC can elect its taxation, so it could be either, or a partnership or disregarded. 2- LLC is not the same as sole-prop. LLCs have liability protection, sole-props do not. 3- "It depends"- generally the answer is no, but there are some scenarios in which home employment related expenses can be reimbursed in part by a corporation.
What is an accountable plan?
Can you reimburse an independent consultant or contractor (person is not an employee)
Startup money going into C-corp LLC, and business takes couple of years or so nothing returning/profits, do the tax returns still need to be filed?
How do I find someone to help
Me to set up my business?
I really enjoy your videos. Thank you so much!
You can learn more about Anderson and what we can do for you at our website
andersonadvisors.com/
What is difference having c corp in Delaware vs Wyoming?
What would you recommend for a flower Business to have a LLC or just a S-Corp or C-corp? ( new to all of this I wish to learn the ins and outs of tax laws)
Hi, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. You can get set up here! -----------> aba.link/tobyss
What paperwork is required to have “accountable plan”?
The problem I ran into having too much expenses is not able to refi my house or get a HELOC without out showing enough income after the deductions. How do you deal with that?
Toby, what if I’m renting an apartment? Can a reasonable amount of my rent be reimbursed under an accountable plan?
How to have an accountable plan? Eg just a resolution that the corporation has an accountable plan or need to go to Schwab to set up an accountable plan? Can employer just reimburse the independent contractor without any formal paperwork? Thank you very much!
Hello, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Thank you so much for your teaching heart. I have a new small business and hired 1800accountant. It's been a nightmare. I need so much help in learning the business side of things. It all sounds like another language to me. I know what a newborn is saying but not any of this tax/ business stuff. LOL They were some what helpful but many things they didn't do well. I need to find a new way of keeping track of my business things and tax deductions. I am starting a non profit called Selah's Red Tent a postpartum house for moms and babies. Do you have an affordable program that is easy to use for a first time business owner to use to keep track of everything? God bless you!
Great information!! I'm about to watch it for a 3rd time. I have a small side business in it's 2nd year. Just the wife and I. Should I file as an S or C corp? Maybe an episode comparing the two? Anyway, please keep up the great work! Love your content!
Haha. I watched it at least 3 times while working on my quickbooks just now. Great video.
Hi Josh, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Here is where you can get set up! ----------> aba.link/tobyss
Hi, I’m concerned with how to inherit my mother’s trust property. My attorney advised I didn’t need another trust to title my share of an inherited house in an 60/40 split with a grandson (of decedent) special needs trust. Apparently, in 2021 a California law passed in which because my mother was in an Alzheimer live in facility for four years, I am losing her tax basis and her property will be reassessed to a higher taxable value. They win/I lose. I will still be able to file for a homeowner’s exemption but at a much higher assessed value. I’d love to see a video speaking to heirs of estates when trusts were involved. Thanks Toby, I love watching your videos.
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Hey, I’m on SSI dis, started an LLC 6-8 years ago used its checking account as a personal all these years but business never got off ground because Davison invent was trying to license my business idea and my funds ran out, if I’d known this company then I’d be going strong now. But, I’m not. So, am I looking at any problems with IRS? Because of my use of the account, it was 7 k/ month in the beginning, and my settlements also went in and out of it.
Does this all work for partnership as well ?
Toby. When the IRS says "rent a house for less than 15 days per year..." do they specify calendar days or the unit of time less than 360 hours? I ask because a hotel typically rents board rooms for an 8 hour day. This law was written mostly for the rental of homes to overnight guests. But a hotel typically rents a board room to a business for 8 hours for around $500-$1000.
It would seem to me that if days is not specifically defined in pub 527, the common definition of 24 hours should be used. In that case, 15 days = 360 hours or less than 45 8-hour-work-day rental periods.
Have you guys looked at this and have an opinion on this interpretation? I know of no hotel renting a meting room for less than $500.
what about the cost of filling the break room with coffee and snacks? Many offices where I am from provide lunch every day for its employee. What about that?
So, if your employer has you download an app to clock in and Outlook to receive company emails would that make our perso phones as employees a tax write-off?
Hi Toby. Does a C-Corp pay taxes on gross or net income coming in? If there is no profit to a business due to a net loss each month compared to expenses on rental property, are any taxes reported or paid in a C or S-Corp?
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
Net of course, just like any other business. Why would you think otherwise?
Can your c-corp manage LLC’s with different NAIC’s? For example, let’s say two are real estate and one is e-commerce. How can that be set up for maximum benefit?
Your question involves some intricacies that would benefit from a more personalized discussion. I recommend scheduling a free strategy session with our experts to delve into the specifics of managing diverse LLCs under a C-Corp and optimizing the setup for maximum benefits. Visit: aba.link/6fk
Would love education on retired people selling online for supplementing income. This year a 600.00 income limit was to be Incorporated and all platforms were to mail 1099-K to IRS for online sales that had to be reported. At the end of 2022 it fell through. But most likely will be introduced in 2023.
How do full retirees have to file these 1099-K's if making under the limit they can earn from a job after retired?
I want to get my information about my c-corpartion from the state department of taxation and finance what form do I give them
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
what is the good book to read abt taxes, or online websites.✌️
We operate a blog that could potentially help you andersonadvisors.com/blog/
Thinking, wait until our Gross is over 70,000 to switch to S from LLC? Gross year one , April to December 53,000. Thank you for clarifying, ugh... Tough times, but thinking S corp for 2025
You still have to spend money to get your money back. Net zero. Also, you never consider Schedule E income versus Schedule C income and not paying self-employment taxes.
Is there a difference in gifting your kids vs having them in the family business?
Great channel Toby!
Thanks for the support! Have you ever attended a virtual workshop? If not, I would highly recommend you attend and ask this question live during the event. =) aba.link/byj
SS limits my income at a certain point. Can I create an S corp for my Courier business, pay myself a meager salary to stay under that limit and take distributions at the end of the year? Do they count towards my income for social security purposes?
SS only counts your W-2, not leftover income from the Scorp