10 Self Employed Tax Deductions and Credits (tax benefits)

10 Self Employed Tax Deductions and Credits (tax benefits). If you are interested in self employed tax deductions, self employed tax credits, or some of the best tax write offs AND are self employed OR a small business owner then this video is for you! If you are a W-2 employee with a 1099 side hustle then you too can take advantage of some of these tax write offs for your 1099 income.
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In this video we discuss the Sick and Family Leave Credit, Minimal Rental Use, Vehicle Deductions (Section 179 & Standard Mileage Rate vs Actual Vehicle Expenses), 20% Self Employment Deduction (QBI), whether or not you should file as an S-Corp, Self Employed retirement account contributions, Business Meal Deductions, Rental Costs & Health Insurance Premium write offs, and your ability to write off your business communication devices and services.
Hope you enjoy the video and find a nugget or two of information to help you on your financial planning journey.
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Timestamps / Chapters:
0:00 - Intro
1:00 - #10 - Sick and Family Leave Credit
2:30 - #9 - Minimal Rental Use
3:04 - #8 - Vehicle Deductions
3:36 - #7 - 20% Self Employment Deduction (QBI)
4:05 - #6 - Should I File as an S-Corp?
5:58 - #5 - Contribute to Retirement Account
7:00 - #4 - Business Meal Deduction
8:48 - #3 & #2 - Rental Costs & Health Insurance Premiums
9:30 - #1 - Business Communication
ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#TaxDeductions
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DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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