Top 9 Tax Write Offs for NEW Businesses & Startup Costs
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- Опубликовано: 4 авг 2024
- Let's talk about tax write-offs for brand new businesses, start-ups, and side hustles. Because before you even start or buy your business… You are likely going to need to spend some money.
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So in this video, I will cover:
- Which business startup costs are deductible
- How much you can deduct in total
- How you can amortize these costs
Intro (0:00)
Quick Story (1:50)
Tax Write Off #1 (2:25)
Tax Write Off #2 (4:00)
Tax Write Off #3 (5:29)
Tax Write Off #4 (6:40)
Tax Write Off #5 (7:34)
Tax Write Off #6 (8:27)
Tax Write Off #7 (9:50)
Tax Write Off #8 (10:40)
Tax Write Off #9 (11:29)
How Much Startup Costs can you deduct? (12:18)
Amortizing Startup Costs (13:16)
How Tax Write Offs Work for Business( 14:18)
Important Note: (15:41)
Helpful tools I use:
- Quickbooks (for Bookkeeping): bit.ly/3ATx1F3
- ZenLedger (Crypto capital gains tax tool): bit.ly/3Lgabwf
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The cost of starting a business is estimated to be about $30,000 according to the minority business development agency.
But even though your business may not be officially open, you can still write off these types of expenses, or at least a portion of them, against your taxable income.
Which is going to be extremely helpful in reducing your overall tax burden. .
In fact, every year, more than 2 million taxpayers overpay their income taxes. And this isn’t just chump change. Taxpayers are overpaying by close to $1 BILLION dollars.
This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs.
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#newbusiness #startup #sidehustles
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
I love your videos! Y'all rock as a team and it is so great that you break it down into simple terms!!
Well explained, Sean! Thanks!
Buying a business video please!! Love your content. It has been so helpful for us as we start own venture! Thank you so much!
I've been devouring your content. Y'all are one of the best teams on YT! One video I haven't seen is buying a business! I think that would be a great contribution!
Wow, thank you, Dustyn! I can't wait to share more
Thank you for explaining write offs in layman terms 👏
I agree with Michael Crowell but adding onto what he said 2 things that needs to happen 1 Kystal explaining reconciliations when doing bookeeping and 2 yes how to buy a business that will be a awesome video!!!! 😃😃😃
Definitely need the buying a business video
Awesome video
Glad you enjoyed it
Good ! Good ! Talk
Thank you for your helpful videos. I registered a one member LLC at the end of December 2021 and my business is not operational yet. It's a home-based and my office will be used 70% of the time with outside related services 30% of the time. Because my business is not operational yet, do I have to wait until next year to deduct partial mortgage interest and utilities costs etc. although I can deduct start up costs now? Thanks.
Can you make a video to explain how to write of equipment for taxes when you have to use depreciation?
Good idea!
Yes for buying a business video ☺️
How about online services? Like paying for a online platform that is the source of your business?
Do I need the receipts to everything I do? I just started my business In June and spent over 10k on the business but yet to have any profits coming in yet. I'm working on getting clients and profits in 2022. Last year was so stressful for me between work and this business I forgot to document half of what I've done to get my books and websites going. Could I still claim all these tax write offs..
Can you do a video on starting a business with available personal credit cards and taking a loan from your 401k?
Hello does anyone know who your supposed to contact to get help with filling out a business license? Every "research" i do goes back to the steps of starting a business.. I cant find anything about help with completing / filling out the actual business license application
Want to see about buying a business
Make the video!! Buy and show!!
I just need a little more encouragement :D
So let’s say I am a physician( high tax bracket) but I am starting a side business. Now my buisness has yet to make a dime . Therefore I must use my physician salary to pay for startup costs, building a home office etc . Can I write these off to release my tax burden as a physician ?
Great question! Yes, this is the purpose of the video! Up to the $5,000 limit in year 1 (which is mentioned in the video) and then amortize the rest of the write-offs. Further, active business losses can offset active w2 income
QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years?
2) Would it still be deductible if I got a loan for all or partial amount?
What kind of lawyer do you recommend to hire to close a deal?