IRS Wants More Money | How To Keep It | THE HANDYMAN |
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- Опубликовано: 13 фев 2023
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They got me 2 years ago too. • Don't Pay Taxes | Keep...
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Great content, Handyman. As always, I appreciate the knowledge nuggets you drop.
Im done paying these crooked politicians taxes. Tired of seeing our tax dollars go to Ukraine and other countries
I agree. but its the only way. even drug deals know you have to pay taxes. You can just live off cash these days.
How the hell are you going to do that?
@@lobsterstrange Hide in the woods forever
Very much all true Handyman. Thanks for the content, and keeping us self employed in “the know”
Great Video… Perfect way to explain the whole situation us Handyman go through 🙏🏽💯… props from Oakland California
I always appreciate your candor and interesting topics HM. Like you, I look for ways to avoid paying more taxes than required, so a good accountant goes a long ways. One suggestion that I learned from a high level tax accountant was to expense tools that are above the 'legal threshold' for putting them into the expense category. In other words, don't capitalize something if it can get stuffed into the expense column. For example, let's say I buy a new table saw for $2000 and the upper threshold for expensing tools is $1000. Save your receipt just as you normally do so that all of your paper work is in order. If you get audited, the IRS may disallow the expense, but you won't be fined. However, there may be an interest penalty and of course you would have to pay the taxes if it was properly put in the capitalization column. This is called tax avoidance, but not tax evasion (which is the big no-no). Check with your accountant to get an opinion on this before trying it.
The dog is shaking his head in agreement with what you are saying about taxes!
Love my mini split in my garage, it's the most comfortable room in my house now lol. Matter of fact, that's how I found your channel, looking for install videos. You can get high efficiency heat pumps now also for standard split ducted setups, which I'm going to do now. Maybe not as good as multiple fan coil ductless units, but still way more efficient and comfortable than the old furnace/ac. These new low ambient heat pumps are impressive!
hello from new york. i watched a lot of your videos but in this video i noticed a very funny thing. your dog is constantly looking at who you are talking to. and she is really worried about whether you are really okay or not. with your head or not. because her eyes turn towards the camera all the time in a very funny way. 🙂
They make 'ducted' versions of the minisplits. Basically, the guts of the wall-hung units in a metal housing. They are typically about 30-40"W x 24" long, but less than a foot high. I installed one in my attic with 3 flex-duct runs to the upstairs bedrooms and a hallway return. Works awesome; all the efficiency and low-temp performance of the minis, with an easy to conceal 'air handler' for some short duct runs. If you have high ceilings and some drywall skills, you can build a soffit or get creative with a nearby closet to hide the bulk of the unit.
Americans haven't quite accepted the look of the wall-hung units like most other countries have, so it's nice to hide away the 'ugly', and the ability to duct some ceiling registers to better distribute the air is great. No NatGas in my neck of the woods, and my heat pumps (including minis) are a heck of a lot cheaper than oil or propane.
Lots of good information man. Im too poor to fix my frig LED. might buy a Walmart frig motion light.
It’s very difficult year by year and it takes years to clear up their errors. Peace ☮️.Thank you for your videos.
Bro! I’ve been away for a bit. Come back and no beard! Totally different look! LOL!
Thanks for sharing! Good info!
It sucks , when I started the handyman business 2020 i made 45 pay about 8 , now in 2021 i made 67 and i got a bill of 18 gs man i feel i am buying the food and beer for those on welfare it sucks
Thanks because you are! Maybe not directly … but the govt doesn’t make a dime until we all go to work. They want to keep us working .. Then the politicians tell us how they know how to spend our money better than we would … or … that this person needs it more than you do. Garbage
You could convert your gas furnace to a heat pump system and thus still utilize your central air
Thanks Handy, only comment is to say get a CPA! His rate for me was just a few bucks more than Turbo Tax and he’s always available for that quick question on how to get a deduction.
ALL TRUE. You MUST make your money work for YOU. Real estate is a great avenue.
😂 The mechanic bent you over like you do the customers
Heat pumps are designed for colder climates that will work for your HVAC system..Thank You & Keep up the good work!
Taxation is theft. Preach on.
We're building townhomes that are on mini splits. The heads will go in the main spaces and then the engineers call out transfer fans to move the air into the bedrooms.
Yep, I'm that Master Electrician working for myself. Living paycheck to paycheck. Lol 🤦🏼♂️ Thank You for this information.
She looks like my old dog K-sea, man I miss her! Thanks for the vids, I'm a contractor myself, but I learn a lot watching your vids!
If you want to learn how to heat a house with a single mini split unit, you need to get on Matt risinger's build show channel and look at their hyper efficient houses they have built. When you build them tight enough and insulate them really well and super control the air flow, then you are able to heat with minimal excessive outside energy. It's called building for passive house
Yeah you have a separate mini split in each area, and you only heat the part of the house that you are in at any one point. It works decently well until it gets real cold and the efficiency plummets.
Hi Pali!!!! Nice to see her again. Taxes are the worst Handy. In the mini-split, there’s a guy who lives not far from me who replaced his whole AC system with a series of mini splits. Not sure what the cost was or how efficient it is compared to a standard central HVAC, but I know they’re becoming more popular both in residential and commercial settings.
Seems like itd be efficient for a couple or single person, could put heat on higher in just bedroom and switch it as you switch rooms, but not sure about a big house with large family. Still may be more efficient 🤔
Most southern Latin countries use mini split.
in new york city I have installed several of these systems and so far none of the homeowners have complained about efficiency of this home upgrade.
Camera crew. Ha! Good stuff as always.
Did a pre 1800 farmhouse. Didn't want soffits etc put splits in each room, kitchen 3 baths 4 bedrooms big place. Greatly efficient best is only need to condition the room you are in. The only con is the indoor head.
How many condenser units did you use? I need to put some in my rental this spring. I'm thinking of putting in 3 individual units instead of a 3 head unit.
@@TheHandymanBusiness 36k per floor.
Each bath got it's own. Went oversized they compensate well being variable speed. Used pioneer units had great results over close to 10 years of using them. Have well more capacity then needed but they never seem to struggle to heat nor cool and defrost cycles are short when they do occur. Im in MD zone 7 for growing.
Receipts used to stress me out. I try and buy everything from places that have apps so they save everything for me, so I don’t have to save every receipt and scan everything. Home Depot Pro, Lowes Pro, Ace Hardware, Rings End Lumber, and my Bank Of America business account. Linked with my quickbooks saves everything. Anytime I swipe my card it categorizes everything for me.
There are plenty of multi zone ductless mini split systems available. Daikin & Mitsubishi are the best with the inverter compressor. At lower temps, NG wins, But Daikin ductless provides plenty of heat down to 5* outside. Heat pumps struggle at lower temps, if the defrost cycle doesn't keep up.
I just say fiba-fooose is my write-off son!! And that power stash is damn good!
I’ve got a 2800 sqft house with 4 mini split heads on the 2nd floor. The best choice we made.
You can do the same thing with your phone. Changing forms to pdf
Yes it is possible. I have a friend who has a 4K square foot house and he uses to mini-splits with multiple heads.
Day one of business I had a payroll company and let them handle all my employee taxes. The business side came at a struggle with a 30,000 tax lien, and learning quick books pro reports were not accepted by IRS unless you have a CPA. Lesson learned pay the $$$$ for professionals your time is valuable.
I knew there was a reason to keep my cpa all these years. Even though I thought I could do it myself. Thanks 🙏
That dog is SO CUTE
I was wondering about you Handyman. Who are these irs type people
Your beautiful pup doesn't like it when you "talk to yourself" does it? Hahahaha. I had a dog once that was disturbed by singing.
a rocket stove is probably the cheapest way to heat a large area. if inflation gets any worse you can also switch to burning cash, like the Federal Reserve
I get around all of that by taking payment in Marlboros and Miller Lites!
🤣🤣🍺
🍻
Handyman! I’m looking into joining the business industry of General Contracting. I’m currently a Marine and will be retiring from that in a couple years. I have ton of personal experience but am looking for an internship to add to my skills. I was going to submit to Mike Rowe but it looks like theirs is currently on hold. Have you thought about offering 6 month internships to vets? The military offers skill bridging that allow service members to go learn a trade at the end of their contract while being paid as a military member. This means the service member cannot be compensated privately for their time while skill bridging. This is great for small business owners and service members learning a trade.
I'm here for the dog
Polly says “ why the hell is he yelling at me about the IRS?”
Mate, is that a little Staffordshire Bull Terrier you got there? If it is, you’ve just climbed a few more rungs up the good bastard ladder. Best breed of dog in the galaxy.
Yes, I have one named Lola just like "Pali"
@@JonnyDIY …..My little Staffy cross was the doppleganger of your Pali. Honestly, I struggled to take note of anything you were saying in this vid, as I was utterly transfixed by the resemblance your dog has to my "Nash" who passed away in 1993 at the age of 13. I’ve yet to get another dog, the bar was set so high by her. Looking at your little Pali has really got me thinking I might relent on that position though. I appreciate the reply mate.
They have heat pump ahu now.
We installed Daikin mini-split AC/heat pump units in our house in 2020 to mostly get efficient/convenient/quiet AC. We have 2 outdoor condensers and 5 indoor heads. 1 heats our finished basement area, 1 in Fam. Rm., 1 in Sunroom, 1 in office, 1 in Master Bedroom. They worked great until Fall 2022 the 3 zone condenser failed and it was difficult to diagnose - suffice it to say, Daikin is difficult to deal with for warranty issues & 3 of our zones are still down in Feb. 2023. I would AVOID Daikin & choose Mitsubishi or Fujitsu.
Tax accountant is mandatory.
Great video as usual!
Mini splits can go anywhere! Look at what the Japanese have done, investing a ton of time and energy into developing mini split technology. Mitsubishi, Daikin are best units you can buy. If in northern climate, make sure your mini split is also a heat pump for optimal heat output.
It’s just money, not love ❤
The handy Stache….. need to make a handy stache hat so I can ware it on job sites… the utility stache
Where's the papparazzi when you need content?! lol.
More importantly, tell us how you get so many sponsors
I think it was the beard. I got my first sponsor from 3M when I had only 16,000 subscribers. They paid me a $1,000 to show how to change a filter in a vacuum cleaner. They sent me a free $350 Electrolux vacuum cleaner to make the video with. Here is the link to my first sponsorship. ruclips.net/video/1LWDb5zEZAw/видео.html Keep uploading and you will get some of that sponsorship money.
Yes you can heat your house with mini-splits. Your bill will be $1000 not 500
Haven't followed up in a while. The stache makes you look like a different man.
In your opinion (because I value it) is quick books online worth it?
I use to have it. I switched to an accountant. I didn't get much of of quick books online.
@@TheHandymanBusiness Thank you and keep it goin’ brother!
I heard those 87 thousand the money for them got lessened and stoped.
Best to research to see where the information is at.
Thank you.
4:24 What spooked Pali? My Staffy shakes like a leaf now whenever she hears fireworks or big boom noises.
PS- great video, just did my Taxes today. Make more, pay more percentage of total income 😥 Some cash jobs good for a few things like groceries and gas. Will help lower your total taxable income a little bit, but still gotta go legit if you want to make good money and put into your Social Security fund.
I think she though I was yelling at her. LOL. No one in the room but her and I and I'm not on the phone.
@@TheHandymanBusiness haha I figured she didn't understand, she's like "what the hells he yellin about!?" 🐶🤔😆💕👍
over 11k for oil leak?!!?? whoa!!! my brother had a motor replace on his car for 7k… but it’s not a big expensive truck… that’s crazy!!
There were other maintenance items I had done too.
I started my first business commercial / industrial electrical contracting, within a couple years I had 40 employees with a lot coming in and a lot going out. My first full year in business, I done exactly what my accountant told me to do and paid estimated taxes quarterly. End of year, I thought I am good because I paid all of those quarterly taxes! She done my taxes and said, "you owe another $32,000". That caused some sleepless nights! Tried a couple more accountants and each year was a stressful battle!
A few years later I started my engineering business but I the best thing I done was found my current CPA. Second best thing I done, pay estimated taxes monthly instead of quarterly. I set up a tax checking account which is used for estimated tax drafts only. Each month, the CPA emails me with fed & state taxes to be paid that month and she sets up a auto draft, I transfer funds from business checking into tax account and done. Also, around Oct I will look at annually gross and estimated net YTD along with estimated income for the last quarter of the years, the CPA adjust my Nov & Dec estimated taxes accordingly. A "good" CPA makes the process much easier.
Get the book Vultures in Eagle's Clothing and set yourself free or just pay for your enslavement.
Damn! 86 for a light bulb!
I just take a picture and put it on Google drive.
Hello
Hello
Haven’t done my taxes in 6 years. Am I worried, yes but I didn’t make more than 40k annually, I’m just a single guy but since they only require your last 3 years I still sleep okay, I mean they can’t throw me in jail or can they?
probably not the first time but get caught and do it a second time?
yep it'll be the hoosegow.
@@eamonnmckeown6770 stop it, say it ain’t so.. i mean I drive 20year old Honda and I don’t have money stashed away I hope they don’t waste their time
@@cousin_JACK lol. Ironically if you are seriously delinquent the IRS is about happy with just the last six years. In fact they probably might not have records much beyond that. They ' just ' want you to start paying again. Unless they don't like your politics then you're really pooched - so don't be a successful influencer with unsavory opinions. lol. What chaps my ass is that they will only pay you out for the last three years but if you owe that goes all they way back - no three year window if you owe. Horseshit on that.
@@eamonnmckeown6770 lol I saw your reply but RUclips deleted it 👀
Holy shit. 40k on top of your estimated taxes. You had one hell of a year!!!!!
Some industries did well during the pandemic
Its about time we started collecting from the DEADBEATS
You have mini splits by paying 2000 a month for your electric bill 🤣.
11k?!! rear main seal leak? still jfc
40k, that really sucks
The mini split thing is interesting. In no way do I have any idea about HVAC efficiency but it seems if you can micro manage your requirements - like I don’t need the guest bedroom to be 75 when it’s not in use, that seems better than my furnace just trying to hit a temp I’ve set for the family room where we spend 95% of our time.
What are some good ways to make your money work for you other than
401k and stocks?
ETFs, SEP ira.
2 techs 2 index
SEP IRA is an amazing tool to keep the government’s paws off your money.
bro its cold. get the dog a blanket for the body. If you're cold for a hoodie so are they. :) Love your content. Take care of the pup.
She looks like something scared her, mine shakes like that too when shes scared or real excited
I think she though I was yelling at her. LOL. No one in the room but her and I and I'm not on the phone. I was talking pretty loud for the camera.
👍👍😎🤟✌️
Modern day slavery were living in today
Well if we repented we could get God's blessing on this nation again. You like sin, you get pharaohs whip, you like righteousness you get the blessing of the Fathers providence. Simple laws of sowing and reaping gentlemen.
The Jones plantation
@@BibleBeliever-hv8duwho is your God?
@@BibleBeliever-hv8du what is right now it’s already been
@@terencemerritt The Lord Jesus Christ. God manifest in the flesh. Who is your God?
$11K for an oil leak??? You could have bought a new engine for that amount!
That's what I said then the correct me and said a new motor is $30,000 installed.
@@TheHandymanBusiness =:-O (looked at sideways it's a look of shock with hair standing on end) Where's your deduction video at? (I was looking for the word deduction)
@@TheHandymanBusiness mann get a good extended warranty thats crazy!
Why would you pay that for a bulb, I get my refrigerator bulbs for Walmart for $2
Not for the new fancy refrigerators
@@TheHandymanBusiness No other bulbs at Walmart fits them ?
That sucks, They take advantage of people like that, What's new though lol
@@TheHandymanBusiness GE wanted $115 for the fan motor from me, I got one on Amazon for $18
Those fancy new led brake lights on SUVs are 500-700 to replace new. No more bulbs in those, it's a circuit board. Some case, you can send off the light to be rebuilt, but that's still 200-300. Gotta pay up for the new fancy.
Why is your poor pitty shakin so bad!
I was tryin figure that out too 🤔
Nervous or cold? Ears back...
great video man i hope you don't drive a ford.
Best way Ive found to keep my money is just not file. Should they contact me they will then have to prove I'm not a "Taxpayer", they can't because I'm not and most likely neither are you.
😂😂😂
@@maxpainmedia what do you find funny about that? I think retarded slaves are kinda funny. Mostly sad though. Save those receipts, tell daddy government how you did last year.
Handyman, contractors in my area just don't pay taxes because most of them are already used to prison. p.s. good advice in this one
Wait, by 1:27 min/sec in you said you paid like 80$ for a lightbulb? I thought you were THE HANDYMAN! Cant change a lightbulb out? Doesnt sound very handy lmao just messing with you...I am sure it required a screw driver.
Edit here: I really appreciate you making videos on how to for the handyman. Great help bro. Keep them coming. Customers, wives, girlfriends, etc...you know what I'm saying lmao
the bulb it self cost $80 👍
isnt that rich!guy that charges $200 an hour but complains about a $85 bulb.....goes both ways im sorry to say..just sayin
Be careful talking about this stuff online.
HANDER'S