Hmmm. So I can be a breakfast burrito streamer and write off all of my the expenses from streaming it. Maybe ill be a Ferrari mechanic on twitch then I can write off all of the parts and labor! 😂 Thanks Doug. You have changed my life. Wow. You did it. WOOOOOWWWWWW
I thought you could only write off things that cost money… (I know you making a joke, but I’m just trying to figure out how you would write off free information…)
Ironically the more chat complained about the Gerald Ford shirt not being worthy of a tax write off, the more legitimate Doug's claim got since the higher engagement made it more relevant to the job and made him money from the bits/message read-outs.
It's a massive headache though, doing taxes becomes almost a second job when you are self employed like this. That's how accountants eventually get hired, it just becomes too much to do when you are trying to run a business.
Its perfectly legal, just know this is exactly how many wealthy people avoid paying taxes. Have a relative who owns a car dealership. He obviously writes off all the cars he buys as business expenses. However, he pockets a few cars for himself under his company's name and writes them off as business losses. The company is under his name, so in effect, he pays no taxes (because of all the tax write offs). Love DougDoug. Can guarantee he pays no taxes. Love him regardless.
Similar for all self employed people. I do Uber and write off so much stuff. The charging cables, music subscriptions, phone bill, streaming services, mints/water, etc.
One of my favourite RUclips videos of all time was when Tobuscus accidentally bought groceries with his business credit card, so he had to make a cooking video using all of the groceries he bought to avoid getting charged for tax fraud lmao.
@@haxie4516 on RUclips it looks like he’s released like… 4 videos in the past year? After that whole sexual assault claim went out his channel kinda died. I have no idea whether or not they were verified or if they actually happened the idea of it was enough to make a tonne of people very uncomfortable
I like how doug is all serious andtries to be convincing at the start, but after some time he just descends into madness and yells: "I GOT THIS SHIRT FOR FREE"
Well there is a reason this time as Doug played 2d platformers recommend by chat to prove he’s good at 2d platformers and he could only play for 15 minutes so the timer was keeping track of how long he was playing and when to stop.
@@blakksheep736 Correction: They don't need a reference on the passage of time, just on the _concept_ of time. The timer not running is fine because it still shows _a_ time.
The next step is to have an image of you talk about the moral and ethical implications of having an image of you talking in your voice decades after your death talking about your death in this dystopian landscape.
Many business owners use their home as an office, and so they write off their own house as a business expense. However, this requires them to claim the house as a business asset. If they were to ever sell the company, they would lose the house, too. Sometimes this is legitimate, whereas sometimes they hardly use their house. DougDoug obviously streams from home, so if he bought a house I believe he could choose to do this. Only 90% sure this is correct info, tbf.
You can write off part of the rent/mortgage, since some of it is used for the business. Same for utilities. You normally want an accountant to handle that though
It’d be a percentage since he only uses his office for streaming and not the entire house. Not sure how it’s calculated but probably as percent of the total square footage.
@@rodgerdodger2459My assumption would be the percentage of square footage times the average time spent on camera Which would give you the average cost of the room during the stream
@haxie4516 Be glad you didn't do related rates in Calculus. Also, Chemistry can have some nonsensical measurements too like the "R" for gas formulas. Technically, the unit of measurement is not divided by. It's % of the square footage of the house that the room is (unclear if this has a unit with it but I assume it has the square foot unit) multiplied by average time spent on camera. Which, I don't know why average is used here and why they didn't just use the total amount of time it was used from the moment of purchase to the end of tax season.
@@adventurMan5 it's not really that possible lol. it's like the t shirt joke. he bought the house for personal reasons first and benefits from it separate from work every day
No. unless that house was purchased specifically for streaming or other business activities and nothing else and it is used on a regular basis. Both need to be true; it needs to see constant regular use for business purposes and remain exclusive to his business and not personal use. so doing one stream once would not be enough to clear the regular use part of the requirement. if that is where he did his edits and planned for streams, and he doesn't live in it, then yeah, absolutely. Important to note, he doesn't need to claim the entire property. If he has a room specifically for streaming, he can deduct that entire room along with utilities, maintenance, and repairs, heck even the depreciation of the value of his equipment in it. so, the fact that his gaming computer is both getting obsolete, and losing value due to use are deductible. and how value to that depreciation is calculated is just left up to you, as long as it is something "reasonable" and loosely based on real market prices.
Turnip Boy Commits Tax Evasion is 66% off right now on Steam, and with your streaming tax deduction, it's practically free. When can we expect a play through?
@@jordanloux3883 Yeah it does need to be a considerable amount, and it doesn't actually mean you're paying less money to charity than you would to the IRS. However, it's a lot like choosing where you think your tax dollars should go to instead of it just going to the government.
It seems we have a new favorite U.S. President in the DougDoug community give it up for Gerald Ford the guy that never won a presidential or Vice presidential election
This is one of those moments where I can't tell if chat is fucking with him or genuinely doesn't understand. Not trying to say it's super common knowledge, but at the very least I understand what he's talking about.
its a joke. he says it himself there must been a group of people (implied small) who doesn't know - but in like 8k people you can find almost anything. doug's audience is unusually smart for their age, specially on twitch (not including myself i'm way way older than his general audience)
I like how this introduces the idea of an anti-tax fraud stream where you buy a whole bunch of games, then you have to speedrun them on December 31st or else you get sued for all of your networth
Yeah, people think there’s a bunch of laws in Canada protecting the people but last time I checked, churches are being burned, veterans euthanized, and what, you can fined for speech?
The fact that some people in chat think he's getting money back for it means they were probably committing some kind of tax fraud by doing their taxes wrong
if anything doug said were true he would have just got parkzer on to tell chat. the only reason he didn't bring parkzer on is because he knows he's guilty
You can see the frustration in how the discourse is so idiotic that you literally can't tell who is just joking and who genuinely doesn't understand basic personal finance.
I’ll be honest. I’m 31 years old. In that E N T I R E time, I never understood how writing off taxes worked. 1:55 actually helped explain it just a little easier.
To explain this situation. Say Doug makes 10k from steaming (his pre-tax dollars) and then spends 1k on business expenses. Then he only has to pay taxes on 9k dollars.
Law as written, you can only write something off as a work expense if it isn't something you would use outside of work. Like, just using your car once for a work trip doesn't make the car a tax write off if it's usually your personal vehicle. Given, it's hard to prove and usually not pursued unless it's something really obvious or egregious. Most tax professionals won't even worry about it for most things. But technically... ehhhh...
I knew a guy who edited the Wikipedia page for Gerald Ford and replaced the image in the infobox with a near-identical image with a slightly larger forehead. I don't associate with that guy anymore, but the bit was very funny.
the reason I know Gerald Ford pardoned Nixon is that I once saw a political cartoon drawing in a school textbook of Nixon driving a Ford car to freedom
The best line I've heard about being an accountant is "Passing Market Ethics with flying colors makes you less money than barely skirting by with a D."
Well, they are kind of right about the “can only write off items that you only use for your business” thing (as of my last official conversation on the matter). For instance, you can only write off a home office if it’s exclusively used for the business. You can’t technically play games for fun in there, or have a bed in the room.
To help people understand better tax write-offs are basically a way to get assets for cheaper than their normal cost but write-offs will never get you cold hard cash. To use the Tears of the Kingdom example from the video the game costs $60, with a tax rate of 30% if Doug keeps that $60 as profit then after taxes he has $42. If he buys the game and writes it off instead then he's essentially paying $42 for the game because that's how much money he would have had if he never bought it. However any purchase Doug makes that can't be written off has to be done with taxable income. Like let's say socks since his feet are never on stream. If Doug wants $42 worth of socks he first has to make $60 from streaming, pay the taxes on the income, then use the leftover money for the socks. In this way you can think of write-offs as a 30% off coupon for anything that Doug can use for his business. Still really powerful, especially with how flexible writing things off for his job is, but he's not getting anything for free and he's still ultimately paying taxes. Just like how coupons save you a lot of money when shopping but at the end of the day you still have to buy the things you're using coupons on with real money, just less money than you originally had to.
I unironically use this stream to sleep when I’m especially feeling the insomnia. I don’t know why, but Gerald Ford speaking absolute nonsense because of Twitch chat while Doug keeps silent helps me absolutely conk out
![Lethal Company Music Video 🎵 "Follow The Orders" [VERSION A]](http://i.ytimg.com/vi/QeooZB4Z7RA/mqdefault.jpg)
Does this mean Doug can write off his 4 thousand dollars worth of olive oil purchases?
He could if he became an olive oil streamer
Only the olive oil he drinks on stream
@@therandomjoshua I mean, him drinking olive oil is certainly a sort of bit that's part of his presentation as a streamer, so it could work.
Pretty sure you're low balling that olive oil number LMAO
Hmmm. So I can be a breakfast burrito streamer and write off all of my the expenses from streaming it. Maybe ill be a Ferrari mechanic on twitch then I can write off all of the parts and labor! 😂 Thanks Doug. You have changed my life. Wow. You did it. WOOOOOWWWWWW
Doug should show his taxes then he can write them off too
*exploding brain sounds*
I thought you could only write off things that cost money… (I know you making a joke, but I’m just trying to figure out how you would write off free information…)
@@zooning-6843 I traded all y friends for drogs and the inoter oh shit me and bye a strangery et yes
@@IsabelPerry I had a stroke trying to read this comment.
@riolkin wdym that's perfect english
Ironically the more chat complained about the Gerald Ford shirt not being worthy of a tax write off, the more legitimate Doug's claim got since the higher engagement made it more relevant to the job and made him money from the bits/message read-outs.
Chat is going to get charged for helping tax fraud💀
But if chat helps with tax fraud he doesnt commit as fraud
i love when doug says "you can legally kill me if i evade taxes" half of the chat is scared and the rest is excited
The duality of man.
@@lester_the_molester 💀 😂
I actually find it very interesting to hear how his tax write offs work as a streamer
It works like this for every job. It's most common in self employed careers though.
It's a massive headache though, doing taxes becomes almost a second job when you are self employed like this. That's how accountants eventually get hired, it just becomes too much to do when you are trying to run a business.
Any business*
Its perfectly legal, just know this is exactly how many wealthy people avoid paying taxes. Have a relative who owns a car dealership. He obviously writes off all the cars he buys as business expenses. However, he pockets a few cars for himself under his company's name and writes them off as business losses. The company is under his name, so in effect, he pays no taxes (because of all the tax write offs).
Love DougDoug. Can guarantee he pays no taxes. Love him regardless.
Similar for all self employed people. I do Uber and write off so much stuff. The charging cables, music subscriptions, phone bill, streaming services, mints/water, etc.
Doug should make a tax evasion video game i bet he would really know all the intricacies needed to hit it out of the park
dougdoug's big adventure
Maybe do a videogame called "Pepperboy commits tax evasion" and make the story and character pretty funny, but add a really dark lore for no reason.
he may not be good at 2d platformers, but he sure is good at tax evasion
Have him play Turnip Boy Commits Tax Evasion. Amazing game too :)
@@invertebradoturnip boy* it's a short game but it's pretty good
One of my favourite RUclips videos of all time was when Tobuscus accidentally bought groceries with his business credit card, so he had to make a cooking video using all of the groceries he bought to avoid getting charged for tax fraud lmao.
I miss toby...
That’s a name I haven’t heard in a long time
@@92Roarikr?
Full on nostalgia wave
What's he even doing these days?
@@haxie4516 on RUclips it looks like he’s released like… 4 videos in the past year? After that whole sexual assault claim went out his channel kinda died. I have no idea whether or not they were verified or if they actually happened the idea of it was enough to make a tonne of people very uncomfortable
@@haxie4516 Spreading conspiracy theories on twitter lol
Fun fact: Spiro Agnew, the guy that Gerald Ford replaced as Nixon’s Vice President, resigned as VP because he got caught for tax evasion.
that's pretty poggies
I thought it was because he was crazy or something too
@@courier6960thats what those woke liberal irs bastards want us to think, we know the cold hard truth
@@courier6960 a little column a, a little column b
Gerald Ford for next streamer!!!
I like how doug is all serious andtries to be convincing at the start, but after some time he just descends into madness and yells: "I GOT THIS SHIRT FOR FREE"
Love how Doug almost always has a speed run timer going, for basically zero reason.
Well there is a reason this time as Doug played 2d platformers recommend by chat to prove he’s good at 2d platformers and he could only play for 15 minutes so the timer was keeping track of how long he was playing and when to stop.
It's a comfort timer. Chat freaks out if they don't have a solid grasp on the passage of time
@@modulusshift that being said, the timer is literally not running.
@@blakksheep736 Correction: They don't need a reference on the passage of time, just on the _concept_ of time. The timer not running is fine because it still shows _a_ time.
@@CricetoFunni ah huh.
Yeah Twitch Chat does seem like the kind of personality who'd forget that time exists if they didn't receive constant reminder.
Having an image of you talking in your voice decades after your death talking about your death is dystopian.
The next step is to have an image of you talk about the moral and ethical implications of having an image of you talking in your voice decades after your death talking about your death in this dystopian landscape.
I can't tell if chat is trolling Doug or if they just don't understand how tax write offs work. Both are entirely believable.
Probably some that are one or the other and many that are both
Yes
Honestly as someone who works as a team accountant I doubt the average person has any understanding how it works.
And many people aren't from US@@cthefro
They don't understand, definitely
that red dot going exactly through the settings and quit buttons without going outside of the lines at 1:27 changed my life
the person saying "DONT WRITE US OFF" lmaooo
The next game Doug should play is DougDoug Commits Tax Fraud, because he is clearly really good at it
He is playing the best tax fraud of his life.
I may get wooooshed for this, but there is literally a game called "Turnip boy commits tax evasion."
That’s impossible since DougDoug Commits Tax Fraud is a 2d platformer, and Doug sucks at 2d platformers.
@@akshaynd95 Yeah I've seen that game it's adorable. Would be very relatable for Doug
@@akshaynd95QUICK, SOMEONE TELL HIM ABOUT THE WORD ON THE CEILING
Many business owners use their home as an office, and so they write off their own house as a business expense. However, this requires them to claim the house as a business asset. If they were to ever sell the company, they would lose the house, too. Sometimes this is legitimate, whereas sometimes they hardly use their house. DougDoug obviously streams from home, so if he bought a house I believe he could choose to do this. Only 90% sure this is correct info, tbf.
You can write off part of the rent/mortgage, since some of it is used for the business.
Same for utilities.
You normally want an accountant to handle that though
It’d be a percentage since he only uses his office for streaming and not the entire house. Not sure how it’s calculated but probably as percent of the total square footage.
@@rodgerdodger2459My assumption would be the percentage of square footage times the average time spent on camera
Which would give you the average cost of the room during the stream
@@Spiker985Studios
That makes sense, but "Square foot per hour" is a unit of measurement that wrinkles my brain
@haxie4516 Be glad you didn't do related rates in Calculus.
Also, Chemistry can have some nonsensical measurements too like the "R" for gas formulas.
Technically, the unit of measurement is not divided by. It's % of the square footage of the house that the room is (unclear if this has a unit with it but I assume it has the square foot unit) multiplied by average time spent on camera. Which, I don't know why average is used here and why they didn't just use the total amount of time it was used from the moment of purchase to the end of tax season.
That bit about Doug asking people to name something about Gerald Ford killed me way more than it should've
If doug does a house tour can he use the house as a tax write off
I'd be difficult but it's crazy how possible it is
@@adventurMan5we need to ask parkzer for help
@@adventurMan5 it's not really that possible lol. it's like the t shirt joke. he bought the house for personal reasons first and benefits from it separate from work every day
No. unless that house was purchased specifically for streaming or other business activities and nothing else and it is used on a regular basis. Both need to be true; it needs to see constant regular use for business purposes and remain exclusive to his business and not personal use. so doing one stream once would not be enough to clear the regular use part of the requirement. if that is where he did his edits and planned for streams, and he doesn't live in it, then yeah, absolutely.
Important to note, he doesn't need to claim the entire property. If he has a room specifically for streaming, he can deduct that entire room along with utilities, maintenance, and repairs, heck even the depreciation of the value of his equipment in it. so, the fact that his gaming computer is both getting obsolete, and losing value due to use are deductible. and how value to that depreciation is calculated is just left up to you, as long as it is something "reasonable" and loosely based on real market prices.
@@gredystar8333He can rent it to himself.
Turnip Boy Commits Tax Evasion is 66% off right now on Steam, and with your streaming tax deduction, it's practically free. When can we expect a play through?
This is such a perfect edit of the hilarious part of the stream, I love how well it shows the ridiculous Gerald Ford tangent too!
Man, wait until the twitch chatters find out you can donate to charity, which can exempt you from income taxes in most cases.
Considering you need to spend a certain amount on charitable donations before they can be deductible, I don't see that changing much
why do you think doug does the rosa streams?
@@SprintToggle He cant write it off because technically most of the money isnt his and he only acts as a bundler
do it on stream get negative tax
@@jordanloux3883 Yeah it does need to be a considerable amount, and it doesn't actually mean you're paying less money to charity than you would to the IRS. However, it's a lot like choosing where you think your tax dollars should go to instead of it just going to the government.
From talking about tax write-offs to making an AI Gerald Ford. What a crazy ride Doug's content is.
It seems we have a new favorite U.S. President in the DougDoug community give it up for Gerald Ford the guy that never won a presidential or Vice presidential election
I already loved him enough to write a 8 page essay on him in 7th grade 🤣
I can't believe DougDoug wrote off his twitch chat to get it for free. What a guy.
You mean to tell me THIS VIDEO ONLY SERVES THE PURPOSE OF WRITING OFF A SHIRT ON HIS TAXES?
Yes
he found the loophole
I need to become a RUclipsr so I can get away with my tax fruad
This is one of those moments where I can't tell if chat is fucking with him or genuinely doesn't understand. Not trying to say it's super common knowledge, but at the very least I understand what he's talking about.
its a joke. he says it himself there must been a group of people (implied small) who doesn't know - but in like 8k people you can find almost anything. doug's audience is unusually smart for their age, specially on twitch (not including myself i'm way way older than his general audience)
I love how even Doug's clips have their own subplots now.
as an accountant, it's scary how little people know about taxes
are all accountants devoid of sense of humour or just you? you shouldn't be, bc you're part of doug's audience bro
@@bzipoli man are you a silly-pilled goosecel
@@bzipoli gimme a hug! !,,, ,!!! , !
Tbf tax laws are different from country to country.
@@bzipolinot saying op is but most are from someone who is a tax accountant.
I like how this introduces the idea of an anti-tax fraud stream where you buy a whole bunch of games, then you have to speedrun them on December 31st or else you get sued for all of your networth
I hate that the person said it's fraud in Canada because it's not. In fact we have lesser laws on business expenses and its much easier to claim
Yeah, people think there’s a bunch of laws in Canada protecting the people but last time I checked, churches are being burned, veterans euthanized, and what, you can fined for speech?
why would you hate someone for doing a joke
@@bzipoli this was also a joke. As a Canadian, we don't have the ability to actually hate someone
@@kaydonbob03Canadians also don’t have the ability to exist because Canada isn’t real
Wait so it's not fraud in Canada lol?
The fact that some people in chat think he's getting money back for it means they were probably committing some kind of tax fraud by doing their taxes wrong
Or kids. Much more likely.
I don't think it's something most folks really have to deal with in more typical jobs.
Or they are not self employed
I can't wait to see Pajama Sam & The Ghost of Al Capone in "How I Learned To Stop Worrying And Love The Tax Bureau".
I really like how this video pivots to a Gerald Ford video
this went from discussing tax writeoffs to making an AI Gerald Ford so fast
if anything doug said were true he would have just got parkzer on to tell chat. the only reason he didn't bring parkzer on is because he knows he's guilty
As a fellow tax evader my self these are really good and useful tips 👍
this is legitimately the first time i’ve ever understood how writing off things on your taxes works, doug explained it better than anyone ever has.
I was so ready for it to come full circle with Spiro Agnew (that vice president who resigned) resigned because of TAX FRAUD!
I love how he switches from saying that it wasn’t free but he didn’t have to taxes on it to saying he got it for free.
Hearing the ai Gerald Ford say poggies is hilarious
Next he's going to say that purchasing food is a business expense because you can't run a business without a living person or something.
Aperently, if bought for and eaten on stream, it can be. I think chat asked that in this stream. Or i may be thinking of a parkzer stream.
Every time Doug hurts himself, like in a car accident, he just has to be streaming it all the time. Boom, free healthcare.
I can't unsee that Doug did the masking wrong so there's a hole in Gerald's stomach
I can't believe we're complicit in Doug's tax crimes.
Can't wait for the Parkzer Arrests DougDoug For Tax Evasion stream!
You can see the frustration in how the discourse is so idiotic that you literally can't tell who is just joking and who genuinely doesn't understand basic personal finance.
I’ll be honest. I’m 31 years old. In that E N T I R E time, I never understood how writing off taxes worked. 1:55 actually helped explain it just a little easier.
I love the clips channel so much because the random tangents are amazing and I love them.
To explain this situation. Say Doug makes 10k from steaming (his pre-tax dollars) and then spends 1k on business expenses. Then he only has to pay taxes on 9k dollars.
"My dear friends. My fellow Americans. George Washington" (с) Gerald Ford, 1974
So that's why he did a house tour, he just made the house and everything in it free!
Genuinely surprised he didn't end up phoning Parkzer.
I feel like this could have been a great opportunity to call Parkzer
Doug so lucky he can get infinite amounts of olive oil for free
Thank you mister streamer for explaining tax write offs to me. I actually feel like I understand it better now LOL
Talk all the shit you want to about Gerald Ford, but he's got an aircraft carrier named after him.
Dougdoug is going to stream himself walking into a million dollar mansion so he can get it for free
He finally admitted tax fraud
Law as written, you can only write something off as a work expense if it isn't something you would use outside of work. Like, just using your car once for a work trip doesn't make the car a tax write off if it's usually your personal vehicle. Given, it's hard to prove and usually not pursued unless it's something really obvious or egregious. Most tax professionals won't even worry about it for most things. But technically... ehhhh...
WE GOT HIM BOYS
“Mom you won’t believe this, but my new job comes with a free $500 to buy sneakers and juice! It’s called an HSA or something!”
Does this mean Parkzer was free? Crazy how he gets free legal and police advice from the government now
As Doug’s taxes, I can confirm that he does evade me. 😢 come back dad
I know some stuff about Gerald Ford, My Mom actually ran into him at a bicentennial event while he was president
Only thing I know about gerald ford is that he started a conflict by putting ships by a coastline to be shot at, great leader
I cannot believe you helped Doug evade taxes for his shirts and TotK purchase by making this video, editor
"How to Evade Taxes, ft DougDoug."
In Spain, RUclipsrs started to escape once the government started to tax them
I knew a guy who edited the Wikipedia page for Gerald Ford and replaced the image in the infobox with a near-identical image with a slightly larger forehead. I don't associate with that guy anymore, but the bit was very funny.
I didn't even realize I was being used to cover up tax evasion until the video was already over.... Well played Doug....
More things he is able to write off, the section in his house he streams in, internet, and now ford
What we all learned here is that Doug is in a 30% tax bracket
Reminder that tax evasion is illegal, but tax AVOIDANCE, is legal.
The real reason why the clips channel exists, just so he can make sure it's all deductible
4:09 IRS: Gosh Darn, that man has foiled us again! We must prevent him from joining forces with that Turnipchino kid at all cost.
Its a 7 minute video and yet skipping through it without context is a wild experience, going from tax evation to gerald ford
And so, Gerald Ford is subsumed into the DougDoug cinematic universe, alongside Saul Goodman, Thanos, and God.
the reason I know Gerald Ford pardoned Nixon is that I once saw a political cartoon drawing in a school textbook of Nixon driving a Ford car to freedom
Does that mean the bunny suit was a tax write off
it figures twitch chat has no idea how running a business works
i like how even the derailment derails
Wait, this also means that all the fast food he ate was tax deductible
Doug began talking about Ford just to make it a tax write off.
Thats my streamer
You can see the regret on his face after he says it because he instantly knows what’s going to happen
Doug should let us do his taxes
Remember, Tax Evasion is not a crime.
It's an obligation.
dougdoug explains taxes to a hivemind
The best line I've heard about being an accountant is "Passing Market Ethics with flying colors makes you less money than barely skirting by with a D."
Well, they are kind of right about the “can only write off items that you only use for your business” thing (as of my last official conversation on the matter). For instance, you can only write off a home office if it’s exclusively used for the business. You can’t technically play games for fun in there, or have a bed in the room.
The only thing I know about Gerald Ford is that apparently he fell over a lot.
Day after day I realize me and DougDoug are not so different after all
at the very start, he said "it's literally not" exactly like parkzer does. this is true love
Why is half the video about Gerald Ford
Doug's fidget toy tierlist
the only reason this clip exists is to write off that gerald ford short
To help people understand better tax write-offs are basically a way to get assets for cheaper than their normal cost but write-offs will never get you cold hard cash. To use the Tears of the Kingdom example from the video the game costs $60, with a tax rate of 30% if Doug keeps that $60 as profit then after taxes he has $42. If he buys the game and writes it off instead then he's essentially paying $42 for the game because that's how much money he would have had if he never bought it.
However any purchase Doug makes that can't be written off has to be done with taxable income. Like let's say socks since his feet are never on stream. If Doug wants $42 worth of socks he first has to make $60 from streaming, pay the taxes on the income, then use the leftover money for the socks.
In this way you can think of write-offs as a 30% off coupon for anything that Doug can use for his business. Still really powerful, especially with how flexible writing things off for his job is, but he's not getting anything for free and he's still ultimately paying taxes. Just like how coupons save you a lot of money when shopping but at the end of the day you still have to buy the things you're using coupons on with real money, just less money than you originally had to.
So you're saying that dougdoug need to show his feet for content
Doug is right, although he missed the part that the games aren't property of him but rather, assets of his company/business.
Glad to know the streamer I look up to also likes to evade taxes
chat not understanding taxes
I unironically use this stream to sleep when I’m especially feeling the insomnia. I don’t know why, but Gerald Ford speaking absolute nonsense because of Twitch chat while Doug keeps silent helps me absolutely conk out
Doug Doug could be writing off his meals after just eating on stream
Oh lord, I feel so old. When Gen Z has to file their taxes, they'll hopefully reference this video.
This has made me realise that I know literally nothing about taxes