How To Pay Less Taxes Than 99% Of Business Owners

Рет қаралды 13,955

Күн бұрын

Check out my article, "1099 Rules for Business Owners in 2024": markjkohler.com/1099-rules-fo...
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00:00 - Introduction and Importance of Tax Planning
00:17 - Mindset Shift for Tax Planning
03:57 - Understanding the Role of 1099
04:01 - Importance of Claiming All Income
06:27 - Reporting and Tracking Business Expenses
09:50 - Common Business Write-Offs
21:28 - Using Separate Account for Business Transactions
24:18 - Importance of Getting Kids Involved in Business
27:21 - Tax Efficient Wealth Building
31:25 - Closing Remarks
#1099 #contractor #writeoff #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw

Пікірлер: 49

@ctech6049 5 ай бұрын

All great content, as always!!

@GeniManningRealEstate 5 ай бұрын

Thank you Mark and Matt! This was very helpful.

@JaxonParker923 5 ай бұрын

To be successful in markets, traders should understand the crossover between asset classes & liquidity flow. Evelyn Infurna focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch.

@JaxonParker923 5 ай бұрын

Run a quick online research with her name.

@JaxonParker923 5 ай бұрын

Evelyn Infurna

@lucassilva-ib9rx 5 ай бұрын

Her technical analysis is excellent and her interpretation/projections of the market is so accurate I sometimes ask myself if she is human haha. Point is, Evelyn is the perfect trader to follow for advise and daily signals.

@mcassity 4 ай бұрын

I went to high school Evelyn Infurna and don't want to gossip, but she was horrible at multi-asset training!

@diydvr 4 ай бұрын

as someone whos family has sold on farmers markets, Most of these folsk have no idea how to do their taxes so they dont. Its not usually a way to get around taxes its that most of these people have no idea how. same with taking credit cards, they dont know how it works and are usually not technical

@Teamxmedia 2 ай бұрын

Thanks 😊 great video

@TheSchwartzIsWithYouToday 5 ай бұрын

Nobody talks about this, but ... Uber, Lyft, and other gig outfits have been figuring out ways to cut driver fares, and most people think, "Well, I've got money in my bank account, so I'm doing ok." If you track your mileage closely, as I do, you might notice that your actual earnings aren't much more than the statutory mileage deduction of 65.5¢ per mile. Which means that ONE DEDUCTION will wipe out 90% or more of your earnings! It also means the vast majority of your PROFITS are courtesy of US Taxpayers rather than the business you're driving for.

@radicalaccounting 4 ай бұрын

good to know.thanks.

@sonya5568 5 ай бұрын

Thanks for this. I really need to start using my Wave account! Wish I knew all of this but I know now.

@tereg5 5 ай бұрын

Appreciate diving into , small business that is starting up might have be buying things with personal credit card and the tips to give confidence on how to handle that for expense tracking. Always appreciate when the information targets small start up business. Would love more content on sole sole proprietorship, or is there a reason why it's an avoided topic?

@harleysmith1857 3 ай бұрын

Agreed! Even in safe areas, it is not safe to carry cash! People literally watch to see if you have cash and can 'casually' follow someone till later! Very dangerous that they are promoting cash o ly! Especially, as a parent! Not to mention as a business owner my second thought it they are losing 4 to 6x ROI ! Not to mention; most men have a pocket or wallet! 🤔...Not taking cards means $200 for ex. In a vendors daily profit vs. 1200+ daily Great point in the 'Farmers Market' "cash only method!" Also, one more pet peave....do they it realize when people use their card their is a strong probability they will purchase 2 or 3 x more products! Especially, if they have great products seamlessly w/ happy, nice energetic smily staff!🙂 OK...Time to go back to the video; I "have" to " have it (the golden info)!!!🤗 Ty both!

@radicalaccounting 4 ай бұрын

I like the way he sequed from write offs to having a businesss cheking account. As a quickbooks exper I'd like to share what he didn't seque to. Do your accounting monthly, not yearly. Less of a chore, btter to watch for fraud or mistakes (overcharging), and you won't miss writeoffs the way everyone does it year-end does. Have someone good help you setup your QB, show you how to massage their "automatic" because a). the setup for write-offs is wrong from Intuit, and b) the automatic part needs to managed.OTherwise, you'll have a big mess that costs more to fix. After that, sure you can do it on your own. Good luck!

@TheKitchenofChefMark 5 ай бұрын

I have an LLC, it's not an S corp, do I still get the same tax advantages with regard of expenses?

@alexheidenreich5253 5 ай бұрын

LLc is just legal protection. But all self employed people can write off eligible expenses

@brandonwidmayer4722 5 ай бұрын

You don’t get the self employment deduction on non salary

@jordanreece7837 5 ай бұрын

I have a W-2 as well as a side business set up as an LLC(no employees) in California. Can I set up an HSA? The only info I can find says I need to have a high deductible health insurance plan, but I can’t find if the high deductible health insurance plan through my W-2 would allow me to do the business HSA (My employer does not have an HSA available)

@TMKJG24 5 ай бұрын

I have W2 and 1099 consistently last 3 years how do i use my 1099 income tax wise to purchase a home

@jeffmccreary9379 5 ай бұрын

Hello, I ❤all this great information I’m learning so much about all mistakes I’ve made with my SMLLC consulting business!! I have very few expenses and paid a $hit ton of SE Taxes for 2.5 yrs😢. Is it better to remain an LLC and elect SCORP taxation or do a full S CORP conversion? Is it too late to retro for 2023?

@MarkJKohler 5 ай бұрын

Dive deeper into your question and get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ OR contact my team at kkoslawyers.com/contact-us/

@vasunseeker 5 ай бұрын

Silly question, how do I track mileage? Do I have to literally enter the date, destination, purpose etc into some type of hand written log every time I get in the car and go anywhere? Or can I record the starting and ending mileage for the year and estimate a percentage to personal and percentage to business?

@radicalaccounting 4 ай бұрын

The IRS says A. But I can't do that so I do it B. Religious aout new year odometer too. Got audited on this my first year as a consultant (30 yera ago) and re-created a spreadhseet from invoices and receipts therey creating A, passed the audit, Didn't mention I was creatiing it at that point obviously. Saved time the rest of the 30 years. Like he said, the IRS is in the 80's.

@julienaudet9782 5 ай бұрын

WOW- that lighting makes Matt hair and beard look very red..........didnt know that, I like it.

@justinshertzer5705 4 ай бұрын

I dont have a llc yet, but I deliver for Uber, grubhub, walmart spark. I did my taxes and was told i could only take milage or expenses not both.

@tommyboynv 5 ай бұрын

If you setup your business and paid for business licenses and permits on a consulting side hustle in Dec 2023, can you include those expenses without income against your W-2 income? Even if revenue will not start until May 2024?

@radicalaccounting 4 ай бұрын

You bulk it as "start up costs" against 2024 income on scheduleC in 2024. Tricky acounting but thta's how you do it.

@probst9999999999 5 ай бұрын

What is the best way to take advantage of credit card cashback for business purchases? I think if it's on a business card then the business gets the cash back right? Seems like this could be very lucrative if done right because the cash back is not taxable right? Could get as much as 2.5% of your business spending in tax free cash, could easily be several thousand dollars per year if you are spending 100k+.

@ayakoanticona1775 5 ай бұрын

I love ur channel. I have been watching when I bake cookies at home. My new client asked me to fill W9 . So I use my social to fill W9. Because I’m sole proprietor. But they asked me business ID(EIN). How do you think this situation? I am applicate you if you can answer my question.:)

@radicalaccounting 4 ай бұрын

Crappy bookkeepers asking you for the wrong thing. If it's i your name, sole prop, it's supposed to be your SSN.

@GeniManningRealEstate 5 ай бұрын

Do you have anyone in Plano, TX that does taxes?

@MarkJKohler 5 ай бұрын

Get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/

@MarkJKohler 5 ай бұрын

Hey there, yes our Main Street Tax Pros help clients nationwide. Please get connected with one of the Pros from our Network here: markjkohler.com/tax-pro-profiles/

@julienaudet9782 5 ай бұрын

People want to only take cash to not have the extra merchant fees............I dont want to make credit card companies RICH.

@radicalaccounting 4 ай бұрын

And simplicity. Nothing to figure out, like how did they batch it to make deposits line up. He always assumes the worst because he's addicted to his apple pay and proably has someone else doing his accountig.

@blackmcbain3145 5 ай бұрын

I bought the book and god damn it's dense. Gonna take me a while boys 😅

@alexisherrera8303 5 ай бұрын

I like the comment I got a good IRS agent. Most of those agents straight up suck.

@matthewsikorski4627 5 ай бұрын

Can I write off fast food that I ate while I was delivering for DoorDash?

@maybe441 5 ай бұрын

Yes! Keep receipts every time. Better if you could write a note you’re delivering to so and so

@radicalaccounting 4 ай бұрын

No, not if it's local. Mistake everyone makes. Only travel as in overnight.

@trishyager308 26 күн бұрын

No, sorry. You can take meals traveling more than 30 miles from tax base area or you can take meals if taking client or employees to lunch. Not just your own meals. They figure you have to eat whether you are self employed or not. Bummer.

@trishyager308 26 күн бұрын

@@maybe441 Not locally unless with client or employees.