Asking Accountants Their Favorite Tax Write Offs
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- Опубликовано: 10 июл 2024
- In this video, I approached random accountants and asked them about their favorite tax write-offs for small businesses. I also got a chance to learn more about their career, how much money they make, what they enjoy about being accountant, and more!
Book a Tax Services Discovery Call: schedule.lyfetaxes.com/discov...
Timestamps:
Intro (0:00)
Interview #1 - Peter, Senior Tax Accountant (0:46)
Interview #2 - Tayisha, Accounting Manager (3:32)
Interview #3 - Bryan, Compliance (5:55)
Interview #4 - Tiazel, Tax Director (9:06)
Asking Strangers Questions (12:18)
Interview #5 - Joshua, Auditor (13:22)
Interview #6 - Tuan, Government Accountant (16:50)
Interview #7 - Ben, VP of Audit (20:22)
Interview #8 - Tamika, Entertainment Accountant (24:19)
Interview #9 - Rick, CPA (26:08)
Interview #10 - Shanika, Tax Accountant (29:26)
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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)
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](/img/tr.png)
Yea Navy federal gave me a really high limit.I applied and was denied at first so I got a Cognitive hacks,and I was approved for a capital one.The limit was so small lol but I took it and worked on it.Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit.they're still working on increasing the capital one since it was so low.All in all I’m satisfied.
Can we take a moment to appreciate his hustle and willingness to put himself out there in order to get the information to the people. Thank you.
Very much so!!
I’m always glad to see more Black accountants and specifically licensed CPAs. I’ve been interning throughout college and I’ve been the sole black man in multiple cohorts. It is both motivating and discouraging.
May I ask what is discouraging about it?
I’m in the same boat
just keep up the hard work and teach your sons and daughters the same. We are all blessed to live in a free country. Even the poorest of us have access to flushing toilets and clean water. Thats more than most of the rest of the world can say...
"What is your favorite tax writeoff?"
Timestamps:
1:33 Bonus Depreciation
8:07 Make sure you account for all expenses
9:48 Real estate depreciation as a passive loss
23:30 Leverage the tax rules built for real estate and investments; short term capital losses; use trust and LLCs to create wealth
24:50 Holding income; tax shelter accounts; defer your income and accelerate your losses; Delaware, Montana to reduce tax.
27:17 Bonus depreciation (lowering in effectiveness soon); home office deduction; personal expenses that you can make business expenses
"As long as its ordinary and necessary you can almost write off anything."
30:20 Depreciation; Bonus depreciation or section 179 (Real estate: depreciation write off + bonus cashflow); QBI qualified business income;
Thank you for this! ❤
@@zakihussain7464 your welcome :)
As they say, you're doing god's work. Cheers!
you’re amazing.
Appreciate you
As new black CPA....thank you for this....I love seeing black CPAs!!!!
I’m a corporate CPA in California. This is so enjoyable to watch. Smart, dedicated and the will to grind it out. Thanks for this video.
But they doing for blacks!??
Do you have any opportunities available? Asking for myself 😅
going into Big 4 now and prepping for my CPA, this is interesting to listen to!
This is excellent. I wish there was more exposure of this in low income urban areas for kids. This is what staying in school and keeping out of trouble looks like.
One of the best videos so far. Freakin luv the interview style video being able to ask diff questions from diff background. Keep it going!
This is so important right now. This is the conversation we need to be involved in more , let’s talk money , investing, tax etc.
I love this. Studying for my last CPA exam! Love seeing professionals in my field that are successful and look like me ❤
You really delivered with this video. I have been searching for months for a channel like this that shows people who look like me in this field and those questions that I needed answered. I truly hope to see more of this. Thanks for sharing
I needed to see this to keep me motivated while studying for the CPA. Most accountants love to stay out of the spotlight.
Great video, please more interviews with accountants & their career paths 👏🏾
Great video! like the netual tone when asking question (of course on those merging issues with tax and accounting). Also those candidate also very willing to talk which is great.
*This video changed my life while I’m just watching 1/2 of it not even finished 😂*
Best channel about taxes! Tayisha was feelin' you fasho!
I am a CPA in Florida. Making more does not mean you owe the community more. It means you worked more. As a CPA, I believe you should keep as much as you can for your hard work.
Hi! I am seeking a CPA in FL. Do you have a website ?
ALWAYS. Old money and inheritance do not exist! LOL. In Orange County, it's all OLD money baby.
@@naturalnell11 What city are you in? Is this for your business?
@@francismazanet2769 I am in Miami and yes this is for business purposes.
@@naturalnell11 I am in Sarasota. You are too far for me to provide the personal service I require to give my clients. I am sorry.
Yoooo that building looks like the one in downtown that is the right next to the parking structure! I freaking love this channel, so much free game
Yes, we were in the Atlanta downtown/midtown area
This is awesome. I worked in accounting for a long time but ended up getting burnt out. This interview is very encouraging, I’m starting to get back into it. I have to start over, but I plan to stay long term. Thank you for this video.
Great video! Always good to see hard-working professionals who enjoy honing their craft.
I’m about to start studying for the CPA exam so this was fun to watch!
This is a gold mine, more content like this!!
Great interviews. I appreciate your work!
God bless everyone here being a role model ❤🙏🏿Thanks for providing this information 👍🏿
Great set of interviews, it's always interesting to hear different tax professionals' strategies. Keep it up!
Yes, we accountants need better marketing nobody really knows what we do.
Literally just seeing this many black successful and well off professionals in one building was inspirational in itself
First three minutes already so much knowledge thank you
I love this!! Also, for the young folks that are fresh out of college the FBI also hires accountants. Just a path to consider
Great stuff. Definitely taking a lot of these right offs into account for my tech startup.
I love these videos, super inspiring to see the options people use
Glad you like them!
Love these new style interview videos!!
Glad you like them!
Great video man brothers and sisters doin they thing 💪🏾
PHENOMENAL GREAT FANTASTIC Video brother, great outlook on Finances from people that actually deal with the various nuances of Finance, appreciate the video family and Luan looked like she was in her late 30's early 40's black truly doesnt crack if loved properly
Im from Chicago and im not truly into the Finances venue "publicly" but I love great information thats why im subbed keep going brother looking forward to great things from you family, Peace
Learned so much from one video ❤ happy new year bro
This is going to be my new favorite youtube channel
Thanks for the video! After watching this it reminded me how I would to see myself in the future.
Ooooh the black excellence is here is just outstanding. I’m a recent civil engineering grad btw
What a great video thank you for exposing all this knowledge!
Black excellence in one building! I love to see it!
@@jeremiahhouse3434 First, I'm a woman not a guy. Second, have the day you deserve.
Excellence* every race has the ability to be exceptional and apparently ignorant
How dare you assume their self identified ethnicity.
@@boiiiitellyouwat9208 Then why doesn’t the rest of America act like it. People point out “black excellence” in response to stereotypes about black people most Americans believe to be true. Wouldn’t have to point out individual success as “black excellence” if black people weren’t singled out to be thugs or ignorant all the time
Once you start see people without color so will others… excellence is color blind.. base it on the individual
Excellent job, Sean; you nailed it!
Awesome video! They were all so knowledgeable and obvious love for the field
Thanks 🙏 I appreciate each and everyone for sharing.
This is a great video. Real content.
😲 amazing video. Thank you for your hard work and information.
Loved this! Took a piece from each person.
@LYFE, We are looking for a CPA soon, not only for filing a yearly tax, but we are going to be building a home soon and starting a small business (maybe x 2) with in the house hold !!! Those that you interview are way above my pay grade, ha ha ha!!!
Listening to the VP was interesting. No doubt he earned it. Very knowledgeable off the bat.
I started doing my cpa few months ago. From India. Good encouragement.
love this, thank you for posting this
Glad you enjoyed it!
Sean - I love this content on videos, more of it in 2023, Happy New Year!
Thanks for watching... Write me to
participate in our
current investment Offers / insight.☝️☝️
Happy new year!
Top tier content! Thank you!!
Lovin this segment!! Well done!!!
Appreciate it, Terry! Glad to know people enjoy these more casual videos
That s a great video thank you for doing it!!! The concept is super smart 😊 I loved having the perspective of different tax/auditing areas, super interesting for me as I am pursuing a CPA licence right now. Thanks for your work!
for those who want the bottom line. Here are the compensations:
1. 350k
2. 480k
3. 320k
4. 640k
5. 279k
❤❤❤❤ this!
So enlightening!
I’m a tax accountant in ATL too. Loved this vid!
Enjoyed every minute of this video 💯
great job bro ! quality content
This is what should be promoted in the media! But I guess it’s too “boring”… keep sharing
Good video, I don't talk much to other CPA's and I was curious about their take on various accounting topics
Great video again!!!
Loved this!!
Excellent information, very valuable 👍
Such a great video accountants are some of the most interesting people!
Thanks for watching... Write me to
participate in our
current investment Offers / insight.☝️☝️
Really enjoyed it thanks a lot
You are asking great questions. I'm pursuing an accounting degree and this answered some questions.
Next thing upon getting my degree would be seeking a mentor that can double as an employer.
Gonna take a minute to give y’all some praise: bro, every time I interact with an accountant or “See Pea Aye” they are the most boring useless low-energy person. The thing that bothers me most is their flawless ability to pass the buck immediately. I’ve had CPAs literally tell me: “That sounds like a question for a CPA.” And “You would need a CPA that does business taxes.” Useless bunch. And let’s not forget the dry personality type that cannot explain and teach things properly.
But you guys break it down and make it make sense. You aren’t in competition with anyone in the accounting market; You’re DOMINATING. You are THE guys.
Seriously, from a business perspective, you have Accountants and then you have Lyfe. You’ve built a brand and you have literally no competitors.
“Real” accountants are in demand. Consider opening an office in Chicagoland once your brand has grown to be recognized nationally. ;)
Hi from Johannesburg south Africa , super inspired !
Loved this video
Thanks for the video.
I can say from experience, the IRS did not start with the millionaires! And we were not major recipients of the PPP loans. I am enjoying your channels - great information!
That was excellent!!
Interesting, good job! 😊
Shout out to my NABA Atlanta chapter!
They are amazing!
I don’t want to live in Atlanta, but seeing the black accountants makes me want to reconsider. This is beautiful
20:40 Stanley from the office really flipped the script and conquered the world 😂😂😂😂
just jokes guys he’s actually really cool guy
Another Great video! Thank you for sharing. Do you have any CPA Florida recommendations?
It’s crazy how you think of an idea to interview accountant then boom a RUclipsr already interviewing accountants
Section 4797 (Loss from the sale of a business license). As the market crashes, turn your house into an AirBNB a few months before selling it. The loss will then be deductible against all forms of income.
Peace god this was a beautiful pop up conversation…
MAN, I REALLY LIKE THESE VIDEOS!😎👔✔✔✔
Thanks for watching, Tyro! Hope you hit the like button for us 😃
love seeing a video filled with black accountants sitting in class and being the only black student gets crazy sometimes lol
Sean, I am glad you figured out your wedding ring was on the wrong finger!
😂😂 yeah sometimes I start fidgeting with it
Thank you!
You're welcome!
Joshua was dropping gems thank you for this video glad to see so many black faces
Just liked and subscribed
I’m in the application processes to test for the CPA exam; and advice?
I’ in school for accounting now❤
good video
absolutely..On that non-profit..
We need a list of the black CPAs/Accountant in atlanta
Hello can you do a video explaining how a person who is 100 % self-employed ? or if a person who has a full time job and a side business how do they pay social security , Medicare if they do not work for a copy that auto take it out . They want to make sure they are paying into social security now so that they can start drawing it once they are 62. I researched the IRS Schedule E Form 1040 Thanks
who would've thought that the people who benefit the most from the rules would want to keep them as is.
im aware of real estate depreciation. what was she saying about non passive something in a year tho? around 10:13
Damn Sean !!!!🎉
big man eating out at restaurants is his tax write off. sheeeesh
Yup, I lived in a municipality and had no idea. Owing about 20.00 became 174 😃
What event were you all attending?
Diddy, this is black excellence!
I liked dis video