Business Expenses & Tax Deductions for Small Business That You DON'T Want to Miss
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- Опубликовано: 18 янв 2025
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Small Business Tax Deductions Explained - Books, Webinars, Trainings, and Educational Expenses • Small Business Tax Ded...
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Business expenses and tax deductions for small businesses. Learn about tax deductions for self employed and other tax tips!
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#AllUpInYoBusiness #TaxDeductions #SmallBusiness
I am so happy that I truly understand what you’re saying. You’re a great speaker!
That's what I like to hear! Thank you so much for watching and for the kind comment!
You explained S-corps better than my CPA. Thanks!
That was the most informative video on tax breaks that I've seen on RUclips!!!
Does Uber count as mileage that you can write off ??
You are AWESOME! Thank you for being “All up in MY business” 😀 This was very helpful!
That was awesome. I could listen to you all day. Thank you
I wish I had someone like her in my life
@@woolzem its truly amazing how much we need each other. Divided we fall. United we staand
Can you deduct startup and organizational costs before you actually form the LLC/INC? or only after legal entity formation
After formation. She said after you’ve made the decision, anything before are personal expenses
Don't quote me but I recall reading you can deduct up to 6 month prior of starring a business.
1st video I'm watching from you. I started my business this year and I can't wait to watch and learn from more of your videos since my knowledge with laws, regulations and taxes is very low.
New subscriber :)
Great information just adding that the health deduction premium expense and Retirement deductions are done on schedule 1 of your taxes not schedule C, for those of you who are doing this on your own.
Outstanding! Thanks for all the videos you make. Really good information!
You're welcome. Thanks so much for the support!
Your videos are life changing to me. Thanks to you I am more than never confident in opening an LLC. And Now I know who to contact if needed. Thank you Aden! And I loved the "s'il vous plait" ;) Keep up the good work!!
This makes me soooo happy! Thanks for the kind words!
Im in the process of getting my business bank account and I've been using my personal bank account to start up my LLC business. Can I write off the expenses for my business that use from my personal bank account when i file my business taxes next year?
I am happy that I have stumbled across your videos. I have started the process of starting my trucking business and have been very nervous. With yours and a couple of other people I have viewed, it has made it easier for me to understand the process better. Sitting here with my pen and paper, I thank you. I am looking forward to watching more videos.
New business owner here and I LOVE YOU! Awesome content and helpful af.
Hey Doug curious to know what kind of business do you own and also congrats on it 👏🏽👏🏽
I'm starting a Repair Business and I've been purchasing equipment to practice on my Craft to get better. Can the Equipment be tax Deductible?
yes
I use 2 storage units to store the items i distribute..can i deduct the full amount spent? Thanks
Good to see you Adan...So excited to see your new video after years....
Awesome! Thanks so much, this is very helpful
Thank you for this. Super helpful as I’m starting to freelance
Hey Aiden, can you write off educational items on learning to start, run or operate your business...books, webinars, or classes and such?
Great question!! Sometimes yes, sometimes no. I will make a video about it! 😁
@@allupinyobiz Awesome! I'll keep an eye out for it.👍🏽👍🏽👍🏽
I have a question I’m hoping you can answer. I’m looking to register my recording studio business as an LLC and write off business expenses on my taxes, such as studio equipment purchases, software, etc. I already made the investments, but don’t currently have an LLC or a business bank account. If I were to register as an LLC, would I be able to write off expenses I made for my business before formally registering? Or would they count as personal investments because I wasn’t registered as a business? Thank you! 🤍
I just use the standard mileage deduction because it's much easier and I don't have to track my mileage or keep receipts. Yes I have to give to my tax man the amount of miles driven for that car for the year. Having two cars is best and saying one car is full business driven and your other car is both business and personal driven. Yes I use both for the Standard Mileage Deduction on my taxes every year.
I prefer the standard mileage deduction too. But you do still have to track your mileage.
I've learned so much! thank you
Awesome! Thanks for watching!
congrats on 100k subs, what a huge milestone!!! very remarkable! keep grinding your absolutely amazing
Thanks so much, I'm pretty pumped about it!!
@@allupinyobiz as you should be, its such a grind lol but your wonderful on camera, and your in the absolute best niche. very proud of this milestone as a fellow youtuber. im only at 35k but had to take a break to restructure my content, i have leaned so much from you and was also content listening thriugh without skipping around.
just think of it this way, you could literally sell out the michigan stadium with your audience! thats remarkable!
here is a link to something that helps put the crowd size into perspective, i think you will love this lol because your literally only one step away from selling out the Texas Motor Speedway, which is at 180,000. i cannot wait to see you pass it!!! this is going to be such a wonderful year for your channel and i couldnt be happier for you!
sorry for the book lol but again thanks for everything you do to help educate people. you offer a great service, you should feel nothing less than proud.
is the initial investment we put into the llc bank account considered income?
Excelent, excelent....I will follow you....thanks a lot...
I have an LLC and I want to enclose my covered back porch and use it as my home office, can the expenses be a tax deduction?
Thank you for this video! So...I live in California, so I don't know if this will be relevant to you or not but....................
Can you do another video on how to to have keep corporate minutes of your Single Member LLC? I just watched the one you did like 4 years ago and I'm not too sure I understand it wholeheartedly lol.
I asked a question in that other video, but I don't think you will see it so I will ask it here.
1. How do you do you keep corporate minutes as a single member LLC?
2. How often do you have to do it? ( keep hearing, you keep records of every purchase, but that makes it sound like you have to it often. Then I hear you have to do it once a year, so I am confused!)
3. What ways can you do? Can you just keep descriptions of your expenses in quickbooks? Would that be considered a minute to minute meeting?
I really love your videos!!!! Thank you!!
I love your videos. So helpful!!!!!! I started my LLC Sole Proprieter Consultancy business last year, and am still getting things in order.
On an unrelated note, gotta love the fact there is a book in your bookcase titled "Wine" :)
Keep up with your great videos!!!!! Thank you.
But what you can’t see is the book stacked beneath it titled “BEERS” 😂 thank you so much for watching and for the kind comment!!
Do you have to have a business account in order to prove all of these expenses? Or can you use the proof from your personal account for the money that was spent?
New to the channel great information watching and applying all of ur information. Thanks!!!
Our LLC's heavy trucks that haul livestock all have satellite radio capability.
Do you see a problem with an annual subscription to the satellite provider as a deductible expense?
Hey girl, Your blogs are awesome. I have a question? Is the more you have expenses is the less you would have to owe the IRS?
Do these also apply for DBAs?
Is it acceptable to use my own personal account (Amazon, Paypal, etc.) to purchase business expenses with a business credit card?
Your videos are so informative
RUclips recommended me this video. Just what I needed!! 😂❤
Your videos are awesome!
Super informative!
Wow thanks for posting this educational video!
Really good info! Thanks!
I rented a apartment to be used as a business office for online work / online business , it’s separate and is not my residential address , but the apartment lease was done in my name and not the business name , however the Corp is registered there , are those expenses deductible ?
Love the video and it was very helpful...I have more questions
If I had one question I could have asked, this video covered it. Great video, great information as always! Thanks for making these videos
Thank you for all your information. Have you used TaxBot?
Great content! Thank you
I"m just finding you today and all of these videos are gold! I am starting a home bakery and your videos are so helpful. Thank you!
Do you sell a tax kit for photographers/videographers/RUclipsrs?
🤔🤔🤔🤔🤔🤔🤔🤔🤔🤔🤔🤔
Awesome Content and instruction !
This was SO freaking helpful!! Thank you sooo much!
Great video. Thank you.
Can we charge legitimate LLC expenses to our personal credit cards (to get points) but pay the card from our LLC checking account, i.e., a washer/dryer to Costco credit card (personal card) but when the bill comes, pay it off from our LLC checking? Thank you.
I would watch out on some of these deductions. Some are in a little of the grey area. For instance one's usual commute is not deductible.
Can I deduct my my car insurance and/some of my car note if I use my vehicle for my business? Also is it better to have your expense accounts in your business name such as phone bill etc?
When starting a business should I get an accountant straight away or it's tax jar good?
I have an e-commerce business. Can I pay my remt and bills and use it as a tax deduction?
As in my personal rent for where I rent since I have no office?
How does this work really I register my business in nj, but get orders in TX, NYC, California etc.
It's confusing for me.
I am in search of answer of my question and so far not able to get it. I have a single member llc, If I am understanding correctly irs to receive income tax return while states receive the sales and withholding taxes, am I right? And what is the difference between withheld and withholding taxes?
Very informative. Thanks .blessings
This was very good! Lots of really great tips. Thank you
Love it. Great information.
Are expense tracking subscription services (like Keeper Tax), that help self-employed people prepare specifically for tax season, included in overhead operating expenses?
Are dental services taxable?
You are incredibly helpful. Great insight on what we should know. Too awesome!
Helpful, do you offer consulting? Thanks
Lots of amazing info thank you so much... i feel alot more confident to take the leap and open up my business. Subscribed and notifications are on!!! 💕
How do they determine if you are planning on going into business? Is that based on you having an LLC? What if you're in the process of opening an LLC? Do you have to have an LLC to get these deductions?
Very informative Thank you!
hi there. great information. How about if you have home office for an online shop and you need to repair/replace a sewer/plumbing pipes. Can it be deducted ?
Love your channel 👍
Are you available for hire tho👀
I learn so much from you. Your energy is everything and you make it very easy to understand. Thank you so much. 👑
I answered your question in my newest video! Check it out at ruclips.net/video/SrGkYbAD25I/видео.html
I wish you were in Washington, your vlogs are soooooooo helpful!
Has anyone ever told you YOU ROCK!!🙌👍⭐🎆
What about training and courses that improve skills or knowledge ?
Yes, that’s considered education.
I just started dog grooming from home In March and made my LLC .. would I be able to add any bills or rent? It’s all done from home I have a bather will she be considered an I dependang contractor ?
Hi. If I haven't started my business yet (it's not open yet) but I bought alit if equipment van I still deduct the cost of the equipment? Tx v much
I love all of the videos that I’ve watched. You are amazing and always have great helpful information. Thank you for all that you do. 👍
If you’re a single-member LLC and travel but only deduct 50%, how can you do that without commingling funds? Same idea with how to do this with home office expenses like internet, heat, etc.?
when are business debt purchases deductible, in the year incurred or in the year the debt was paid off?
I'm not sure how or if I should bother with using my internet as a deduction. I do use as a contractor but don't know how to figure this as a percentage. It's definitely not the main use but I have to use it for my job.
When do you take these deductions? Do you take these deductions when calculating your estimated income to calculate the estimated tax payments? I’m a little confused.
Ty appreciate you so much you help me understand all this God bless you and your family
If I use my personal cellphone more for my business and if I want upgrade and buy an Iphone 12 Pro Max, can I deduct that as business expenses ?
I own a sandwich and dessert shop and want to take baking courses to further my knowledge. Can these be deducted or have to be amortized? Also does it matter if its a college, or an online course?
Hi thanks for your video! Can I deduct buyer paid shipping costs on Ebay or Mercari? In the case of buyer paid shipping, Mercari and both Ebay send those charges lumped into my gross sales amount, but I never profited from those shipping charges. I keep hearing you can only deduct free shipping, but those folks just raise the price of the item built into the sale and don't actually pay for shipping themselves. Which is the better way to go for taxes buyer paid or free ship? and can I still deduct buyer paid shipping through C.O.G.S deduction? Cause if I don't, anything I didn't deduct will be considered taxable profit from the IRS at the end of the year, which includes those buyer ship costs I never profited from.
I'd also like to know
If i had a CPA or a tax planner would I watch videos on RUclips?
What about business apparel? Monogramming?
Also, can I go paperless with my receipts and other documents for taxes or should I keep hard copies?
Hello! This is so helpful thank you thank you! Do you have a video on how to pay my teenager as a single member LLC and if this is indeed considered a tax-free expense up to 12k for the business per year?! I didn’t find a video on this in your channel- point the way or please create one! 🙏🏾✨💕Have a blessed day!!!
great Educational info for a beginner Thanks a lor
Just found this and I loveeee it. I have already sub and will be sharing. I just started a secret business with plenty more to come and I'm hoping to learn as much as I can to save my life from a real crazy situation. I will be watching this multiple times. I have to see if it's an 2021 update of this now for LLC. Thank you 🙏👍✌💓💛
Great video. Thanks for all the information
Great information and thank you very much for taking time out of your life to help others with there needs. God gave you a gift of 86,400 second today, thank you for all the ups and downs that make it worth living. (K.I. M) Keep it moving all up in your business.
Harley E Hall Of Fame
IUL is also a good way to save taxes.
Wow thanks for this educational video!
A bit of confusion... What's the difference between startup and operational? when does the startup phase end?
I'm guessing whenever it is that you make the first sale correct. If so that means your business is in operational mode. Can you not deduct the full startup cost on the taxes the same year if your business went into operational mode instead of the $5,000 180 months amortization.
I started with a certain amount of money that I put into my business account. I took that money back out once I made it (I already paid payroll taxes on that from my last job). How do you deduct that?
Omg I love learning this from you. Appreciate it. Especially 13:12
Is the cost of listing items on platforms also tax deductible?
Hello, I have a small business online boutique, would the inventory be deductible? Or how does it work w the inventory?
So happy I found your RUclips channel, I’ve been losing my mind working on starting my business and so far they have been super helpful the best part is that everything you talk about is relevant to what I’m doing because I’m in Colorado. Thanks for putting all this info out for free 🤙🏻🇺🇸