What are Tax Write-Offs? Tax Deductions Explained by a CPA!
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- Опубликовано: 17 июн 2024
- People are paying WAY too much in taxes because they are missing out on Tax Write-Offs.
Become a Tax Client: mycpacoach.com/tax-planning-s...
More than 2 million people overpay on their income taxes every year. And many are missing out on tax deductions that can LEGALLY lower their tax liability.
In today's episode, I am going to give you the BEST explanation of tax deductions so you DON'T miss out on another tax deduction again.
Outline:
Intro: (0:00)
How Taxes Work: (1:45)
How the Standard Deduction Works: (2:40)
Types of Tax Deductions: (3:20)
What are Business Tax Deductions?: (3:40)
How Business Tax Deductions Work: (4:50)
Misconceptions about Tax Deductions: (6:19)
How to Take Business Tax Deductions (8:10)
Recap: (11:00)
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
![15 Individual Tax Strategies to Avoid W2 Taxes [100% Legal]](/img/1.gif)
This video should be required for every High School and College student.
so funny... he explains everything in perfect order. and as I'm following along like... "Whats a tax credit though?" annnnnnnnnd its the next thing.
Perfectly explained!
Wow I appreciate that, I definitely tried to make sure no stone was left unturned
Yes! Thought the same thing, he is so well spoken and in such a great order that helped me to understand step by step!
Pl
just letting u know I learn & understand more from u in one video than I ever understood in all 4 years of school as an accounting major
Wow this is the first time I’ve really understood tax deductions. So we’ll explained!!
Grown man of 40 here. Embarrassed I didn’t know these things. Thankful for your work. Liked and subscribed.
This video explanation flows perfectly with the way I learn. Thank you!
Y'all will have a big channel someday. Keep it up.
Thanks for your support, Ryan!
This aged well
@@Chefdookster I wish I wrote how many subs they had at the time! Lol.
Still early innings! 152k
I really appreciate you putting this series of videos together. Thanks!!!
So professional and so clear- thank you and your wife both for this wonderful work of yours 🥰🥳 bless you! Subscribing from all my 4 devices 🙏
Did that was incredibly informative.. and you talked in way that was understandable and relatable. You genuinely provided some great value!
Sherman was awesome in this video! He explained everything very well. I now have a much better grasp of tax deductions that I can use towards my new business. Thank you Sherman!!
Glad it was helpful!
This is an awesome channel! Keep doing your thing, brother.
This is a great video. Thank you so much for sharing this. Great breakdown, thanks!
This was sooooo well made. Thank you so much, very effective and easy to follow.
Love to hear it. Thanks for watching.
Great vid bro! Thank you for the explanations! 🙏🏽
Awesome, thanks for your time to build this video!
Thank you ! This has been so helpful as a freelance performance artist
Very informative. Thank you for the top quality information. Keep ‘em coming 💪🏽
Will do, thank you
Baller ass video, Sherman! I just started a small business and all this was helpful. Super clear and concise, thanks. Liked and subbed!
Man thanks, that means alot!
Ayo thanks dude. I’m trying to learn more about this stuff since I’m now an adult. This is super helpful.
Glad I was able to help! Thanks for watching.
GREAT WORK Sherman! I learned so much. You earned my sub. Thank you
Awesome, thank you!
Crystal Clear info. Thank you so much, subscribed!
Thanks for the sub!
Great info. Truly appreciate you and the information you give !!
I appreciate that!
Very well made and easy to understand. Subbed !!
I’m watching your videos at 2 am you are such a great teacher! Your information is worth thousands to millions in great hands 🔥🔥🔥
Itd be nice if you gave more of a anecdote about how each term works not just its definition, its nice how much you work on getting us to clearly depict things but itd be nice to have some expansion on it not just clearer definitions
Outstanding awesome info laid out so clearly.
So easy and well presented , appreciate you :) Gracias
Love your videos!! Super helpful
This is tremendously helpful! Thank you!
thank you for the video man! My CPA didn't even explain it to me
Damn this was so clear - thank you!!
The best channel for taxes period....
.
I enjoyed this video, great information.
this is top notch content bro subscribed.
See we need to take advantage of this ish.. perfect explanation!
Definitely need to. It's there for you.
Excellent made educational video! Thanks for the content!
Our pleasure!
Such a well done video. Great work and thank you
Thanks for watching!
As a small business owner getting started! This was well explained!
Thanks Hecmar. What type of business do you have?
@@LYFEAccounting Auto Mobile Mechanic
Thank you for the content brother 💪🏾
My pleasure!!
I'm so glad they teach this school.....
So helpful. Thank you!
Thank you so much for explaining these things. I took TAX1 last month, and my professor did not explain these fundamental things, he just assumes students will automatically know it.
Wow. Glad I was able to help you out.
Very helpful!!! Thanks!
I loved the way you explained this, this jargon is so new to me that I'd be like Wait what exactly did he say that was? & sure enough you described it a 2nd time I was like Wow its like he can hear my thoughts :D subscribed ^-^
Amazing instructor. Thank you :)
Thank you for this! very helpful and easy to understand
You're very welcome!
This is a great video. High quality content. I love to see a black brother making it happen! I liked, commented and subscribed, may the algorithm bless your channel!
That means a lot, thank you!! 💯
Can I say I love seeing my white brothers make it happen?
This was very helpful
Great video. Can you do a video on a scenario of having no income but business expenses?
I don't even have a business but it's very helpful information. This is what schools should teach instead of some of the nonsense being pushed
they don't teach you anything you need to know in schools so that your clueless and vulnerable. They do it on purpose its not a coincidence but I too heavily agree.
Can I hit the like button 10x? Thank you for this free learning
This is great thank you very much my friend
great video! i have learned a lot. keep the good job 👍
Awesome! Glad it helped!
Very clear thank you!!!!
Glad it was helpful!
You’re awesome bro 😎🙌🏽
For what?
Thank you so much sir I appreciate so much. Your saving a lot of hard working Americans money ✌🏾
Great video, Thanks! subscribed!
Awesome, thank you!
THANK YOU SO MUCH 😊 I REALLY APPRECIATE YOU
great video. well explained
Thank you!
Thank you much love 🙏💚
Liked and commented. You did a good job.
High quality info!
Glad you think so! Thanks for watching.
Thank you! Earned a sub
Thanks for the sub!
Good stuff…good delivery..sub
New subscriber ✊🏾
absolutely well deserved like
Great information I appreciate it
No problem!
Great video
Im now plugged N with U guyz now!!! Thankx!
Welcome!
Was very helpful 👍👍👍👍
Glad to hear that! Just curious, which part did you find most helpful?
Thank you so much
Great information thank you! I do have one question, are tax deductions only for business owners then?
This was such a helpful video! Very easy to follow and made in simple terms. Definitely subbing to learn more! Thank you!
Awesome, thank you!
great video, question- do screenshots of notepad / day planner count as proof when filing tax deductible expenses? photos of written calendar/journal?
Great video thank you!
However I have a question please.
Is it possible to obtain tax deductions/write offs as a 1099 employee?
Man you're too good 👍
Thank you! All your videos are incredibly helpful!!
Great info thx
Glad it was helpful!
EXCELLENT VIDEO. Described in plain English 😆.
WOW thank you Reek, hope you consider subscribing?
@@LYFEAccounting I did 👍
I just want to express how thankful for your videos you. You guys explain everything so well. If you ever decided to teach courses for CPA or EA’s I am in! #SignmeUP
Great explanation very easy to understand and very helpful information #newsubscriber
thank you
Awesome video for a new gym owner 💪
Thanks 😊
I love this guy
Thanks!
Thank you 🙏
You’re welcome 😊
Would business attire be an expense I could write off ? Thanks for the vocab I subscribed I need to know 😵💫
Liked. Subscribed.
Awesome, thank you!
Exactly school only taught us to go to college for four years and work for someone
I wish someone would do a video going over things you could deduct as an artist or youtuber.
Look up Brian Kim ClearValue Tax. He has a great video for that.
@@ridingwithryan1507 Oh hell yeah, thank you!
Thank you
THANK YOU!
Starting a sound/DJ production business. Will I be write off the equipment cost as business expense? Also, what about the equipment I already own but will be transferring it to the business for business use? TIA
Can you share some examples of not eligible expenses, like if space on your home qualify as tax deduction?
Watch this: ruclips.net/video/E-q9yb2nMgg/видео.html
Question.
Not a business, just a hobby. I buy broken electronics, fix and sell them.
I make little money doing so but the income seems high if not counting how much I spent initially and for all the equipment and supplies.
Can I write those off ?
What if you have a corporate job but are starting out your business and plan to utilize s179 for software. Can you still write off the software towards your entire gross income (business and corporate job) included?
Dude, taxes are brutal... this will be my first year paying taxes after making significant money off RUclips. Im scared lol
Love it
Thank :)
So... A tax deduction's function is to move your AGI downward toward the next tax lowest tax rate. Whether it achieves that next lowest rate or not, either way you will still owe taxes.
At that point, whatever that number is, a tax credit is used to reduce that number directly.
CORRECT! Though you can lower your AGI to 0 with enough deductions.
How about the purchase amount of a bicycle used as a marketing tool for a mobile bicycle repair business. Will that be tax-deductible?