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Tax Write-Offs for the Self-Employed & Business Owner

2238 ratings | 90108 views
This video is focused on breaking down all the write offs and deductions that the self-employed person and business owners can and should take advantage of when filing their taxes.
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Text Comments (80)
Great video! Thank you!
Marco More (1 month ago)
I need an acct. Sir
romanticshadow s (1 month ago)
If you work from home can you write off internet and electricity bills? Lol i do work online
nyyght7 (1 month ago)
I watched this youtube video on Business Taxes, so now can I finally write off my internet bill?
The Mario Tuzzo (1 month ago)
Can you write off meals?
Accurate Stripe & seal (2 months ago)
Dead beat people in ur life also a major write off....
Juan Gallardo (3 months ago)
Trips to Las Vegas.
miroslav trifko (3 months ago)
here's several ideas to think about before you setup a cleaning business Will you get support from you family? Are you someone who is self-motivated? Will you stick to your plan? Do you have the funds to go ahead? (I discovered these and why they work from Ayalisse Clean Biz site )
Syed Rizvi (3 months ago)
So I have a question maybe you can answer. For example: I made $50,000 in 2018 and I write off $15,000 as a tax write off also known as deduction now I'm left with $35,000 so one thing is clear that I will be taxed on $35,000 now my question is when I go to buy a house in 2018 how much money did I make when a mortgage specialist askes me how much did you earn in 2018 on my tax return. Now I made $50,000... so my question really is the money that I'm left with which is $35,000 after the write-off and deduction .. is that the money I made as my salary and or did I make $50,000. So if I made $50,000 and I'm writing off $15,000 does that also reduces my income or that is only for taxing purposes.
Mushky Fuchs (5 months ago)
That was so informative and clearly presented! Thank you!
JmansFragments (5 months ago)
i def need more info on tax write offs like i want to know it all' how does it work do you get the money back in tax season? business income and tax write offs allthat
Asafaflu Diva nu (6 months ago)
I have a small daycare. 4 kids total. I am early childhood educator. I teach multicultural songs, facts to kids. I travelled to Egypt and Israel. I spent $5,000.00. Can I write that off ? Thanks.
Ian Corzine (7 months ago)
Great video! Can you still write off your insurance payments?
DM Music Studios (8 months ago)
Great video. Relevant info, and to the point. Very helpful.
Menlo Forty (9 months ago)
Great video! To the point and understandable!
4k photography (10 months ago)
Well-spoken Bravo
Chris Jay (10 months ago)
mallissa lee (11 months ago)
Thank you greatly!!!!
Camron Ra (1 year ago)
Great video! Thanks for sharing the list of deductions. Can a tech company write off meals with clients or team members while discussing official business? IE: discussing design specifications at a restaurant with official meeting minutes. Please follow the young radical CEO on IG @legion_tech_ceo.
Katherine Hamar (1 year ago)
Super helpful! thanks :)
Nice ! Thanks and keep it up
The Burb Billy (1 year ago)
Great tips!! Thanks for posting. If you do a vid on running an internet business or for YouTube creators in particular I'd love to see it!!! Thanks again TBB
vinny brady (5 months ago)
The Burb Billy yes i would like to hear about it more please as i have a home business just started
Leonardo Sandoval (1 year ago)
You are basically only explaining the tax deductions. But what happens when you are self employed and have an LLC? Do you deduct on both the 1099 misc. and schedule C or just on schedule C, which is for business.
Kristopher Carter (1 year ago)
An LLC is a pass-through entity so you will be taxed as an individual and that income or expense goes on a Schedule C unless its passive rental income then it would go on a Schedule E
Mrs Q.869807 (1 year ago)
help..set up
Ben A. (1 year ago)
Great and very helpful video my man!
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Carla Anders (1 year ago)
Thanks for sharing! #stayblessed
Samuel Fernandez (1 year ago)
What about a cell phone that I use for both personal and business purposes?
Lone1yGuy (1 year ago)
Samuel Fernandez determine if you use it more personally or business wise in percentage and deduct that percentage from whole amount you spent for your phone
Laura Salazar (1 year ago)
I had no idea. Thank you for offering this information.
Mrs Q.869807 (1 year ago)
Mrs Q.869807 (1 year ago)
Ailaiya Gawali (1 year ago)
Ailaiya Gawali (1 year ago)
Ms. Leeann (1 year ago)
Are you accepting new clients? What state do you specialize in? Thanks.
Mitchell Davis (1 year ago)
Excellent video and very easy to understand. Thank you
neurosis333 (1 year ago)
GREAT video!
loanshoppers (1 year ago)
Some of these might changed with the new Treasury Secretary. If you write-off 50% or more is an audit more likely?
Ashley Adam (1 year ago)
do you make money of off qb
Marq James (2 years ago)
So If I purchase a brand new truck for my business, those payments don't affect my debt to income ratio? is it all tax deductable?
Josh Heaps (6 months ago)
Marq James if the truck was financed in your name, with your ss# then yes it absolutely counts against your dept to income ratio. You can depreciate the vehicle and deduct either mileage, or actual costs. Bearing in mind that once you have claimed actual costs of a vehicle you may never switch back to mileage on that particular vehicle.
YouTube305 (2 years ago)
How can we expense an entire car lease payment? Thanks
Citizen Park (2 years ago)
agree... keep it coming!
Dylan Graham (2 years ago)
great stuff keep these coming
Crystal Morgan (2 years ago)
How do I write off donated time for consultations and tutoring?
sylvia mccray (2 years ago)
great what if you look and see that the tax prepare didn't do the schedule c can I do an 1040x
dougat (2 years ago)
You don't need to write off diapers when they are giving child tax credits of 6500 per kid! What does the single person get? Zip all!
Davis Cortina (2 years ago)
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Joe Jackson (2 years ago)
Awesome value here! Quick question, Wondering if you can write off a contractor's income?
z planetx (2 years ago)
Economy Pluming and Heating vs U.S. Corporations 1972 “Revenue Laws relate to taxpayers and not to non-taxpayers,. the latter are without their scope. No procedures are prescribed for non-taxpayers and no attempt is made to annul any of their Rights or Remedies in due course of law. With them [non-taxpayers] Congress does not assume to deal and they are neither of the subject nor of the object of federal revenue laws.” Long v. Rasmussen, 281 F. 236 (1922) "The revenue laws are a code or system in regulation of tax assessment and collection. They relate to taxpayers, and not to nontaxpayers. The latter are without their scope. No procedure is prescribed for nontaxpayers, and no attempt is made to annul any of their rights and remedies in due course of law. With them Congress does not assume to deal, and they are neither of the subject nor of the object of the revenue laws..."
jessi gut (2 years ago)
Can I write off buying lunch if it was work related
Only if it's business related and you can get 50% off of your total meal
Jordan Knight (2 years ago)
Can you get money back if your business fails
Antonio Marquez Ramos (3 years ago)
can i writeoff meals?
Jack Davis (3 years ago)
+David Rival 50% of meals deductible if business related
awesome thank you!
HEEKTA (3 years ago)
Have a new home base business-Consulting & Event Planning should i have used my Residential address or PO bx for tax write off when i am hosting an event or conducting Presentation in the space that i allotted in my home??
Donte Shorts (3 years ago)
Can you do a video on how to fill out a independent contractor form and how to write off your Receipts
David Morton (3 years ago)
Can I write off my milky sexy voice?  lol
katielouise doyle (3 years ago)
Thanks for the info, it was very helpful! But I still have one question. I do not actually have a business license of any kind, I was employed by a company that hired us drivers out to their customers that needed drivers. Because we could turn down a job offered to us they stated that we were considered self-employed. So what form/s should I be filling out to submit my taxes? They did not withhold any taxes.
Nick J (3 years ago)
+katielouise doyle 1099
harvey winklestein (3 years ago)
very informative. Can you tell me why on the 941 each month I pay tax on money we paid ourselves so we can pay back credit cards or loans. It isn't income. It is paid back to the lender. Thanks.
Mark Volner (3 years ago)
For my business it is important for me to dress nice and look good. Can I write off haircuts and clothing?
Enrique Junior (1 year ago)
Mark Volner i would imagine no cause the irs could apply to your personal. life
BRENDA (3 years ago)
I have a small retail store and I have to pay taxes of my total sales to the state every month. Can I write this off, if so where do I enter the taxes I pay on schedule C
QueDiddit (3 years ago)
I love this info and your delivery.  This was extremely helpful in making my business decision.  Thank you!!!!
Miss Glamm (3 years ago)
Emerson Brôga (4 years ago)
Great video
Bryan Zamiska (4 years ago)
how do you write off things that are online purchases and you only get receipts via email.  I am a college fine art student and freelance visional artist in fine arts.
Health Insurance (3 years ago)
print the email
KELLEN KASH (4 years ago)
Can you talk more about writing off plane tickets and if we can purchase first class and business class as a deduction and how that works?
Robert Perry (4 years ago)
Good info no hype Thanks sir!
Self Employed Business (4 years ago)
Great tax tips happening here man, thanks for sharing
priestchill (5 years ago)
any tips on s-corp write offs, and how to's.
Alexandria Little (5 years ago)
You sure can. And every trip to the beauty supply store you take
Khama (5 years ago)
Great video. What's your website?
AClarionCallMinistry (5 years ago)
Very, very helpful... thank you...
stankin lancoln (5 years ago)
I have attempted to file my business tax but notice that no matter how I change the numbers I never recieve a refund.(I just break even at best) This is my first year in business and I have spent more than I have made. Can you help?

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