15 Biggest Tax Write Offs for Small Businesses! [Best Tax Deductions 2024]

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Күн бұрын

By a Trusted CPA: Find out the BIGGEST Tax Write-Offs and BEST Tax Deductions for Small Businesses in 2023.
Become a Tax Client: mycpacoach.com/tax-planning-s...
Find out how millions of small businesses end up overpaying on their taxes every single year, and how you can avoid making this expensive mistake.
Watch until the very end for all of the details!
Watch next:
Top 5 Tax Loopholes: • Top 5 Tax LOOPHOLES fo...
Top 6 Ways to Pay Less Taxes: • Top 6 Ways to Pay LESS...
How Entrepreneurs Avoid Paying Taxes: • How Entrepreneurs Avoi...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 135

@LYFEAccounting 7 ай бұрын

If you enjoyed this video, then you'll love my updated version: 🏆The 30 BEST Business Tax Write Offs kzfaq.info/get/bejne/mcugm6WH2tm5g2g.html

@juliobulone Жыл бұрын

You got to be careful. If your losing money every year, your going to get audited. Also, if you use all the deductions you can get, your taxable income will be low. Means you don’t make very much a year(according to your taxes). So it will be harder to buy a house or get a loan.

@XDVansKidXD Жыл бұрын

Honestly this is the BEST video I’ve seen on tax deductions. Thank you for making this simple and easy to understand. Taking lots of notes.

@FinancialFreedomMadeSimple 2 жыл бұрын

Great inputs, learned a lot from this video. Thanks for this.

@user-rj4st1ix4e 2 жыл бұрын

Great information. Thank you so much!

@yvonnec3234 2 жыл бұрын

Thank you for sharing such great advice

@SandraOrnelas-zb7zs Жыл бұрын

Great information, first year doing taxes as a s corp and this info is very helpful, thank you!

@naikeelovince7774 2 жыл бұрын

Thanks Sean! What a wealth of information!!! Best video ever.

@1spunkygirld 2 жыл бұрын

Thank you so much I learned alot of information that I was not aware about

@creativewellness7106 2 жыл бұрын

Great content! Thank you!!

@shouldigetit 2 жыл бұрын

You're the man Sherman!

@a1taxandbookkeepingservice20 Жыл бұрын

You are truly heaven sent! So much knowledge! Thank you so much!

@alissa.aerial 2 жыл бұрын

Thank you for making these!!

@barbaraglenn5795 7 ай бұрын

Thank you so much. Good information!

@aryanasmith4426 Жыл бұрын

Thanks for the video. Easy to follow and full of great information. I subscribed.

@MoneyandLifeTV 2 жыл бұрын

Great stuff! Thanks

@cassandra820 2 жыл бұрын

This is great content. My husband is a plumbing sub contractor and I'm binge watching your channel trying to get his tax stuff in order

@genxlady 2 жыл бұрын

Amazing content!

@jamescarter2013 2 жыл бұрын

I needed to see this message for 2022 💯

@nowyouknow_1998 Жыл бұрын

Thinking about starting my own business I’ve watch three of your videos now and I had to subscribe.. keep up the good work bro knowledge is key and on behalf of all business or future business owners thank you

@i_am_powerballinrich1119 2 жыл бұрын

Immensity informative thoughts thank you

8 ай бұрын

I’m very like this video. Thank for this.

@asiasimmons9995 2 жыл бұрын

Great tips! I’m getting everything together for 2021 business taxes and didn’t know I the write off for business meals had increased to 100%. Also the HSA tip is great since the IRS limits for deducting medical expenses only kicks in for expenses exceeding 7.5% of AGI, so one has to spend thousands just to be able to deduct a portion of what was spent. Thanks!!!

@TenderHip 2 жыл бұрын

thank you sherman!

@ethandowie3907 2 жыл бұрын

Awesome tips!!

@mikaelisrael6341 Жыл бұрын

Brother this was an excellent video

@jonbonson75 Жыл бұрын

This is great. Thanks for making it. It's like LLC taxes for dummies. -1st yr LLC owner

@lisamason9815 2 жыл бұрын

thank you!)

@rod4realestate86 10 ай бұрын

great video!

@MicheleOwens-kj9lo Жыл бұрын

Excellent!

@josielancaster7095 Жыл бұрын

Thank you 🙏

@chriscash4118 Жыл бұрын

Thank you .

@bbblahoo7 Жыл бұрын

Eye opener!

@thefourlaws 2 жыл бұрын

Great video thank you!

@shermanstandberry 2 жыл бұрын

You're welcome!

@AshaMae Жыл бұрын

This is amazing!

@derrickmartinez916 Жыл бұрын

Awesome info...could you go in depth on Home and Car writeoffs?

@Mekhi_Ja Жыл бұрын

Great information, I am curious. What is the best way to find a good business accountant? and how exspensive do they typically run? Thanks

@GovernorCedric Жыл бұрын

Thank you for your extremely informative content. I have a question about health and wellness . Is it possible to write off the fitness related equipment purchased from my home office. I thank you in advance for the answer, it’s greatly appreciated.

@jaimehaiti9479 Жыл бұрын

Thank you for this info. How do you write off employees overseas (without a SS)? Is there a path to justify necessary expenses associated with your cost of goods?

@mikyahalbena-yasharal3387 2 жыл бұрын

TWO QUESTIONS: 1. On point #2., if we have a 6000 pound vehicle, are we able to deduct the full devaluing out front and every year; just the initial? 2. If you are unable to utilize a payroll service, during the initial year, is a W-9 or a W-4 form used ON YOURSELF, as a CYA (cover your assets, wink wink)?

@zacharydorrell7303 2 жыл бұрын

Once I can afford it I'd love to hire your company to help manage mine.

@jasongoodman3546 2 жыл бұрын

Knowledge is Power - MK3

@blec.g7522 2 жыл бұрын

what tax software do you recommend , thank you .

@henrygarcia7761 Жыл бұрын

It’s about time to MMBGA !

@shihgung7161 2 жыл бұрын

Thank you a Very educational video here. I just took a financial literacy course, can I get tax deduction? I have a LLC for online small business.

@sharonstevens3122 2 жыл бұрын

Great tax tips!! Do you have a small business tax preparer recommendation in Charlotte, NC?

@Brittney_NoSpears Жыл бұрын

Great question because I need one.

@anabelrios1968 2 жыл бұрын

What software do you use for accounting?

@todd8672 2 жыл бұрын

I’m trying to understand how to or if I can take a deduction as an s-corp pass through with only myself as an employee, issued a w-2, where I can apply 9200.00 in health insurance premiums. The IRS code is confusing and states I must include that on the w-2 as income but has many limitations and exclusions.

@charlottehyatt9601 2 жыл бұрын

I need help knowing what I need for taxes when I have a digital online business?!?

@jedidiasobedgarciamedina4344 13 күн бұрын

But I how do you track or put it in paper that your using your personal vehicle for business

@MckenzieDaniel Жыл бұрын

Can you write off your rent payments if you use your apartment, or a portion of your apartment to operate your business

@Dgoldsweeps4002 Жыл бұрын

were a LLC where on tax form schedule c do i put the 20% deduction?

@adeleelise430 2 жыл бұрын

So would my fee to my CPA be deductible as a business expense?

@kellygeraghty6830 2 жыл бұрын

If moving to a new state and starting a business can I deduct moving expenses?

@user-rb2vu1xy3l 11 ай бұрын

can you still write off a portion of home expenses if you used a virtual address to set up an LLC?

@latifahshakur5466 Жыл бұрын

How about if i didn’t make any sales and had losses? 🤔

@greenman073 Жыл бұрын

do the expenses have to be paid from the business account?

@holistichoneybee87 5 ай бұрын

Thank God for receipt shoe boxes 😂

@themodernstoicguide 9 ай бұрын

Would childcare costs fall under necessary business expenses if needed in order to operate your business?

@natnatwisdom Жыл бұрын

How do you claim a new vehicle that is bank financed

@philgrant1132 2 жыл бұрын

How does one get work to you?

@zacharydorrell7303 2 жыл бұрын

So this January 2022 I started selling on eBay and I'm trying to Become an Amazon seller too. I'm a reseller and trying to get out there and get more product. I'm mainly buying locally and buying games and media and I'm having a hard time keeping track and making sure I know everything I need to know. Anything I should know? I'm solo

@LovingGod1 Жыл бұрын

What is the extra 29% for?

@angelojackson8245 2 жыл бұрын

I have a question so if I have an employee when will I have to file taxes for her our him

@Florcitalove 6 күн бұрын

The only downside to this strategies is that like always there is something attached… this deductions reduce your income and when you want to apply for a car loan or most importantly… you dont qualify at all … even for a bicycle tire or a tent on credit. I am not been drastic about it … I am just been honest about it! 🤐🤐🤐🤐🤐

@reneraven434 2 жыл бұрын

hey, I operate a dog boarding facility and also walk dogs for a living.I have a Lexus SUV that I drive, maybe, 1000 miles a year and a small Lexus hybrid. I use the small Lexus hybrid primarily for work since I don’t really have a private life. I use the Lexus SUV 100% for work because I only drive it about 1000 miles a year and I only use it for hauling dogs to and from my house. Can I write both vehicles off?

@desertfisherman11 Жыл бұрын

Do you need to be profitable as a business to take advantage of tax breaks? Say you’re just starting off on a small business or your business is more useful as a tax break than specifically a money maker?

@intheworldbutnotofit8002 Жыл бұрын

What if i made no money but i filed an llc i still need to file taxes bug can i deduct anything?

@TonyKuzminVlogs 4 ай бұрын

not really clear about self-employment taxes. If I got a $100K income but my deductible expenses are $40K, do I pay 15.35% from $100K or from $60K

@tomikacansing Жыл бұрын

Yes as a business owner what does the person doing my taxes need from me? A 1099?

@Pcbdude82 2 жыл бұрын

These videos are great! Learning a lot! But I want to make sure I understand this. So say I'm starting a film company. I have to fly from the east coast to the west coast. So I pay $1000 for flight. $1000 for Airbnb. $5,000 for actors and $5,000 for studio rentals. And another $1000 for gear rentals. So my total expenses would be $13,000. Lets just say I make $30,000 by the end of 2022.And I write all that off. That means I'll only have to pay taxes on $17,000 of the $30,000 I made?

@Chanreneetou 2 жыл бұрын

Correct

@BabashiSensei 2 жыл бұрын

@@Chanreneetou what if I made $15,000 income and my expenses were $25,000? For an LLC

@caroni661 Жыл бұрын

Are business related courses tax deductible?

@skinny4139 2 жыл бұрын

Can u guys help LLC truck company's

@Kingiscoming 2 жыл бұрын

💎GEMS!!!💎

@rafaelargroe9477 2 жыл бұрын

@staxxshop1770 Жыл бұрын

What about office furniture? I’ve been using second hand stuff for the last few years. Now that I’m making more, I’m so ready to furnish my office with new stuff I can afford now. Is office furnishing tax deductible?

@Ohwowok137 Жыл бұрын

Absolutely

@Kingiscoming 2 жыл бұрын

So I am starting a vending business and when planning to write off the movers or deliveries, would I have them sign a w-9 form before or after the work is done?

@cheer4love15 2 жыл бұрын

I’d recommend before hand! Sometimes it can be more difficult to get that information from them after they’ve been paid 😬

@blancagiz 2 жыл бұрын

Wouldnt they give you an invoice and be categorized as a regular expense?

@cocoabean321ify 2 жыл бұрын

Where should I go to find an HSA account being self employed? I've had a hard time finding this.

@cheer4love15 2 жыл бұрын

Hello, do you still need help finding this? I know a great health insurance broker who could help find one for you

@cheeartistry Жыл бұрын

Can I hire you as my accountant?

@zacharydorrell7303 2 жыл бұрын

Are there any government grants to help me with my business?

@emilynewman6571 2 жыл бұрын

Yes there are, Check out Ginny Silver youtube channel

@marcovallido6396 2 жыл бұрын

Great info. First time opening a home based business here. I am already making some income but if at the end of the year, I decided that the business is not worth keeping, will I be able to write off the start up cost or do I have to continue the business for years? Thanks.

@johnnywolfdalcour3983 Жыл бұрын

Yes you will be able to still right it off.

@heythisismekayla 2 жыл бұрын

All these expenses that you mention, do they have to be done with your business checking accounts rather than your personal checking accounts/personal credit cards in order to be considered business transactions?

@LYFEAccounting 2 жыл бұрын

I’d recommend a business account. Easier to to keep up with and easier to do bookkeeping

@Chanreneetou 2 жыл бұрын

To add to response. You should not co-mingle expenses between personal and business. If you need to take personal money to do something for your business it should be recorded as a capital/asset contribution or a due to member (liability) on balance sheet of he company

@heythisismekayla 2 жыл бұрын

@@Chanreneetou thank you! I just got a EIN as a sole proprietorship for my small business/freelance business. I make things so I’ve bought some materials with my personal account before I decided to make this a business account. Was wondering if could count these purchases still. Thank you for sharing this info with me!

@Chanreneetou 2 жыл бұрын

@@heythisismekayla yes you can still count any of the purchases you made for the business as an expense.

@phedelinestfelix3918 2 жыл бұрын

Can you write off business credit cards

@troybush5899 2 жыл бұрын

What do you mean by "write off"?

@daynaclarke5286 2 жыл бұрын

I need an accountant that knows this info so they can help me with a tax plan and do my taxes. How do I find someone?

@shermanstandberry 2 жыл бұрын

Hey Dayna, I help entrepreneurs reduce their taxes in my tax savers program. Could you take a look at this and let me know if this is a good fit? mycpacoach.com/tax-saver/

@Antiwoke646 2 жыл бұрын

So if you own a power washing company, can you deduct all the fuel you are using?

@cheer4love15 2 жыл бұрын

Yes

@braintrust12 Ай бұрын

i dont want "write offs" per se, i want loopholes

@crogers4269 2 жыл бұрын

Hi Sherman, my wife and I have a LLC cleaning business. We have 3 employees who clean residential homes. A maid isn't a skill based service, so I believe we qualify for this 20% QBI deduction. Do you agree? Thanks!

@Chanreneetou 2 жыл бұрын

You are not a SSTB ( Specified Service Trade or Business) based on what you described. A SSTB is a trade or business involving the performance of services in the fields of health, law, accounting, acturial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its owners or employees ( endorsing products or services, receiving fees for the use of your image (celebrity) or appearing on tv, events, etc. Check with your tax accountant.

@chozen_1309 Жыл бұрын

@@Chanreneetou what about my business cleaning at a veterinarian clinic/building ?

@chantellt718 Жыл бұрын

@@chozen_1309 you are not a specified trade or business. Check with your tax accountant.

@chozen_1309 Жыл бұрын

@@chantellt718 thank you

@THOMASTURNBO 2 жыл бұрын

Can I get money back if I paid enough tax write offs for my business?

@BabashiSensei 2 жыл бұрын

@jackienewman7607 8 ай бұрын

I am a Beauty Consultant am I able to write of my hair and nail grooming Thank you

@joeleehernandez2983 2 жыл бұрын

We started our business last year and have no idea how to maximize our return.

@shermanstandberry 2 жыл бұрын

Ah, definitely check out our free playlist on best tax deductions for business on our channel.

@Dcizzle100 2 жыл бұрын

💎💎💎💎

@smalltownbigcitysales 2 жыл бұрын

So if I contribute portions of Net Income from 2021 that is in my business account bank checking account to a SEP IRA this will reduce my taxable income ? Correct? Thanks for all your videos

@Chanreneetou 2 жыл бұрын

Yes, it will but make sure you are not excedding the allowable contribution based on your income. There are several different types of plans to contribute so I suggest you speak to a financial planner

@teshasaid6044 2 жыл бұрын

Is business meals different from buying lunch daily for yourself?

@cheer4love15 2 жыл бұрын

Yes. Buying lunch daily for yourself would be like going out for lunch at a corporate job, where you don’t get paid for it. It’s best practice when recording business meals to write on the receipt who you met with, (like a client), and what was discussed incase of an audit to prove it is a legit business meal. I hope this helps!

@RYAN_FF246 Жыл бұрын

What about bringing your laptop to lunch to design products for customers. And corresponding through text or social media.

@brittneyjeter8535 Жыл бұрын

@@RYAN_FF246 You have to be out with either a business partner or client talking about business. Save proof of what was done or resolved from that lunch (meeting) incase the IRS questions you.

@blitzkrieg33 6 ай бұрын

In other words: if you are not providing food for your employee, or colleague, then the business won’t cover it.

@Mark-qg8hm 2 жыл бұрын

What kind of business owner doesn't already know all this? If this is news to you, you shouldn't be in business.

@scarredfaces 2 жыл бұрын

Im sorry but i’m confused when it comes to the business meals. How could anyone verify that dinner that day was with someone work related and that the topic at hand was about the business?

@mtigress4589 2 жыл бұрын

You keep a log and usually/hopefully there was some sort of resulting transaction not too long after to attribute it to.

@savvyshopperdelivers 2 жыл бұрын

They really can't. That's kind of the point. But a transaction doesn't HAVE TO happen after the meal. I could take u to dinner & try to persuade you to buy a house I have for sale, or get you to join my company. Neither of those things may happen but I can still write it off.

@savvyshopperdelivers 2 жыл бұрын

I would like to see a little clarity on the automobile deduction for workers, like me, who do Instacart, Doordash, Uber, etc. I work 7 days a week mostly. My car is 85-90% business & is financed. I was told I can not write off my car payment but can write off any interest from that year. I was also told if leasing a vehicle, the lease payment CAN be deducted. Is that correct? Also, I had an accident, not my fault, but I had to pay my $1000 deductible towards the 10,000 it cost to repair my vehicle. Can I deduct that $1000? Plus I paid over 2000 in car rental during the month my car was in the shop. Deductible?

@garygrape9279 2 жыл бұрын

@@savvyshopperdelivers marry me lol

@Chanreneetou 2 жыл бұрын

@@savvyshopperdelivers you should speak to a tax planner/consultant because you need a lot answered. FYI, I am a 15 plus years tax accountant in public accounting. You really need to speak to someone and have a tax accountant who not only prepares taxes but can give you planning and consulting to minimize your tax liability. Perhaps reach out to the creator of this video.