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Small Business Tax Advice and Tax Deductions

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The absolute most Important Tax Planning Strategy/Tool You NEED. This is a Cornerstone to Business planning and preparation. This will Change the way you OPERATE. Please watch and share with Anyone You care about. This Tax Advice is perfect for small business. Tax Relief and Tax deductions reviews. DirtMonkeyU.com and DirtMonkeyUniversity.com The Landscape Business Pro Podcast- The Voice of the Landscaping and Construction Industry. http://landscapebusinesspro.com Genadek Landscaping and Excavating genadek.com GT Lawn Maintenance GTLawns.com Linked In- Hit me up! https://www.linkedin.com/profile/preview?vpa=pub&locale=en_US Twitter: https://twitter.com/LBPpodcast Facebook: https://www.facebook.com/stanley.genadek Email: [email protected] Dirt Monkey: https://dirtmonkey.net Links to Episodes of Landscape Business pro: Greg Chism Geek to Freak Fitness and Lawn Care https://www.youtube.com/user/geektofreakfitness http://landscapebusinesspro.com/geek-to-freak-greg-chism-monetizing-youtube-videos/ Jonathan Pototschnik The Lawn Care Millionaire http://lawncaremillionaire.com http://landscapebusinesspro.com/jonathan-pototschnik-how-to-become-a-lawn-care-millionaire/ Brian Shain Top Notch Lawns https://www.youtube.com/user/TopNotchLawns http://landscapebusinesspro.com/brian-shain-of-top-notch-lawns/ Jordan Harbinger The Art of Charm https://itunes.apple.com/us/podcast/art-charm-confidence-relationship/id212382281?mt=2 http://theartofcharm.com http://theartofcharm.com/best/ http://landscapebusinesspro.com/jordan-harbinger-the-art-of-charm/ Keith Kalfas The Landscape Employee Trap https://www.youtube.com/user/TheEmployeeTrap LandscapingEmployeeTrap.com http://landscapebusinesspro.com/keith-kalfas-landscaping-employee-trap/ Mike Michalowicz http://www.mikemichalowicz.com Profit First, Pumpkin Plan, The Toilet Paper Entrepreneur http://landscapebusinesspro.com/mike-michalowicz-profit-first/ John Lee Dumas Entrepreneur on Fire http://www.eofire.com http://podcastersparadise.com http://landscapebusinesspro.com/john-lee-dumas-entrepreneur-on-fire/ More guests: Vanessa Van Edwards The Science of People, John Gray Men are From Mars Women are from Venus, Certified Contractors Network, Jennifer Kahnweiler: The Introverted Leader, Quiet Influences, The Genius of Opposites, Barry Moltz, YardBook, Aaron Walker
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Text Comments (87)
Daniel Nation (11 days ago)
Love you guys. Get some wireless microphones.
Forrest Kaznakoff (1 month ago)
Thank you Stan. For all of your shared info. It has helped me so much, as well as a few business partners..... Keep up the monkey business
Thanks Forrest, appreciate it !
PRODMEX L.L.C Kent WA (4 months ago)
My question is if I close my company for a week and take vacation time, Am I loosing money or making something good to pay less taxes because my profit will be less ? . I won’t make money that week. Thank you
Scott Clark (4 months ago)
He's monotone and keeps lowering his voice everytime he talks. I couldn't hear a lot of it even with my volume way up.:(
Jessica 2018 (5 months ago)
It's obvious that the guy on the right was audited because he is not handling his business and he manipulates tax allowances. The guy on the left is doing everything above board and be is not worried about being in trouble. He also looks like George Clooney. Go on ahead, George! Be like George.
Betsy Laughlin (7 months ago)
Great presentation but Jeff needs to talk louder
Isaiah92 (9 months ago)
Learned alot thank u
Crystal Whitlow (9 months ago)
This isn’t explaining how do anything. But just stating to start in October.
pneumatic00 (9 months ago)
Can't hear a word your CPA is saying.
Cisco Leon (10 months ago)
Your audio is horrible. I’ll watch one more video and if the audio is as low as this one, I’ll more than likely not watch another one. Please fix your audio.
Emma Redford (10 months ago)
To provide you with comprehensive service to keep you financially secure. Try To Visit Here - https://www.mmtcpa.ca/ #CalgaryTaxAccount #CalgaryTaxFirm #CharteredAccountantCalgary #CalgaryBusinessTaxAccountant
Ry Clean Ups (10 months ago)
Good info...the game is broken down into the strategy of - organize the financial map and expand. Upon expanding communicate with competition and use your best etiquette. Tax time always buy a new everything and sell what was used the year or two before. Consider all "loses" as paying up front for good karma!
Tiffany Couch (11 months ago)
Taxes are such a challenge for small businesses. Thanks for the info!
Ke Ga (11 months ago)
Excellent info.
K L (1 year ago)
Thank you for sharing your knowledge sir. Have a blessed day
Marissa Ayers (1 year ago)
Marissa Ayers (1 year ago)
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Patrick Baptist (1 year ago)
Lesson #1, it only accepts the cash payments and enough said.
Knowledge Wisdom (1 year ago)
Barely can hear your guess
D Mason (1 year ago)
One of the simplest ways to keep track of expenses, for me, happens right at the cash register. I take my receipt and put a p for personal or w for work at the top of the receipt and if it is for work I put the job name and/or address under the w. Then on Mon. morning when I go through my wallet sorting my weeks receipts it's very easy to sort them and break them down by job to figure my p/l for each job so I can see where I did good and not so good rather quickly.
Scott K (1 year ago)
The most awkward conversation I have seen, it's crazy that the word "money" is crazy to think it's hard to talk about...
CURB APPEAL (1 year ago)
the audio sucks
MarkyCmarkyDo1 (1 year ago)
Roy Franks (1 year ago)
Can someone tell me how this will work? This is just a random example. Let's say I spent $10,000 on my company this year and only bring in $5,000. So I loose $5000 as far as taxes go what happens please give a through exclamation
Irina Poltl (1 month ago)
You spend $10,000 but only make $5,000. You have a net loss of $5,000. You do not owe anything in taxes. You can only expect to get something back if you made estimated tax payments and paid medicaid and social security taxes for yourself and employer which happens to be the same people in case you are a sole proprietor. As long as you show a profit three out of the last five years, the IRS will not likely audit you or have questions. If you don’t, the IRS may see your business as a hobby and deny certain deductions. Can you get a tax refund for that loss? Getting refunds and benefits from your business loss depends on the type of entity your business is. If you are a single member LLC or sole proprietor or S corporation with pass through taxation, then your income or losses will be included in personal tax returns on a regular 1040 with all supporting schedules. Schedules A, B, C D, etc are used help tax preparers to calculate how much is owed in taxes. All those totals from various schedules are transferred to your 1040 as other income and offset or added to regular income to arrive to TAXABLE income, not to be confused with Gross income or AGI (Adjusted Gross Income). Let's say your taxable income is $20,000. You could have made $80,000 gross income but SOMEHOW with tedious tax plan and help from your CPA managed to write off most of your expenses and get it down to only $20,000 which is what will be taxable. According federal Income tax bracket you will pay as follows: 10% for the first 9,525 which is $952.50 plus 12% of the amount over $9,525 until taxable milestone of 38K, which in our case would be $20,000 - 9525 = $10,475. Now, you pay 12% of it which is $1,257. SO, your total tax is $952+1,257 = $2,209. Which gives you your effective tax rate, which basically means how much in taxes in relation to your gross income you paid. In case above, you made $80K and paid only $2209 => 2,209/80,000 = 2.8%.
Josh Heaps (5 months ago)
Nothing happens. If you only make $5000 you might owe $1300 in taxes so that's the amount you could write off.
joe mama (1 year ago)
Great advice!
LEXUS-RX300 (1 year ago)
So buy reinvesting the profits before tax, you basically get more for your momey? As its taken as expenses etc So say 10-20% more for your investmentsv
valentin shapoval (1 year ago)
What state are you guys in?
Jennifer Estrada (1 year ago)
valentin shapoval Minnesota
SooperHBOMB (1 year ago)
What if I have a fulltime job with a W-2 and my own company10-99 but I spent about 5 thousand on building my company but didn't make anything in return yet because I haven't started selling or opened yet. Can I deduct the 5 grand from my w-2?
Garcia's Tax Service (1 year ago)
You can deduct it as start up cost in the year you make your first sale.
Mosquito Guy (1 year ago)
SooperHBOMB No. You cannot deduct that expenses on your unreimbursed employee expenses. Deductions on your income on the W2 goes to Schedule A and the business expenses goes to Scedule C.
Here's a link describing Section 179 deduction. https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Taking-Business-Tax-Deductions/INF12043.html
A good tip for 1st yr start up's is to deduct 100% of your assets like an expensive mower, instead of depreciating it through multiple yrs. It's called Section 179 deduction. It helps soften the cost of starting a a business. The downside is any asset you claim 100% on, you can't claim depreciation on the any following yrs. because it was 100% claimed already. You could adjust the % to claim in the 1st yr. so you could claim any %. Example: 75% 1st yr. the remaining 25% would depreciat through remaing yrs of use, etc...Here is a link explaining it. https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Taking-Business-Tax-Deductions/INF12043.html
Fyendi DarNesha (7 months ago)
This video isn't helpful.
Duane Berlin (2 years ago)
Can't freaking hear you. Turn up your mic volume
Fyendi DarNesha (8 months ago)
🙄Right, Duane Berlin !!! I had to hook my phone up to a portable mic. 😕
Isuru Madushan (1 year ago)
here's a few tips to think about before you setup your own cleaning business are you likely to have support from you spouse? Are you self-motivated? Will you carry out the plan? Do you have the money to go ahead? (I learned these and the reasons they work on Ayalisse Clean Biz site )
Mike Cowan (2 years ago)
if you do research you can pay no taxes. my dad did it. there is tons of loopholes. to take advantage of it.
I AM GOD (1 year ago)
Mike Cowan what are those loopholes?
LEXUS-RX300 (1 year ago)
Stanley "Dirt Monkey" Genadek business partner
be careful- big brother is watching ;)
david427steel (2 years ago)
Spot on advice. You guys just left out making quarterly tax payments.
David G (1 year ago)
irs.gov they have info there.
KP MacGregor (1 year ago)
Stanley "Dirt Monkey" Genadek I'd love to see a video that talks about quarterly payments. It's the one topic I haven't been able to get straight answers about.
We missed that point.
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Online Services (2 years ago)
These are the types of videos I like to view. Great content and took a few notes.
dougat (2 years ago)
Is the IRS like CRA here in Canada? They don't tell us much about the USA here except very few of them are Eskimos.
+dougat I don't know what CRA is but the IRS is our regulatory agency that does an amazing job of collecting taxes ;)
tes44 Cervantes (2 years ago)
great stuff!!!!!!!!!
+tes44 Cervantes Thanks!
clos 21 (2 years ago)
awesome!! ive been hearing people say you can write off a new vehicle you buy as a conpany truck?
Mosquito Guy (1 year ago)
clos 21 careful writing of the entire cost of your vehicle the first year. If you claim sec. 179 you need to do actual expense on your vehicle expenses on the first year and all coming years. If you drive a lot of mileage you will loose the opportunity of claiming mileage instead of actual expense on that vehicle.
O&A Fan Videos (2 years ago)
clos 21 depending on where you are you can claim part of the tax, car value up to a small amount, wear and fuel expenses if you drive to or from your place of business to or from a client...but not if you use it for personal use and not the entire value of the car.
+Carlos Vasquez yes- any company related purchase.
Dan Kruger (2 years ago)
Taxes, the reason most business go into debt.  My questions come with cash.  Do a video on that, please.  I can't tell my cash stories.  My grandpa says never to tell anyone about your cash, not even him.    That was very good advise, once again. Section 179 here I come.
motorcross (2 months ago)
+Kyle Dempsey cash does not get taxed
William Stewart (6 months ago)
Kyle Dempsey Cash jobs
LEXUS-RX300 (1 year ago)
Kyle Dempsey cash in hand
Kyle Dempsey (1 year ago)
Dan Krueger what do you mean, cash
+Dan Krueger Your grandpa was right-which is why you won't see a video on it-hahaha :)
Adam Carter (3 years ago)
Good stuff.... not taxes, but for sure the info provided in this video!
+Adam Carter Thank you!
Ring Lawn Care (3 years ago)
Thank God my wife is an ACCOUNTANT & my accountant too. Very informational, time to go have an argument with her. haha!!
Ry Clean Ups (10 months ago)
At some point you can always break even and just keep buying and expanding. There is Nothing wrong with playing the game and winning as long as you play fair. Now days store credit will go further than a bank loan. You can expand based on store credit alone. Worst case you have a legit business making loot and bad credit. Life!
+RING LAWN CARE Let me know her opinion on this.
Dale Rogers (3 years ago)
Good stuff for real estate agents (contractors) too!
+Dale Rogers I think most small business should do these things.
turdsandwicher (3 years ago)
Wow great video stan. First year for me. I was thinking all along that I would need to have a perfect record of all my invoices is that not the case? What I gather from your vid is all I need is my business account bank statements. I was also saving all receipts do I need to keep those too? I plan to talk to an accountant before tax season just to be %100 sure what I am doing is Okay.
+turdsandwicher I keep my receipts for cash purchases. Otherwise I use my bank records for everything else.
Kyles Lawn-Care (3 years ago)
What is the age that you should start paying taxes or is it based on how much you make a year. The reason I ask is because I'm 15 and will be 16 in January and I have my own lawn care business and don't wont to get in any trouble with the IRS
DEVGRU-P (2 years ago)
+Kyles Lawn-Care Any money you earn is subject to income tax, as an American, whether you are 12 or 100. But the amount of money you earn is probably small enough to take the standard deduction and owe nothing in tax.
+Kyles Lawn-Care Its based more on income than age. You better start finding an amazing accountant-they are one of the main keys to success.
+Kyles Lawn-Care 18 maybe?
I am literally going to buy you a microphone and have it shipped to you. lol It is needed Bro. Its hard to hear hahah
hahah i already have one shipped to hahah jk
+J.L. Landscaping and property maintenance I will order one up-everyone has a hard time hearing me. Just can't figure out which one to buy.
2 videos in 1 day. Now today is a good day.
Top Notch Lawn Care (3 years ago)
Great video. Perfect timing.
+TopNotchLawns Tis the season to start planning- see you in a few weeks :)
Aron Melo-Martinez (3 years ago)
great advice. thanks Stanley!
+Aaron Melo-Martinez Aaron- I hope it helps out :)

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