Everytime I watch a video for her, I feel like she will be running away from time to say “And for more Accurate Tax Advice From Tax Attorney Subscribe”, BUT every single time she amazes me and somehow manages to squeeze it in the end.
She didn’t even debunk the guy. Going just off of what they said. He said he can hold it as inventory, so there’s no intent to sell at least not immediately. She starts talking about selling stuff. Luxury items such as watches, cars, and houses can go years without selling. The value of the inventory can vary from year to year. Trump has used his properties devaluing as a tax write off of 1 billion dollars for years. If the deduction is worth it depends on how long the inventory is held, if there is any losses associated with the value, other factors I may be missing. It’s case by case.
She completely ignored that he was using the ROLEX FOR A RUclips CHANNEL CONTENT. not FOR RESELLING 😅 she might know the tax law. But completely missed the point of his video 😅
Took an IRS tax class... even if I never ended up using the skill and it eventually changes too much due to laws changing to be easily used to make other people's taxes It's been priceless in understanding alot of these frauds. Before I had a hunch now I have more than that.
Never take financial advice from black people. It's not "racist" to state facts. How many have you seen that solidly know what they're talking about? I work in finance/accounting. It's rare to see one. Why is that? Most don't want to learn anything in depth and want things fast and superficial and circumvent thinking they're somehow outsmarting everyone. They live Dunning Kruger.
Lmao. You weren't paying attention. Did you notice that she said, "when you sell the watch"... She made up a scenario where he would be wrong in the end. But he never said he would sell anything. So as long as he holds it as inventory, as the clip said he would, she's wrong.
She is correct 100%. I can't stand people who say 'Write off this, write off that'...Whenever I hear this I automatically stop listening. Write-off is short for 'claim as an expense' or in this case inventory (which is Cost of goods), not 'PPE' (equipment), which is also depreciated and then recaptured (in the future sale). -- Purdue MBA
@@JC-ky5et than you just bought an expensive watch. Nothing about a Rolex is “necessary equipment” it tells time and looks nice. You would have a hard time writing off a Casio let alone 50,000$ designer watch.
@@JC-ky5eteven if you planned on selling it you would still lose money. A Rolex cost more than its worth. Like how they sell high end cars. Waiting lists and mark up.
As someone who also works in taxes its nice to see actual useful accurate information instead of frivolous bullshit that will get you fined by the IRS.
Same. At one point i thought with all the simplified info out there with the technological advancement the job of a tax pro would be obsolete.. and now with tik tok tax and finantial advice is needed more than ever.
Good job making it nearly illegal to not use your guys service in America the only country that knows how much you owe them but refuses to tell you the only freedom we have is what Ice cream flavor you want to bury your feelings in
I think it’s good that you’re understanding more now and can look back and realize you were misinformed. Admitting you were misinformed is a good thing. Sticking to being misinformed and ignoring correct information is what’s actually bad
@@satorudo Oh absolutely! Every time you learn more about something, you're better equipped to find more success. Amazing to see my understanding of tax stuff take an actual, visible step up in such a short amount of time. 👍
I’m not saying the people she dunks on are correct, but you made the mistake of believing those other people were correct when you were unsure yourself, aren’t you worried about making that same assumption about her content?
I've prided myself in being a lawyer who commits to his craft. Ever since I began Law School, I avoided tax law like the plague, so it's been my weak point. Watching these shorts is helping me realize I know more than I thought I did, but also reinforcing how much I LOVE this channel. For every one thing I know, there are two or three things that I don't.
It’s really scary because this guy talks about how he’s an “enrolled agent” and his office is in the same building as the IRS so he can go ask them all these things. They never sounded real but he’s very convincing. He charges people $15k+ to learn this stuff from him 😅
I mean it's not hard to laugh as soon as you really think about it. By his standards, I should be able to create a channel about cars and then walllah, they become assets and not depreciating liabilities as all cars are.
Everytime I watch a video for her, I feel like she will be running away from time to say “And for more Accurate Tax Advice From Tax Attorney Subscribe”, BUT every single time she amazes me and somehow manages to squeeze it in the end.
But luxury inventory products DO take years to move at times, u want to hold on to certain pieces to make a bigger profit on it down the line, why would it not be deductible if my business is selling watches and marketing the business through social media?
@@screamskilos3951so you’re gonna buy 10’s of thousands of dollars of watches and hold on to them for years just to get a write off that isn’t anywhere near the cost of the watches you just bought?
I love when that big smile comes out when she notices the teaching point!!! I get the same way when I'm teaching in the hospital! Same big ole smile!!!
Right ... 471 for inventory, 163 for interest, 164 for taxes, 168 for depreciation, 174 for research, many more. Chatters mouthing 162 as if it means deductible are dead misleading. Also, he's confusing being a dealer with being a product reviewer.
Absolutely, and let’s include 179 for depreciation of physical property, but incorrect reasoning is allowed if the numbers turn out to be correct. The speaker may have been a faux reseller/dealer, but is a valid reviewer.
hes not a reviewer or dealer he is allowed to own inventory for his watch trading youtube channel whether he resales it or just holds it as inventory is entirely up to him
This woman is simply intelligent and highly educated which is very apparent. I am totally impressed and so happy that this world has people like this woman who have mastered their craft to highly benefit people. We should all be very thankful !
thank u so much. my bf was saying something along the lines of what the guy in the video said and i knew he wasn't right. thank u for being a qualified, hard working person sharing valuable information.
What I love most about your videos (other than the honest straight forward advice) is that.. most of the "financial gurus" on social media use a fake nice background and you use your actual degrees... which only strengthens your retort. Keep rocking!
You should have a mini series talking about tax gurus to avoid for factual reasons and tax gurus to watch with factual reasons. I know tax advise should be done with credited people but seems like everyday there’s more spot light on people that give semi to bad advice that puts people in situations that could’ve been avoided. Some of these people I myself use to watch and still watch today due to keeping up with what they give advise on then look into it to see if it’s actually up to code. But you are one of a few hidden gems 💎 that’s been popping up on my feed. Subscribed and always looking forward to the next vid. Don’t take too long always like learning from you.
Are an entertainer or a tax professional? This is becoming quite entertaining while learning. You must get a kick finding these people with so much wisdom to share!
@@Dannysphotography No, she's an enrolled agent with the IRS, that's not the same as working for the IRS. She also runs her own CPA/Tax attorney firm. Nothing suggests she ever worked for the IRS (although IRS agents generally don't like to advertise their job)
Ive commented similar things on this channels shorts before but ive never seen more precise, efficient, and meaningful hand gestures than this woman's 😅😅
I literally subscribed to your channel so I can passively understand tax law do’s and dont’s as I continue building wealth. Youre awesome thank you so much for your help!
After watching a couple of your videos I noticed something. Anytime you pick up on “bs” in a video, you immediately start smiling before you get on your soapbox. Moral of the story: do not play poker. Awesome content by the way, as usual.
It's an intentional part of the video.. She realizes just sitting there with a blank stare isn't "content" even if 95% of people who make reaction videos seem to think it is.. She's also giving visual queues for the viewer to pick up on what in particular she disagrees with for better context later. And I realize you may have already known this and were just making a joke.. Just wanted to point it out anyway.
I LOVE this channel. I have been commenting my fingers off under videos like that guys "watch business" video. The fact that they make it sound like "deductible" means "free" as well.
They are both right. Yes the inventory is capitalized. So if you buy it in December you can’t expense it until you sell it next year. But if you buy it in January for 10k and sell it for 12k you’re only taxed on 2k and expense the COGS. Now if it is just a RUclipsr showing off his watch collection, then yes it is capitalized and depreciated. Now it gets tricky when you consider personal use is not deductible 😅might be a fringe benefit like internet use that’s okay. Just use common sense. If it’s for you, it is not deductible. Period. A smart business person doesn’t steal money from their own company to just show off. Just be good at what you do. Don’t let the tax tail wag the money dog.
Dude, get a grip. His entire point was that he was not selling the watch, his ENTIRE focus was to scam the IRS. So all of that other stuff you posted may or not be correct, but it was all unnecessary. As the lady said, "just a distraction".
@@joaoa1144 why? He’s absolutely right. The guy in the video explains it a little unclear but business expenses can be written off / deductible based on what the business makes. Millions of rich people write off planes and yachts.. you think writing off a Rolex is hard? If you’re in the business of buying and selling watches and you made zero money then you don’t pay any tax, effectively writing off the watch.
@@moneypro85 learn to read… I said if you’re in the business of buying and selling watches then it’s possible to write / deduct it as a business expense. You keep listening to this chick and stay poor. That’s on you,
You are a rock star 💫. Thank you for shedding some light on these shady characters. I knew something was off on this “unaccredited” professional. It’s a shame because he states his mom is a a CPA.
This really underlines how a large section of the internet now consists of self-proclaimed experts who say wrong things with confidence and a ring light and people believe them.
@@randomuser88844 The onus isn’t on me. She is telling you this guy is wrong based solely on what? Her word. Many times she is wrong and it has been demonstrated. You do your own research, smart guy.
I have to watch the whole content of the videos she is reacting to. I've noticed that the full content of certain videos explains additional information that she just described.
@Noah-yw6uv you do realize there's different interpretations of the same law on a case by case basis which is why 2 attorneys make an argument before a judge or arbitrator? Her conclusion was based on "typical reselling cycles" of watches
@@wisdomoflipshow many people actually take it to court? Pretty sure she knows case law too, which is what is applied and serves as a basis for future decisions. You think judges are just making up their own decisions?
Ya she's absolutely right, except she didn't get the most concise answer, which is that inventory is FOR SALE not to produce a product. If you are producing a product like a video review, the watch is PPE, not inventory, which is capitalized, not expensed. Although you'll take depreciation on it over time. But guess what.... if after you use the watch for the video, you start wearing it yourself, that's a taxable gift ladies and gentlemen. This guy is nuts.
@robindhood9125 Property, plant, & equipment. Just accountant talk for fixed assets. Inventory is the actual product you are selling. It is more liquid (can be converted to cash more quickly) and is therefore presented higher on the Balance Sheet).
@@johnnyboy3563 Off course, I had one of those brain freeze moments and maybe still in lingering Covid mode was thinking, what does Personal Protective Equipment have to do with this? Acronym overload, my bad.
Thank you for holding these people to account. I’m a financial adviser in the U.K. and the amount of nonsense that is put on socials with these people not regulated and held to account for inaccurate information is infuriating and dangerous for those that take this ‘advice’ as gospel. What makes it even worse is individuals take recommendations from different tax jurisdictions and think they apply to their tax residence.
1 OP tip to help with anything: - if it’s to good to be true, it is (Especially when it’s clear the person trying to trick you is benefiting from it) Bonus (if you’re rich): - if it’s to good to be true, it’s not impossible. You just didn’t spend enough money. Luckily internet scammers aren’t much smarter than before. If anyone tells you a “hack” “tip” or anything like that which is costing you money. Then assume it’s a scam until proven otherwise. (This isn’t a court, no innocent until proven guilty needed. Not trusting them is plenty)
What’s so dangerous is that his advice sounds totally reasonable. Most of us wouldn’t go look up section 162A, or if we did, would just stop there. What you’re doing is such a great public service!
This woman probably felt all the accounting anger I have felt over the years except she finally snapped and did something about it 😂 glad to see someone who knows tax code preventing people from getting on the wrong side of the IRS.
She is aware of the exceptions. If you have an actual business selling the product and you qualify, this is going to work. IRS can correctly say it's not actually inventory if you are keeping it for personal use. But in real life, that is very unlikely.
And he said it with such conviction too 😂; sadly if you don’t know any better, you would believe him wholeheartedly, especially if you don’t know how to look it up. It’s chumps like him that are going to get people into a lot of trouble, especially if you don’t take the time to research it or have a great tax attorney like this lady. Thanks You for being so generous with your time and knowledge to write the wrongs.
She absolutely correct. When you pay the tax back its call Tax recapture. it will make you liable for audit almost 100 percent. Same for people who try to deduct luxury cars in different excuses like this guy said.
Finally a RUclipsr that actually has a understanding of tax law
Yeah she does.
Everytime I watch a video for her, I feel like she will be running away from time to say “And for more Accurate Tax Advice From Tax Attorney Subscribe”, BUT every single time she amazes me and somehow manages to squeeze it in the end.
She didn’t even debunk the guy. Going just off of what they said. He said he can hold it as inventory, so there’s no intent to sell at least not immediately. She starts talking about selling stuff. Luxury items such as watches, cars, and houses can go years without selling. The value of the inventory can vary from year to year. Trump has used his properties devaluing as a tax write off of 1 billion dollars for years. If the deduction is worth it depends on how long the inventory is held, if there is any losses associated with the value, other factors I may be missing. It’s case by case.
We need hundreds of channels like taxleverage to combat the endless amount of junk advice on RUclips and TikTok
She completely ignored that he was using the ROLEX FOR A RUclips CHANNEL CONTENT. not FOR RESELLING 😅 she might know the tax law. But completely missed the point of his video 😅
Took an IRS tax class... even if I never ended up using the skill and it eventually changes too much due to laws changing to be easily used to make other people's taxes
It's been priceless in understanding alot of these frauds. Before I had a hunch now I have more than that.
the only frauds are the IRS
IRS can’t even tell you the law that forces you to pay all these taxes.
These guys will end up calling her when the irs catches up haha
Sure they will 😂
Catches up? That means it is not legal now.
Never take financial advice from black people. It's not "racist" to state facts. How many have you seen that solidly know what they're talking about? I work in finance/accounting. It's rare to see one. Why is that? Most don't want to learn anything in depth and want things fast and superficial and circumvent thinking they're somehow outsmarting everyone. They live Dunning Kruger.
We really shouldn't even be taxed this much anyway. It's all a scam. We should get rid of it and then will never have to worry about it
Lmao. You weren't paying attention. Did you notice that she said, "when you sell the watch"... She made up a scenario where he would be wrong in the end. But he never said he would sell anything. So as long as he holds it as inventory, as the clip said he would, she's wrong.
She is correct 100%. I can't stand people who say 'Write off this, write off that'...Whenever I hear this I automatically stop listening. Write-off is short for 'claim as an expense' or in this case inventory (which is Cost of goods), not 'PPE' (equipment), which is also depreciated and then recaptured (in the future sale).
-- Purdue MBA
What happens if you don’t plan on reselling it?
I’m sure you’re probably really smart, but I wouldn’t trust you advice, any different than from anyone else on the Internet.
@@JC-ky5et than you just bought an expensive watch. Nothing about a Rolex is “necessary equipment” it tells time and looks nice. You would have a hard time writing off a Casio let alone 50,000$ designer watch.
@@JC-ky5eteven if you planned on selling it you would still lose money. A Rolex cost more than its worth. Like how they sell high end cars. Waiting lists and mark up.
Lmao Purdue MBA
This woman is single handily destroying that guys RUclips channel lol
what if he's right
@@mathewmcfool She is certified as a tax attorney and CPA. Thats a highly specialized group of credentials. She knows her stuff
Good she needs to. That dude is a clown. He’s popped up on my feed quite a bit and has so much wrong and misleading information on it.
Good, fuck these grifters.
@@mathewmcfool Good luck with that when the IRS audits your company.
"But KD from YT told me I could!"
As someone who also works in taxes its nice to see actual useful accurate information instead of frivolous bullshit that will get you fined by the IRS.
Same. At one point i thought with all the simplified info out there with the technological advancement the job of a tax pro would be obsolete.. and now with tik tok tax and finantial advice is needed more than ever.
Good job making it nearly illegal to not use your guys service in America the only country that knows how much you owe them but refuses to tell you the only freedom we have is what Ice cream flavor you want to bury your feelings in
I feel so silly when I see her reaction to the same videos I used to consider gospel and educational. 😳 At least I know better now...
I think it’s good that you’re understanding more now and can look back and realize you were misinformed. Admitting you were misinformed is a good thing. Sticking to being misinformed and ignoring correct information is what’s actually bad
Fr that's exactly how I feel she's crushing my tax dreams
@@satorudo Oh absolutely! Every time you learn more about something, you're better equipped to find more success. Amazing to see my understanding of tax stuff take an actual, visible step up in such a short amount of time. 👍
I’m not saying the people she dunks on are correct, but you made the mistake of believing those other people were correct when you were unsure yourself, aren’t you worried about making that same assumption about her content?
There's never any shame in admitting being wrong. Good on you for getting away from the con artists
I've prided myself in being a lawyer who commits to his craft. Ever since I began Law School, I avoided tax law like the plague, so it's been my weak point. Watching these shorts is helping me realize I know more than I thought I did, but also reinforcing how much I LOVE this channel. For every one thing I know, there are two or three things that I don't.
Just because you don't know something, doesn't make it a weakness. Just means you need to read up on it.
Thank you for clearing up all this misinformation these “influencers” put out there.
It’s really scary because this guy talks about how he’s an “enrolled agent” and his office is in the same building as the IRS so he can go ask them all these things.
They never sounded real but he’s very convincing.
He charges people $15k+ to learn this stuff from him 😅
These guys are scam artists. They make money off lies and call it quality video.
Scam artists.
I mean it's not hard to laugh as soon as you really think about it. By his standards, I should be able to create a channel about cars and then walllah, they become assets and not depreciating liabilities as all cars are.
Everytime I watch a video for her, I feel like she will be running away from time to say “And for more Accurate Tax Advice From Tax Attorney Subscribe”, BUT every single time she amazes me and somehow manages to squeeze it in the end.
Thank you, cause this is the first time I've seen this clip. And as a former tax auditor, I immediately winced once he gave his "advice".
But luxury inventory products DO take years to move at times, u want to hold on to certain pieces to make a bigger profit on it down the line, why would it not be deductible if my business is selling watches and marketing the business through social media?
@@screamskilos3951so you’re gonna buy 10’s of thousands of dollars of watches and hold on to them for years just to get a write off that isn’t anywhere near the cost of the watches you just bought?
I love when that big smile comes out when she notices the teaching point!!! I get the same way when I'm teaching in the hospital! Same big ole smile!!!
yet she is wrong lol
@@DannysphotographyOh yeah, the photographer is more knowledgeable on business law than an attorney who’s a certified accountant 😂😂
@@texasvet2729 She literally agreed with him in the video!!
She's mocking him w her smile like Kamala was smiling at Trump during the debate
How do I collect ebt ?
This channel’s comedy. 🤣🤣🤣She takes your souls with a smile.
Right ... 471 for inventory, 163 for interest, 164 for taxes, 168 for depreciation, 174 for research, many more. Chatters mouthing 162 as if it means deductible are dead misleading. Also, he's confusing being a dealer with being a product reviewer.
Absolutely, and let’s include 179 for depreciation of physical property, but incorrect reasoning is allowed if the numbers turn out to be correct. The speaker may have been a faux reseller/dealer, but is a valid reviewer.
hes not a reviewer or dealer he is allowed to own inventory for his watch trading youtube channel whether he resales it or just holds it as inventory is entirely up to him
6969 for the bulls**t I’m about to say
@@geminislim4232
I agree. His business is media creation. They’re basically movie props, not items to be sold.
@@geminislim4232 your so smart😊
I would love to see Karlton and her debate on what’s accepted and what’s not. Make that happen please.
This woman is simply intelligent and highly educated which is very apparent. I am totally impressed and so happy that this world has people like this woman who have mastered their craft to highly benefit people. We should all be very thankful !
What a simp😂
@@duquem0421 and what about it?
She ain’t gonna let you hit bro
It's easy for someone to look smart when they are trying to make someone else look dumb. Don't fall for cheap tricks
I love this woman! Please keep going. This is awesome insights!
I love this woman’s videos, just shuts down so many of the gurus on RUclips.
Well that's because they are just grifters. Fake it until you make it, or make it from faking shit, so fake shit harder.
@@SageRhymebest description TBH 💯🤣
thank u so much. my bf was saying something along the lines of what the guy in the video said and i knew he wasn't right. thank u for being a qualified, hard working person sharing valuable information.
Her lighting this guy up is my favorite thing to watch
That’s exactly what she is aiming for. Sheep
The Rolex is my favorite watch.
@@ChristianBullenHow many years did you spend on the waiting list?
Her smile and sultry glance at the camera got me ❤
What I love most about your videos (other than the honest straight forward advice) is that.. most of the "financial gurus" on social media use a fake nice background and you use your actual degrees... which only strengthens your retort. Keep rocking!
I know it is completely out of topic but, your hair, make-up and clothing style looks extremely good on you 💗🤗
You should have a mini series talking about tax gurus to avoid for factual reasons and tax gurus to watch with factual reasons. I know tax advise should be done with credited people but seems like everyday there’s more spot light on people that give semi to bad advice that puts people in situations that could’ve been avoided. Some of these people I myself use to watch and still watch today due to keeping up with what they give advise on then look into it to see if it’s actually up to code. But you are one of a few hidden gems 💎 that’s been popping up on my feed. Subscribed and always looking forward to the next vid. Don’t take too long always like learning from you.
I have heard about this fabled lady and now today I finally have seen her channel and subbed and I am not even American !
Are an entertainer or a tax professional? This is becoming quite entertaining while learning. You must get a kick finding these people with so much wisdom to share!
she works for the IRS lol
@@Dannysphotography No, she's an enrolled agent with the IRS, that's not the same as working for the IRS. She also runs her own CPA/Tax attorney firm. Nothing suggests she ever worked for the IRS (although IRS agents generally don't like to advertise their job)
I’m so glad you’re doing!!!! The way I feel vindicated for not following them!!! THANK YOU!!!!
Ive commented similar things on this channels shorts before but ive never seen more precise, efficient, and meaningful hand gestures than this woman's 😅😅
I literally subscribed to your channel so I can passively understand tax law do’s and dont’s as I continue building wealth.
Youre awesome thank you so much for your help!
After watching a couple of your videos I noticed something. Anytime you pick up on “bs” in a video, you immediately start smiling before you get on your soapbox.
Moral of the story: do not play poker.
Awesome content by the way, as usual.
She gets a card, and breaks out in a big smile.
Me: "I fold."
It's an intentional part of the video.. She realizes just sitting there with a blank stare isn't "content" even if 95% of people who make reaction videos seem to think it is..
She's also giving visual queues for the viewer to pick up on what in particular she disagrees with for better context later.
And I realize you may have already known this and were just making a joke.. Just wanted to point it out anyway.
Usually with the more outrageous claims.
So someone saying you can own a stack of Rolexes and pretend they are inventory is a good way to do it.
@@jmrm01 Again, another stupid comment.
So you folded a pair of queens and she flips over a 3 and 7.
YOU'RE THE ONE WHO SHOULDN'T PLAY POKER.
I LOVE this channel. I have been commenting my fingers off under videos like that guys "watch business" video. The fact that they make it sound like "deductible" means "free" as well.
I'll keep saying it.. there's nothing better than an intelligent woman.. Your hubby is a very lucky man! Keep the content coming!
I love your reactions, miss. YOU are necessary and reasonable!
That smile was more wider than a Liberty walk Aventador kit😂
🤣🤣🤣
Bro! Not funny! Mine was supposed to be a write off till she made this video. 🥲🤣
Got that Jewish physiognomy
He said, "more wider." LOL
w analogy
We need more people like you in 21st century.. random RUclipsrs have made world a complicated place
I love it when that smile pops out like I’m about to take you to school on what you said 😆😂🤣.
I can’t get enough of this channel!
Thank you so much for sharing your knowledge and making these videos!
New Subscriber on this one... the amount of time to break this down and deliver back the value .. wow 👏🏾
They are both right. Yes the inventory is capitalized. So if you buy it in December you can’t expense it until you sell it next year. But if you buy it in January for 10k and sell it for 12k you’re only taxed on 2k and expense the COGS. Now if it is just a RUclipsr showing off his watch collection, then yes it is capitalized and depreciated. Now it gets tricky when you consider personal use is not deductible 😅might be a fringe benefit like internet use that’s okay.
Just use common sense. If it’s for you, it is not deductible. Period. A smart business person doesn’t steal money from their own company to just show off. Just be good at what you do. Don’t let the tax tail wag the money dog.
Dude, get a grip.
His entire point was that he was not selling the watch, his ENTIRE focus was to scam the IRS.
So all of that other stuff you posted may or not be correct, but it was all unnecessary.
As the lady said, "just a distraction".
I also do this for a living, and if I see the word Rolex, and you're not a watch dealer, that's an Owners Draw.
Honestly tax talk hurts my brain but I love hearing passionate/smart people talk so I’ma subscribe
😂That smile before she unleashes the Taxaken
unsettling at best
So glad an actual pro is calling these RUclips gurus out
At this point I need a podcast between you and Karlton 😂
God bless this lady👏👏👏. So many of these internet gurus and their “advice”🤦🏼
He is 100% right. He isn't telling to resell them. He is telling to buy them and write them off as business expense.
bruh… 🤦♂️ delete this comment 😂
@@joaoa1144 why? He’s absolutely right. The guy in the video explains it a little unclear but business expenses can be written off / deductible based on what the business makes. Millions of rich people write off planes and yachts.. you think writing off a Rolex is hard? If you’re in the business of buying and selling watches and you made zero money then you don’t pay any tax, effectively writing off the watch.
You clearly aren't in the tax business. I would stop arguing with subject matter experts when your only support is "well rich people write off yachts"
If he isn’t using the Rolex to sell them then it’s not inventory
@@moneypro85 learn to read… I said if you’re in the business of buying and selling watches then it’s possible to write / deduct it as a business expense. You keep listening to this chick and stay poor. That’s on you,
Thank you for calling out the BS of these RUclipsrs and wannabe frauds. People need to know when they are being misled. 👍🏻
When she drops that huge smile, I know what's coming next haha "false tag."
Girl thank god for you because these youtubers and tiktokers are going to have people getting audit and unaliving themselves.
I see this guy once in a while and I’m starting to believe his channel is supposed to be a prank. I’m a CPA myself.
But he right she spent it as if he was talking about reselling he wasn’t he was talking about business purposes CPA myself
You are a rock star 💫. Thank you for shedding some light on these shady characters. I knew something was off on this “unaccredited” professional. It’s a shame because he states his mom is a a CPA.
This really underlines how a large section of the internet now consists of self-proclaimed experts who say wrong things with confidence and a ring light and people believe them.
🎯
Including her
@@secretsavant- as you are the one asserting it, the responsibility lies on you to prove it
@@randomuser88844
The onus isn’t on me. She is telling you this guy is wrong based solely on what? Her word. Many times she is wrong and it has been demonstrated. You do your own research, smart guy.
@@secretsavant- perhaps you rewatch the video and tune up your listening comprehension. She is crystal clear where he is wrong, buddy.
So thankful you’re going after this scammer. He almost got us.
I have to watch the whole content of the videos she is reacting to. I've noticed that the full content of certain videos explains additional information that she just described.
You know more than the CPA/JD; you’re right.
@@Noah-yw6uv I know more than you.
@@joel0990 Sure you do, Joel.
@Noah-yw6uv you do realize there's different interpretations of the same law on a case by case basis which is why 2 attorneys make an argument before a judge or arbitrator?
Her conclusion was based on "typical reselling cycles" of watches
@@wisdomoflipshow many people actually take it to court? Pretty sure she knows case law too, which is what is applied and serves as a basis for future decisions. You think judges are just making up their own decisions?
She is 100% correct! 100%!
Ya she's absolutely right, except she didn't get the most concise answer, which is that inventory is FOR SALE not to produce a product. If you are producing a product like a video review, the watch is PPE, not inventory, which is capitalized, not expensed. Although you'll take depreciation on it over time. But guess what.... if after you use the watch for the video, you start wearing it yourself, that's a taxable gift ladies and gentlemen. This guy is nuts.
PPE?
@robindhood9125 Property, plant, & equipment. Just accountant talk for fixed assets. Inventory is the actual product you are selling. It is more liquid (can be converted to cash more quickly) and is therefore presented higher on the Balance Sheet).
@@johnnyboy3563 Off course, I had one of those brain freeze moments and maybe still in lingering Covid mode was thinking, what does Personal Protective Equipment have to do with this? Acronym overload, my bad.
she is not
Finally someone with real knowledge is setting that guy straight!
It’s always the same kind of people proven deadass wrong 😂 love it!
Thank you for holding these people to account. I’m a financial adviser in the U.K. and the amount of nonsense that is put on socials with these people not regulated and held to account for inaccurate information is infuriating and dangerous for those that take this ‘advice’ as gospel. What makes it even worse is individuals take recommendations from different tax jurisdictions and think they apply to their tax residence.
I love when she just outright laughs at the people giving advice
This woman is amazing
Destroyed
I believe most of these RUclipsrs have valid points it just how you perceive them.
You are the kinda page ive been looking for
Love her chanel and shorts. Literally debunked all the RUclips, Tik Tok, and other platform BS they try and tell us
Incredible knowledge and education. Keep it up.
Youre AWESOME JD ❤❤
I'm so happy that you're putting these content out I really wanted to know the truth.
1 OP tip to help with anything:
- if it’s to good to be true, it is
(Especially when it’s clear the person trying to trick you is benefiting from it)
Bonus (if you’re rich):
- if it’s to good to be true, it’s not impossible. You just didn’t spend enough money.
Luckily internet scammers aren’t much smarter than before. If anyone tells you a “hack” “tip” or anything like that which is costing you money. Then assume it’s a scam until proven otherwise.
(This isn’t a court, no innocent until proven guilty needed. Not trusting them is plenty)
She's putting me up on game!!
Thank you!!!! Finally a truth teller.
I love seeing these shorts. Keep them coming.
I’m a RUclipsr and I expensed my watch
New favorite channel thank you!
I looooove that she goes after Dennis.
Finally someone who understands how it all really works
I do not regret subscribing to your channel
Thank you very much ❤😊
Thanks so much for this channel it's so much misinformation out here. I will definitely subscribe.
Thanks for understanding the law
I'm so glad I subscribed to your channel.❤
Thanks for calling out the BS🎉
I love this channel.
So is there a way to write off these sort of purchases or not??
Thank you for calling out the unchecked BS
What’s so dangerous is that his advice sounds totally reasonable. Most of us wouldn’t go look up section 162A, or if we did, would just stop there. What you’re doing is such a great public service!
This woman probably felt all the accounting anger I have felt over the years except she finally snapped and did something about it 😂 glad to see someone who knows tax code preventing people from getting on the wrong side of the IRS.
Jesus Christ I love how she's outright owning them 😍 You're my hero girl friend!
Thank you!! So nice to have honest accurate financial advice on shorts. Immediate subscribe!
U are right. Just listen to u thanks for clarity
I freaking love these shorts. I gets so infruated about other content creator that "play the system".
Beautiful Smile and Great Knowledge !
Acceptable Accounting Procedures.
Accountants Matter!
You know it’s over when she smiles!!
I love this women ❤️😭 I love her so much ❤️❤️😭😭
She is aware of the exceptions. If you have an actual business selling the product and you qualify, this is going to work.
IRS can correctly say it's not actually inventory if you are keeping it for personal use. But in real life, that is very unlikely.
Thank you for the clarification
And he said it with such conviction too 😂; sadly if you don’t know any better, you would believe him wholeheartedly, especially if you don’t know how to look it up.
It’s chumps like him that are going to get people into a lot of trouble, especially if you don’t take the time to research it or have a great tax attorney like this lady.
Thanks You for being so generous with your time and knowledge to write the wrongs.
Beautiful said thanks
Now this is proper advice 👌
She absolutely correct. When you pay the tax back its call Tax recapture. it will make you liable for audit almost 100 percent. Same for people who try to deduct luxury cars in different excuses like this guy said.
Love to hear more