I’m a counselor in Texas and I DESPERATELY needed this video today. It’s very helpful. It’s confirming some of what I sort of knew. It’s detailing info. Do more!
Great information, thanks for sharing! It would also be nice to have a video focused on retirement accounts. Also, I just wanted to share a Cell Phone write-off loophole that I just learned about. An easy way to qualify for 100% cell phone write-off is to get yourself an inexpensive home phone/land line as your personal line of communication and then use your cell line as your business line of communication. In doing this, the cell line can be counted as 100% business expense therefore qualifying for a 100% tax write-off. I hope this helps anyone out there.
My understanding is you can contribute up to $61,000 for individual 401k (not just the 20.5k mentioned in this video). The math gets a little confusing because your max contribution is also a function of your net profit. But I wanted to point this out because solo 401k and sep IRA are very comparable.
Hey Tres, thanks for pointing this out. This is the IRS reference with the annual contribution limit: www.irs.gov/retirement-plans/one-participant-401k-plans#:~:text=Elective%20deferrals%20up%20to%20100,age%2050%20or%20over%3B%20plus
What kind of information can you give for an individual that’s on disability who wants to get off the program and start a business with their own healthcare and insurance coverage
Wondering if tax services come with all of your knowledge and wealth building included? Current accountant services look to cost about the same but they are absolutely not making us any money and feel I am having to learn from you to school them. Something is very wrong. 🤷🏻♀️ I don’t mind paying it if I am making it. TIA!
Not quite. A write off is another name for deduction. Say you make $100 in your business but you spent $30 doing it. Now you only have to pay tax on the $70 profit. The $30 was a write off
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Didn’t know the new car to business rule! I like a lot of ppl think its a new 6000lb truck. Thanks, this helped a lot! Matt
Happy to help!
I’m a counselor in Texas and I DESPERATELY needed this video today. It’s very helpful. It’s confirming some of what I sort of knew. It’s detailing info. Do more!
Wow I’m so glad to hear that feedback, Ella! Will do
Great information, thanks for sharing! It would also be nice to have a video focused on retirement accounts.
Also, I just wanted to share a Cell Phone write-off loophole that I just learned about. An easy way to qualify for 100% cell phone write-off is to get yourself an inexpensive home phone/land line as your personal line of communication and then use your cell line as your business line of communication. In doing this, the cell line can be counted as 100% business expense therefore qualifying for a 100% tax write-off.
I hope this helps anyone out there.
Honest, informative and.empowering. Thank you very much..watched one video n knew yall are genuine 💯
Yes I would love for you to give more information about retirement tax right off or anything about the retirement.
Most application now days ASK if your a veteran or if you served and what branch
You are my favorite guy on the internet brother !!!!
Love this channel
Thanks for being here!
Please do a video on retirement investment
Wow thanks, extremely informative and well articulated.
Great stuff!
Great Information, Thank You !!!
Retirement video please. Keep up the good work.
My understanding is you can contribute up to $61,000 for individual 401k (not just the 20.5k mentioned in this video). The math gets a little confusing because your max contribution is also a function of your net profit.
But I wanted to point this out because solo 401k and sep IRA are very comparable.
Hey Tres, thanks for pointing this out. This is the IRS reference with the annual contribution limit: www.irs.gov/retirement-plans/one-participant-401k-plans#:~:text=Elective%20deferrals%20up%20to%20100,age%2050%20or%20over%3B%20plus
I started following you on LinkedIn!!!!!
Awesome!! 🔥🔥
Details on retirement contribution for the next topic plz. Solo 401k, SEP IRA. For sole proprietor and LLC w/ employees when scaling up.
Thanks for chiming in on this, Menseok! Noted
Thank you. Very informative.
The vet ? Is usually on application forms
Thanks🥰❤️😊
Great video thanks folks!
Thanks for watching!
Gems. Thank you
Yes more on retirement accounts!
What if your company is a Corporation not llc, can you still write all these off?
What kind of information can you give for an individual that’s on disability who wants to get off the program and start a business with their own healthcare and insurance coverage
Do you have to spend a certain amount for the start up cost?
what form is used for Bad debt expense?
Wondering if tax services come with all of your knowledge and wealth building included? Current accountant services look to cost about the same but they are absolutely not making us any money and feel I am having to learn from you to school them. Something is very wrong. 🤷🏻♀️ I don’t mind paying it if I am making it. TIA!
Also, would it matter that we are in Indiana?
Retirement plans 🙋🏼♀️
Link for a team?
How can I learned more I am a tax prepared
Don’t roast me too hard people but is a tax write off money that you get back?
Not quite. A write off is another name for deduction. Say you make $100 in your business but you spent $30 doing it. Now you only have to pay tax on the $70 profit. The $30 was a write off
i am interested in work with you sir
Book a call with our team: bit.ly/3EjzL2h
👌 👌
If you want more consultation. Please reach out to me.
🇱🇷🇱🇷🇱🇷🇭🇳
Great info great channel wish you talked a little faster but thank you for taking the time to teach😂❤