Accountant Q&A: How To Make Your Side Hustle Tax Free

  Рет қаралды 18,363

Mark J Kohler

Mark J Kohler

Күн бұрын

Being a Tax Advisor is a lucrative opportunity...Learn more here : markjkohler.com/become-a-cert...
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#tax #taxes #sidehustle #smallbusiness #finance #savemoney #avoidtaxes #wealth #business #entrepreneur #savings

Пікірлер: 24
@thecougarexperience
@thecougarexperience 5 ай бұрын
I started a cleaning business when I got laid off from USAA. Four years later and it’s still going strong!
@stephanebelizaire3627
@stephanebelizaire3627 6 ай бұрын
BRAVO !
@bobrichards7886
@bobrichards7886 5 ай бұрын
Good afternoon, I found your KZfaq page yesterday and subscribed, I love what you’re saying when you say that you are wanting to help grow our business and get tax-free. I live in Daytona Beach, Florida, and I am having a hard time finding a tax accountant that cares about the same things. Basically she just wants me to bring in whatever, I think I could write off and she tells me yes or no she doesn’t ask questions except for shallow questions basically but does not give me any advice on how to save taxes. My wife and I both have a W-2 job and we own three rental properties and have an LLC. Can you suggest anyone in my area that thinks the way that you do to help with our taxes and get our taxes completed? Thank you for your time. Keep up the good work.
@hayleynhassan
@hayleynhassan 5 ай бұрын
I'm a tax attorney in Fl...I'm happy these guys are making information videos but there are MANY inaccuracies and it is a vast oversimplification and honestly, it worries me. There are a lot of attorneys in Daytona, please call one or call five and pick one that understands you. You do not have to go with the first one you call, it's like finding a therapist. If you don't vibe with one, ask if they can recommend someone.
@Farhia007
@Farhia007 6 ай бұрын
Very good
@The_Vangster
@The_Vangster 6 ай бұрын
do I need to keep side hustle business receipts different from regular living expense. even though stuff was purchase at store with house hold expense...or do i need different bank account for business and house hold?
@tracyrreed
@tracyrreed 6 ай бұрын
I can do the technical delivery of my cybersecurity consulting business. I can account for all of the tax deductible expenses. I can't do sales or marketing. I've been terrible at it and wasted tons of time and money over the past 20 years. Judging from the headlines you would think cybersecurity is hot. It is NOT. Security is always optional and nobody wants to spend on it. Its the schools, certificate programs, bootcamps, etc selling their services banging the "400,000 unfilled cybersecurity positions in the US!!!" drum. Maybe that's how many positions there should be to defend our data and infrastructure but that's not how many they are willing to budget for. Any sales/marketing people out there want to partner up on tackling the "booming" cybersecurity industry and get rich?😂
@DreamHHS
@DreamHHS 6 ай бұрын
Hmm on the off chance that you’re being serious I think you should try thinking about your services from the stance of “why is what I do important and how much will it cost you if I’m not there” cyber security seems a lot like insurance which people only buy because you don’t want to be caught with your pants down without it. Maybe try to answer how cyber security is just as essential I feel like that help with your sales problem. Totally agree with the schools sending kids off to the wolves part as well!!
@tracyrreed
@tracyrreed 6 ай бұрын
​@@DreamHHS I am very serious. Yes, that has been exactly our approach for many years. Unfortunately, it isn't very helpful. Yes, cybersecurity is a lot like insurance in that it reduces the risk to your business. But unlike car insurance, it is not mandated by the state. Unlike home insurance, it is not mandated in the terms of your mortgage by your bank. Cybersecurity is absolutely NOT essential. And that is the big problem. Security is always optional. When times get tough, security is the first thing cut and last thing invested in. If they make their numbers the execs get their bonuses. Guaranteed. But an intrusion or serious data leak is not guaranteed. So they cut costs in security and roll the dice. And the odds are pretty good for them as individual decision makers, over all. Occasionally someone comes up snake-eyes and makes the news. But as a percentage of businesses, most do not. They get lucky over and over again. I mean, it's only *your* personal information which got leaked, after all. But that's an externality to the business, so what do they care? Maybe they pay a minimal amount to buy you "credit card monitoring" to make it all better. That's exactly what happened to me when Blue Shield (my health insurance company) got hacked and leaked my data this past November. Maybe if they really did know what the odds are they could calculate a reasonable amount which they should be spending. But nobody knows what the true odds are. Actuarial data does not exist (unlike for car, home, health insurances) and probably can not exist. Above all else, hope (that they won't get hacked before their bonus check clears) springs eternal. The classic security sales tactic is fear mongering. Sort of like how the sleezy life insurance salesman sells life insurance. "What if something happens? You don't want to burden your kids, right?" But customers generally don't respond well to that sort of thing. It can sometimes work, but it usually doesn't and you end up looking sleazy. So, we really need some help in the sales/marketing area. But it's hard. So hard that you really can't get anyone to do it without a very large base salary and we just don't have those kind of resources.
@IAMAQT711
@IAMAQT711 6 ай бұрын
How can you be reached?
@myemaloulou1844
@myemaloulou1844 6 ай бұрын
I stumbled on your site and subscribed immediately. I recently formed an LLC because my side gig generated over $50k before expenses (so excited). I've been using different people to do odd jobs (i.e., passing out flyers/cards, etc.) and zelle them fees under $250. Do I need to file something with IRS to be able to claim these expenses? Also, I have a home office and I rent one room & bath to a family member, can I pass this income under my current LLC and should I file something with IRS so they know I'm renting a room/bath? Thanks in advance!💛
@RedDragonProtection
@RedDragonProtection 6 ай бұрын
I love your videos. Thanks a lot. My SUV weighs in at 5995 lbs... Does it matter if you have heavier tires, making it weigh over 6000 lbs, is it the sticker weight that matters?
@jisujit
@jisujit 6 ай бұрын
Is there any free software to track and record your expenses in a tax-friendly way?
@fernandosandoval9306
@fernandosandoval9306 5 ай бұрын
What is gig!
@ceneciabryant8934
@ceneciabryant8934 6 ай бұрын
I have a slushy business side hustle but I make about $15,000 a year but with everything I spend about $6,000 to run my business if not a little more and I have a full time job as well. Do I need to more into a llc
@user-youtube62E
@user-youtube62E 6 ай бұрын
I’m a full time employee. Working most of the time 12 hrs monday-Saturday. I would love to get out of this schedule. But I have no idea what kind of business will be a good fit. Any idea?
@justinh6974
@justinh6974 6 ай бұрын
What are you interested in? What would you consider your skills or talents?
@user-youtube62E
@user-youtube62E 6 ай бұрын
@@justinh6974 I’m good doing electrical work graduates from long Beach California on a electrical technical school. But looks that everybody is doing electrical jobs around.
@luis29bajosexto
@luis29bajosexto 6 ай бұрын
I haven’t done taxes for the last two years this 2023 will be my 3rd, I’m going tru divorce now , I own a sole prop small business . I net this past year 280k
@DRventura333
@DRventura333 6 ай бұрын
no tax returns filed and you have a small business with 280k net; and no penalties or letters from IRS? lucky you
@wlh144
@wlh144 5 ай бұрын
I have a sub chapter s corp and crypto. Is there any chance you or someone in your organization can help me I’m prove my bottom line.
@doomsdaypreppersofsouthcar9301
@doomsdaypreppersofsouthcar9301 6 ай бұрын
I just post pictures on my Facebook Business page and share....Meta for last few months starting to pay a little more and more each month...im gonna need write offs one day...up to 100 bucks month now getting paid..not much yet
@Chris-wk8nu
@Chris-wk8nu 6 ай бұрын
Seashell pony lol
@magikmycology6660
@magikmycology6660 6 ай бұрын
Stop lying to people
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