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IRS Webinar: Small Business Owners Get All the Tax Benefits You Deserve

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Please Subscribe for more videos. Please comment with any questions and like. Small Business Owners: Get All the Tax Benefits You Deserve - Webinar (June 18, 2013) Find out about allowable IRS tax credits, deductions and more that small business owners may be able to take advantage of. Webinar Description: Learn about business expenses and deductions What is a business depreciation deduction? Find out which business tax credits are available for your business Get the latest facts about the American Taxpayer Relief Act What are the qualifications for the Earned Income Tax Credit? Link: http://www.irsvideos.gov/GetAllTheTaxBenefitsYouDeserve/
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Text Comments (21)
Shakil Sayed (26 days ago)
Buy alltaxbenefits.com from GoDaddy Auctions Or Contact - [email protected]
Kristi Gilleland (4 months ago)
I need to build a large storage building strictly for business with electricity. The family could supply labor. Can I deduct material cost(lumber or kit) just once in the year it is built-would that be a capital expense that I'd need to depreciate or could I just deduct materials cost that one time that year?
Joan Ferreira (4 months ago)
without any further information, it seems that you would need to capitalize and depreciate over the years, you will not be able to just take one big expense. You should consult a CPA or Enrolled Agent in your area for more details.
Floria Vu (5 months ago)
Agreed with GaryTV, an update would be very helpful! Thank you!
GaryTV (6 months ago)
This is a good video, but now that it is 2018 there have been changes to the IRS code. An update would be great!
Scan Adjei (4 months ago)
GaryTV you completely right Gary
Dre Cun (6 months ago)
For florida tax help go to Americorpsolution.com
Scott Duke (7 months ago)
Im starting a new landscaping business. Can I deduct landscaping equipment I already own as a startup cost
Joan Ferreira (6 months ago)
Hi Scott, consult with a CPA or a local tax professional. Generally you can depreciate the Fair Market Value of the assets you "moved over" to the business. There may be some instances were you can expense the entire equipment on the first year depending on costs. If you are fairly new at the business, it could mean that you don't have much revenue, thus depreciating over time might work best.
dumb roots (8 months ago)
How much % would S Cooparation be paying for new taxes laws
Joan Ferreira (8 months ago)
foshnizo manizzo s corporations flow through individual income tax, so it would be the individual tax rates. Keep in mind that other corporations would get a lower tax rate, however, any dividends paid would also be paid at the individual dividend rate.
Ovigada (10 months ago)
How does this apply to a trucking operation that never files in the first place? Couldn't one save up the tax money for the day when the IRS finally meets up with them and gives them an actual tax bill? These people never send an actual bill for you to pay and they rely on you to voluntarily give them a report about your ops and for you to voluntarily give them money.
Joan Ferreira (6 months ago)
mmm... that's tax evasion. You are right, the IRS is mostly based on trust, and while the majority of people follow the rules, some people don't. Just don't let them catch you Wesley Snipes.
#JMB JokerMansBeats (1 year ago)
I have a quick question. If i pull out a $20,000 personal loan from my current personal 401k plan to start up my own business as in a production studio & internet website. Can i claim that come tax season to repay back that 401k loan?
#JMB JokerMansBeats (1 year ago)
Joan Ferreira thanks bud
Joan Ferreira (1 year ago)
JokerMansBeats thanks for the question. The short answer is that the $20,000 business start-up expense in most cases needs to be capitalized (deducted over many years) rather than all at once. Even if you claim it in your taxes, you will not get a "refund" of the money you put in. You will simply not pay taxes on those expenses because it won't be part of your income. Also keep in mind that if you take a $20,000 loan form your 401k and you then quit your job, you might need to repay all the money at once or it would trigger an early distribution penalty which means that you would actually pay MORE taxes because you took the money too early. Hopefully this helps. Consult a tax advisor or a financial advisor; your employer may offer one for free or you city.
Orlando Tax (2 years ago)
This video is very helpful.
Peter Terilli (3 years ago)
Is the slideshow mentioned at the beginning of the Q and A portion available anywhere?
Tung Huynh (3 years ago)
I am a furniture designer. I recently registered for a business.  Over the past few year I have spent a lot of money on producing the designs.  My question would be. Can I claim any tax on expenses I made from date back 5 years ago?
Tung Huynh (3 years ago)
Thank You Joan! As a designer, my dream is to see my designs come to life.  Never thought about being an entrepreneur. Starting a business is a whole new ballgame.  I am still learning . Thanks again for your advice.  Cheers!!
Joan Ferreira (3 years ago)
+Tung Huynh Please consult your tax perparer or CPA, this advice should not be taken as legal, or tax advice but rather education. For every year that you incurred business related expenses you would have to amend your taxes and essentially have losses for those business expenses. You have to work with a tax advisor to help you figure out if they are legitimate business expenses, if you have receipts, etc.
Myrtle Welch (3 years ago)
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