ACCOUNTANT EXPLAINS: How To Pay Less Taxes | Khalil Dabaja x Jaspreet Singh
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- Опубликовано: 21 апр 2024
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If your business does $250k+ in revenue, and you'd like to get a free consultation with Khalil. You can do so here*: www.thecwealth.com/jaspreet/
*Jaspreet Singh is a paid partner with The CommonWealth Group and a client.
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Bless broadening mindset balancing benefits ❤sanity
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Reducing taxes is a critical part of managing your wealth! You have to focus on maximizing your revenues and minimizing those costs. Thanks for sharing.
Lot to unpack. Yes you avoid employment tax with an S-Corp, but you will have take distribtions as taxable dividends, unless you are an employee of the S-Corp, no? Not sure I'd call it finding losses, but expenses all represent some form of cash outflow, money being spent. I hope folks realize that.
This was perfect! Thank you!
Great information I sent this to my family. Thank you Jaspreet. 💎
Always great content, so this is said with all respect:
Definitely don't tell the IRS that you're deducting for your money-losing hobby. They don't look on 'hobbies' favorably. There's a safe harbor: An activity is presumed for profit if it makes a profit in at least three of the last five tax years, including the current year.... But if it doesn't make money that often, I would not push this deduction.
Their was a huge nugget most will not catch. To avoid paying quarterly taxes, you want to avoid profiting for the first few years. I have been taking my profit and buying bigger, better equipment with the profits of the year. Helps grow my small business and helps with the overall headache
Yes always reinvest. Beautiful
This was absolutely amazing very informative video. Thank you for taking the time to discuss taxes and business. Definitely thinking of starting a business soon… but maybe not cupcakes 😆👍👍. Please consider doing more videos like this. Maybe more in depth.
Wow, this is incredible. i had no idea and learned so much. Also, there were some things I have heard before but was explained with examples that know I understand. Thank you so much.
I've been working with my wife on doing this very thing. I love your explanation and can't wait to watch this with her together. What a great video and thank you for making it. Just another reason I'm just a random guy who watches this ramdon guy channel. 😊
The most informative video I've seen in years !!! Thank you !!! Let's build a Cupcake Empire !!!
This is perfect
Matthew 6:28-29
28 “And why do you worry about clothes? See how the flowers of the field grow. They do not labor or spin.
29 Yet I tell you that not even Solomon in all his splendor was dressed like one of these.
Jesus is coming back!
But doesn't the itemized deductions need to be greater than the standard deduction for it to be worth doing?
The IRS only lets you pick one.
This was AMAZING! I am in the process of starting my own business and this provided useful information for the current stage I am in.
I greatly appreciate your channel @MinorityMindset ❤
Whether it was personal or business financial video, your channel has helped elevate my perspective. 🙏🏾
You speak truth!
When you always talk about offset your rental income or your w-2 income by property depreciation, did you ever talk about you need to recapture all these depreciation losses when you sell your rental property later?
yeah because I want to do all of that on top of my job too
@minoritymindset how much of this is advice/info is applicable to an immigrant employee who is working on a visa.
Can you make a video on all options available to save for an immigrant.
So a couple things I want to make sure I have correct. Is the accountant saying that it would benefit someone with a couple different self-employed gigs to register them all as an S-Corp, so that it reduces the chances of their return being audited?
But if you offset your income with losses, you STILL had to spend $$ on those items or lose money. So I'm thinking you want expenses that generate the most $$ from them, like a really neat power tool that lets you work on more cars in less time if you are a mechanic for example
So like , hypothetically, if you did your own taxes and wrote off a bunch of things you know you spent money on but don't have the receipts. What do you do? Assuming you haven't gotten audited... Hypothetically of course
Yes I would like to know
Yes I would like to know
Usually if you don’t have a receipt you can’t write it off since you don’t have proof, you would take it as a cost.
I'd start saving receipts because without proof then it doesn't exist.
Don't i have to apply for a business license.
Talk to me Jasprett 🔥🔥🔥🔥
I think sell your home made food is not legitimate in the first place. You should not sell homemade food, unless you have a license to do so, and you need to cook the food in a certified kitchen, not in your own kitchen unless it’s certified.
Yes, they failed to mention all this and a business license.
Do one better. Change your status. File a W8BEN and send a Form 56 with a signed affidavit to the IRS and you revoke your liability for Income Tax
Free money, freeeEEEEE MOH-NAY
This shit can be so simple.. erase all taxes just implement a 20% sales tax. No one can do a loophole, no one can BS it. Simple.
The Federal income tax system is a racket. How can anyone be expected to know all these angles? Much better off with a National sales tax.
Just file tax refund….isnt that what the tax filing is about?
Don't cheat the IRS! But don't leave any money behind.
Hmm Selling cupcakes 🧁 gave me an idea 💡 🤔 😆