9 HUGE Tax Write Offs for Individuals (EVERYONE can use these)

Рет қаралды 503,777

Күн бұрын

Here are some of the most overlooked tax write-offs for individuals in 2023.
Book a Discovery Call: schedule.lyfetaxes.com/discov...
If you take advantage of the tax write-offs for individual taxpayers from this video, then it will surely help you to reduce your taxable income which in turn will reduce your tax burden.
So, in this video, I will cover exactly how
- The tax system works
- The standard deduction for 2022
- Reveal my most overlooked tax write-offs for individuals
Timestamps
Intro (0:00)
How the US Tax System Works (1:30)
The Standard Deduction (3:13)
Tax Write Off #1 (5:05)
Donor Advisor Fund (7:20)
Tax Write Off #2 (8:38)
Tax Write Off #3 (9:50)
Tax Write Off #4 (11:27)
Tax Write Off #5 (12:09)
Tax Write Off #6 (12:49)
Tax Write Off #7 (14:27)
Tax Write Off #8 (15:28)
Tax Write Off #9 (16:31)
Helpful tools I use:
- Quickbooks (for Bookkeeping): bit.ly/3ATx1F3
- ZenLedger (Crypto capital gains tax tool): bit.ly/3Lgabwf
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The United States has a progressive tax system which means that people with higher taxable incomes are subject to higher rates, and people with lower taxable incomes are subject to lower federal income tax rates.
This helps make the tax system fair.
Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!
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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: 249

@cindywolph5051 2 жыл бұрын

I'm an attorney tax preparer and I love your presentation--you seem to be as enthusiastic about trying to inform people/explain the tax system as I feel. Thank you for posting these videos!

@LYFEAccounting 2 жыл бұрын

Wow thanks so much, Cindy! Your comment is so meaningful considering it comes from another tax and legal professional. PINNED

@starhollywood Жыл бұрын

Medical bills?? Or receipts🧾 where I paid the medical bills ? To take the deduction?

@deniseclark6056 Жыл бұрын

Thank you so much iam a new business owner just got registered with the Secretary of State in my hometown thank you so much I will be saving all your videos and watching you everyday I am a brand new entrepreneur business owner for men and women and children clothing and accessories I am scared half to death I never been a business owner in my life but I am ready to own my own time so I can leave a legacy for my two grandkids

@rishz7857 Жыл бұрын

Cindy, what about saving receipts, totaling taxes and listing "other taxes paid"? Federal fuel tax on gasoline is 18.4 cents / gallon. My state tax / gallon is 25 cents / gallon. That means I spent over $160 federal and $180 state.

@GANGSTAlKINGjamaicanboy Жыл бұрын

@@LYFEAccounting do u have a number I can call to reach out to u

@aniljoseph5092 2 жыл бұрын

1:charitable donations 2: vehicle sale/property tax 3: home deductions 4: Residential tax credit 5: education or educator expenses 6: invest into 401k or IRA plan 7: medical expenses 8: HSA 9: child tax credit or dependent tax credit

@LYFEAccounting 2 жыл бұрын

Good notes! 😉

@MSami-fe6uj 2 жыл бұрын

Well, everyone knows that. No one needed a video to get this information. Waste of time

@AnaGarcia-vj4bg 2 жыл бұрын

For young taxpayers this video works well.

@LYFEAccounting 2 жыл бұрын

@@AnaGarcia-vj4bg Thank you, Ana!

@randomloverboy Жыл бұрын

@@MSami-fe6uj everyone doesn’t know this or there would be no need for this video.

@shelbyjoneff Жыл бұрын

I didn’t know about the medical write off! I have chronic health issues and spend thousands each year. Thank you!

@vanimotechnologies4149 Жыл бұрын

I am a Lawyer with no tax experience in my background. I enjoy the easy to follow videos. Great job! and informative.

@LYFEAccounting Жыл бұрын

This means alot coming from a lawyer, thanks for leaving a comment!

@xnavyro 4 ай бұрын

I’m not a CPA & love your insight into taxes! I am, however, an engineer & understand math. While taking a spreadsheet class in my early years, I discovered how the tax system works & realized what my father in law told me, “it’s not what you make that makes you rich, it’s what you keep”! Once I learned taxation, I became astute on my earnings & love calculation of my income & taxes now! Guess I should have become an accountant, eh?

@stanpersful4723 Жыл бұрын

Great job. I deal with this on a daily and although I can't disclose what I do in the IRS, I know the struggle people deal with and you are very helpful explaining these. I just finished watching a video from another individual and he was so off base I pray nobody watched it. hehe.

@Talia_IceCreamPaints 2 жыл бұрын

This video was excellent! Extremely well laid out from an Instructional Standpoint.

@talori5417 2 жыл бұрын

So glad I found this channel! Very good information.

@stellaanderson7952 Жыл бұрын

Great video! Not too complicated and over my head I’ll be watching more and sharing ❤

@TH4Peace Жыл бұрын

Well done! Facts & examples. Bravo!

@user-js3ee5qv6g Жыл бұрын

Thank you for explaining EVERYTHING so clearly most others dont even cover the teachers allowance

@miguelbohorquez1596 2 жыл бұрын

Great video. Every day I learn something new.

@brandonarchi Жыл бұрын

Great video. Easy to follow and informative.

@scottlink183 Жыл бұрын

Really great information! Thank you!

@natalie8354 10 ай бұрын

This was really helpful--especially the HSA account and property tax information. Thank you.

@Skeetersbuzz Жыл бұрын

You sir are well spoken, articulate and easy to understand! Great video!

@HoneyBunches100 Жыл бұрын

I hope people think you are articulate too!

@sabrinafowler1113 Жыл бұрын

@@HoneyBunches100😂

@maewebster9377 Жыл бұрын

mmmmm articulate and well spoken..repetitive and stupid thing to say... ohhhh I know...because he’s a person of color he should say “look heah y’all I’m gonna tell y’all’s how to save money”🤡

@theglamourplanner 7 ай бұрын

I always go back to your videos. So much valuable information Tfs 😊

@tammyharshell9351 Жыл бұрын

I love your videos! They are so helpful!!

@NoOneCaresWhatKyleThinks Жыл бұрын

Loved this video! This should be taught more in schools!

@doctorbatman8520 Жыл бұрын

A lot of good information but remember to watch videos about TY 2022 as well. Some of this info is out of date.

@debadams5602 2 жыл бұрын

Awesome video, thank you!!

@FinancialFreedomMadeSimple 2 жыл бұрын

Great info, I always learn from your uploads!

@LYFEAccounting 2 жыл бұрын

💯💯 Thanks so much! And really appreciate you continuing to comment for the KZfaq aligorithm

@andrehenry4424 Жыл бұрын

Very good knowledge. Keep it coming

@nftigershark7708 Жыл бұрын

Very informative, thanks for the great content!

@sajero2 8 ай бұрын

This is so helpful, thank you!

@wendymichaelson2547 Жыл бұрын

Awesome info! Thanks!

@maggiesourial9796 Жыл бұрын

Excellent presentation, thank you

@carolvieira151 Жыл бұрын

Great explanation! Thanks!

@TheKennm1125 Жыл бұрын

I am a 56 year old single man. I live paycheck to paycheck and do live within my means. Not drowning in debt. For the last 2 years (21 & 22) I have a huge amount due that I cannot afford. I don’t own a home…I have no deductions other than standard. I have the maximum tax taken out of my paycheck by my employer. I feel screwed, for lack of a better word.

@msairy8888 Жыл бұрын

That is the exact boat I’m in. The tax code is written to totally screw people in this position. Penalized for not being married. Penalized for not being a home owner. Penalized for PAYING your taxes!

@markblanchard9049 Күн бұрын

56 and no home no kids? Dude😢

@SpeakerBuilder Жыл бұрын

Your fist point is very important and easily explained. For all tax payers, the first 10K of taxable income is taxed at 10%, the next 30K is taxed at 12%, and the next 50K is taxed at 22%, etc. This is both progressive and equitable.

@michaelcutrone 2 жыл бұрын

I’m from Canada, but honestly most of the content you guys cover is extremely relevant and show the concepts in great detail! Appreciate the free knowledge and great visuals

@LYFEAccounting 2 жыл бұрын

That's great to know! Thanks for sharing, Michael!

@baccarorenee Жыл бұрын

Thank you!

@DR-zj4od Жыл бұрын

Great Job!

@geovannyquinones1812 2 жыл бұрын

What software do you recommend to do taxes ? Great video

@helenhall4134 Жыл бұрын

This video helped me alot. Somethings I didn't know I could take being single filer

@pechmichaelchristina2640 2 жыл бұрын

Great info. I’ve learned so much from watching your videos. Thank you.

@sandyfitzgerald9845 Жыл бұрын

Great video!!!

@djo6055 2 жыл бұрын

This was very helpful-will you get the same tax break if you donate to a donor advisor fund as one would with their IRA?

@SpeakerBuilder Жыл бұрын

The Health Savings Account is a terrific tax deductible option, but it must be clear that in order to take advantage of this option, you have to have a high deductible health insurance plan, and most health insurance plans would not qualify as HDHP.

@elnathan574 Жыл бұрын

Great Video.

@ashantitraylor7240 Жыл бұрын

Just curious what would be some examples of your itemized deductions exceeding the standard deduction of $12,950?

@darthrainbows Жыл бұрын

The Residential Energy Tax Credit is now 30%, expanded (so it applies to more things), and extended (to 2030 I think?). Changes are retroactive for tax year 2022, too.

@TerryCollinsP31Lifestyle Жыл бұрын

Good video

@JeanetteMartinez-sg1oq Жыл бұрын

Does the standard deductions apply on its own? Or is there a form that has to be filled out for it?

@Initwithlove Жыл бұрын

🎉🎉🎉 so glad I found you online! Great stuff❤

@Simsrockslol Жыл бұрын

great vid

@precious1019 25 күн бұрын

Thank you for the video. What about writing off gambling winnings. Say I win the jackpot, how do I write off the taxes on that? Is there anyway to cut back on that before you even get the check?

@dennis-theguyfromitaly9787 2 жыл бұрын

Great video! I’ve a question about taxes. By owing an single llc in Wyoming and moving to Georgia , am I subjected to some added taxes? My llc is an coaching ONLINE service, so I won’t own any physical structure in Georgia.

@LYFEAccounting 2 жыл бұрын

As a SLLC, you’re likely going to pay taxes based on the state you are a primary resident of

@dennis-theguyfromitaly9787 2 жыл бұрын

@@LYFEAccounting thanks you! So by moving and considering living in Georgia, I will only pays the orginal state taxes ,right?

@capgroupceo7814 2 жыл бұрын

@@dennis-theguyfromitaly9787 your primary resident is where you get your state tax info to file your state business taxes. if you move to the moon, and your earn income.under your ein you must file fed taxes. but if your primary home is on the moon you must check the taxes for being on the moon as your primary home!

@pattygaye1 Жыл бұрын

It's important to realize this is for the 2021 tax return. There are changes for 2022 returns.

@yosamuelee Жыл бұрын

Great video! One thing I noticed though is that at 14:06, when mentioning the contribution limits for IRA vs 401K, I believe it needs to be corrected to $6,000/$7,000 for IRA VS $22,500/$30,000 for 401K. Thank you for posting this!

@TokenBlack Жыл бұрын

Starting to learn to prepared myself for 2023. When I bring my statements to a CPA or Tax Professional, will they let me know about about write offs or deductions I miss?

@deniawiseone95 Жыл бұрын

I don't know if they would look over your return for free...Time is money. Ur better off paying for it to get done the one time then look over wat they did. Then learn on your own :)

@JobePower Жыл бұрын

@@deniawiseone95 Additionally - tax laws get updated annually, hence it is best to consult a tax professional

@sharonlindsey6873 Жыл бұрын

Good information! Where are you located?

@JerrySmales Ай бұрын

I love it.

@Stayhydrated736 Жыл бұрын

My CPA said you can oy write off medical insurance premiums and expenses over a certain percentage of your taxable income. Are the laws the same for a LLC?

@paulwoodson7912 3 ай бұрын

The heading suggest that you were going to discuss overlooked deductions. You switched to how our tax system works. Give me 9 overlooked write off, that’s it.

@citivuellc9838 2 жыл бұрын

Love your videos however solar panel energy credit is a REFUNDABLE TAX CREDIT! One of my clients just got solar Panels installed on their roof of their town home and received an additional $6000 in refundable tax credit when I did their taxes! And you can also get credit for purchasing an electric vehicle too!

@LYFEAccounting 2 жыл бұрын

I wonder if your client got a state credit too? Because this is from the IRS Website “The residential energy property credit is non refundable. A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero.”

@helenhall4134 Жыл бұрын

Can you deduct property Taxes along with the interest taxes filing single if you have a house?

@g.t.richardson6311 Жыл бұрын

Yes property taxes deductible if you itemize up to 10000

@Deep.Purple Жыл бұрын

If james gets married later this year , he's in the 100% tax bracket - his wife will spend it all for him. Not a good move James..

@HappyHarriett Жыл бұрын

What state do you do taxes? I need an accountant. Thank you.

@lovepeace9101 Жыл бұрын

Do your agency file individual taxes?

@richardwashington7575 2 жыл бұрын

Young man, you have a "excellent informative pod cast", I got my questions answered. LLC, is my current CDL venture, and I've absorbed a wealth of knowledge and venue direction, toward resource. Thank you, Richard Washington, Bulldog trail lines. LLC, based in Atlanta,ga

@LYFEAccounting 2 жыл бұрын

This really made my day, thanks so much, Richard! What kind of business is bulldog trail lines? Maybe I can visit one day

@lifepath6187 Жыл бұрын

@@LYFEAccounting what about if your HOH what is the standard deduction for someone made $48g

@damionjones5289 2 жыл бұрын

Hey so I’m in Texas and I’m 19 I have my own little side shop for paint and body work on cars! I have been doing it for a little while now as a side hustle for cash while I also work at a actual paint body shop! I was wanting to get your opinion on should I keep doing it as a side hustle for cash or becoming a llc as I plan on getting bigger through out my years! I was wanting to become a llc so I can write of equipment paint and body supplies that I buy.. or do you think I can become a llc and also take some jobs as cash also?

@agoodgurl2k 2 жыл бұрын

You're only 19 and you are thinking ahead like this....OUTSTANDING!

@damionjones5289 2 жыл бұрын

@@agoodgurl2k I would rather make mistakes young then old and work hard and save money when I’m young and my body is in good shape then to work old

@agoodgurl2k 2 жыл бұрын

@@damionjones5289 Wow....you are very wise for your age. Well, I'm rooting for ya and you asked some very good questions I hope you can get answered.

@Julio-br7td 2 жыл бұрын

You can write those things off now without having an LLC

@damionjones5289 2 жыл бұрын

@@Julio-br7td how do I do that?

@831richram 2 ай бұрын

If I’m a single member LLC can I get taxed like an s-corp? If so how often can I change my tax preference?

@Initwithlove Жыл бұрын

Subscribed

@dheerajchidambaranathan Жыл бұрын

Can you write off supplemental tax that you pay once you get a new home?

@maily9310 2 жыл бұрын

How do you get appraisal for example 10 refrigerators you want to donate to multiple churches?

@HawaiianJackofalltrades Жыл бұрын

What about small business owners?

@YaS2iNe Жыл бұрын

Can someone explain to me what he started saying from 4:50 please? What i understood is the standard deduction is 12,900$ as a single person or use 1040 to itemize the deductions but only if we exceed that 12,900$ of deductions Does that mean we can benefit from as much deductions as we want ? And thank you in advance

@g.t.richardson6311 Жыл бұрын

It’s very simple if you have more than 12900, itemize, if you have less take the standard deduction

@brandonmason5017 Жыл бұрын

If I made payments on an extension in 2022 for previous year taxes owed... can I claim that? I see the box where it asks if you made payments through federal extension. So I typed in the 6 payments of 500 and my taxes owed for this year shot way down. Is this too good to be true..? I feel like it is and it's not correct.

@corinnejones3158 Жыл бұрын

I was told by a tax professional that a person needs to own a home or currently be buying a home/ making payments to use any of those things as a tax write off! 😡 😢 crazy

@jfrazier2815 Жыл бұрын

HSA members can contribute up to the annual maximum amount that is set by the IRS. Those 55 and older are allowed by the IRS to contribute an extra $1,000 to their annual maximum amount. Those 55 and older are allowed by the IRS to contribute an extra $1,000 to their annual maximum amount.

@MayhemInTheEast 4 ай бұрын

Tax return 101 right here. Good for someone doing their taxes for the first time ever maybe?

@anthonymaldonado1111 Жыл бұрын

I know I’m Kansas tax form K-26 is for aviation/aerospace employee’s and employers

@blckcommunitycommentator7307 2 жыл бұрын

hello, is there any way that I can get in contact with you in regards to start up grants, requirements, and charting expensives? Anything and everything would be a huge help!

@LYFEAccounting 2 жыл бұрын

We mainly focus on tax planning and preparation. Do you need help with any of that?

@gelbusherpa2756 Жыл бұрын

I want to do my 2022 tax with you. How could I get hold up you?

@81quiroz 10 ай бұрын

If I was to pay for a online monthly subscription to a financial group that my business can definitely benefit from will that be tax deductible if I use it with my business credit card

@jayallenproductions18 2 жыл бұрын

I thought homeowners insurance was deductible for rental properties?

@LYFEAccounting 2 жыл бұрын

This is for the primary residence on the Schedule A return

@pashaniane 11 ай бұрын

As a 1099, can you get the standard deductions PLUS itemized deduction?

@chrissmith4539 11 ай бұрын

I’m 1099 for door dash and so far I’m able to write off my cell phone bill, car wash, car insurance, car repairs and gas. If you learn of anymore write offs, please let me know 😎

@pashaniane 11 ай бұрын

@@chrissmith4539 You should write off your milage instead of your gas cause that would be a better write off especially if you're driving more. You can also write off your insurance, credit card annual fee deductions, you can deduct the tax preparation fee, any headphones you use, ear phones, car yearly tags, any dues or subscriptions you have in relation to your job, you can deduct any advertisements,. I heard you can also deduct HALF of your self-employment tax as a tax deduction which is A LOT depending on which state you're in but A LOT for me here in california. If I were you, I would also put 6500 in an IRA account (traditional) which counts as a tax write off as well. 6500 is the max for now. That's all I can think of for now but honestly if you hire a good business tax attorney or accountant, they should give you more clues. :) lol

@kathyhan2723 Жыл бұрын

Hello. If you bought a $500K house in 2021 and paid $20,000 on the mortgage interest in 2022, can all of $20,000 be written off?

@FaustoPolanco1 4 ай бұрын

What about taking tolls every day to get to work?

@MsCrystal111 4 ай бұрын

I own a daycare center, am I allowed to claim education expenses?

@DChavez1020 9 ай бұрын

I invested in a Roth IRA for the 2022 tax year, but for some reason i didnt get any money deducted whenever i filed the amount. I contributed about $3800. Edit: Is it only for specific IRA accounts, like a traditional or 401k?

@markfrancis5751 Жыл бұрын

CAn i get a credit or some sort of write off for paying my adult son's rent and expenses while he is in another state at medical school?

@g.t.richardson6311 Жыл бұрын

@maggiemay7040 Жыл бұрын

I have no tax deductible write offs other than charitable donations but I don't have any receipts for them.

@teedtad2534 Жыл бұрын

Wonderful tips , but for which states in America... Each state has different rules!!

@thatlatinguy9039 Жыл бұрын

I’m assuming this is all for federal

@TerryCollinsP31Lifestyle Жыл бұрын

Where are you located? Would love to visit your office.

@Skywalker_Editzz Жыл бұрын

I got married last year, bought a house and also opened a business. Is it best to file married separately or jointly?

@doctorbatman8520 Жыл бұрын

99.99% of the time you should be filing jointly.

@kasiwilliams5927 Жыл бұрын

On your chart is the 31,049 a typo I’m calculating he should pay 12% on 31,499.

@judygriffus1696 Жыл бұрын

Explain for single person that do not pay taxes for low-income and fixed like SSI and SSDI

@leticialopez-hernandez884 Жыл бұрын

Can you write off anything if you buy a house in Mexico?

@kimpeterson8090 Жыл бұрын

Not leaving “free” money, your money!

@joannthomases9304 Жыл бұрын

What is grace ?

@SevenStringShredHead Жыл бұрын

My takeaway from this is I'm better off just taking the standard deduction

@LYFEAccounting Жыл бұрын

Yeah most people are, to be honest

@maggiemiddleton8760 Жыл бұрын

D.A.F. Had no idea about this 😊

@cece4119 2 жыл бұрын

Hey! So, I can pay mortgage interest rather than principal? Aaaaand get it back as tax deduction? 🤯🤯🤯🤯

@LYFEAccounting 2 жыл бұрын

Yes, you can deduct mortgage interest when you itemize on schedule A. But keep in mind your deductions on Schedule A would need to exceed the standard deduction amounts, for it to start making sense to do so

@Rdn55 11 ай бұрын

kzfaq.info/get/bejne/hNV1o7yZmq3ciGw.html why do you say choose? are you saying we have to pick which why we want to have deductions?

@eskylover65 Жыл бұрын

When you are single and tenting and 57 we get screwed lol. No write offs other than 401k

@michaelgarcia5823 Жыл бұрын

if your parents claim you as a dependent does this all change?

@raydodson6675 Жыл бұрын

How many dependent children file tax returns? YES OF COURSE it changes things. But, if you earned an income and had taxes withheld, you need to file a tax return to try to get your withheld taxes returned to you if appropriate. Good question my man!

@johnking6501 Жыл бұрын

I'm retired from the military and also I get Social Security disability I am 63 years old I decided in 2022 to do eBay selling products.I sold over $3,000 or more on eBay so now the new law is that anything over $600 you have to report on your tax forms I have distributed money for Charities or finishes Goodwill stores so for even a small business owing a little bit of taxes can I do a tax write-off on that thank you for letting me know.

@g.t.richardson6311 Жыл бұрын

You are supposed to report it no matter how much it is People think the first 600 is “free” it’s not If you sold 3000 you can deduct the original cost of what you sold plus other expenses incurred

@ddb7243 Жыл бұрын

@@g.t.richardson6311 0