6 Tips for Self-Employed Owners to Reduce Taxes

Рет қаралды 31,572

4 жыл бұрын

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Пікірлер: 74

@andrewkarppinen4348 4 жыл бұрын

Stay on that box! The info is flowing like rain from a thunder cloud. Keep it coming. This is going to be one of your most watched videos in no time.

@AlejandroLopez-si3zs 4 жыл бұрын

Mike, your videos are great ! Thank you

@teresastanley4581 4 жыл бұрын

You do great things Mike!!! Thanks for the info! Taking ownership of your tax IQ!!! 👊🏼

@strikingmediallc8269 3 жыл бұрын

this video should have way more than 2k views! great info and insight!

@alexfloridarican9534 3 жыл бұрын

Agreed

@DJYOUNGSAMMTV 2 жыл бұрын

Thank you , this was helpful!

@adu5335 Жыл бұрын

For years I have owned over $78,000 in taxes as self employed.i have had my passport blocked cos of back taxes. I didn't know any of these until last year, all thanks to ppl like u giving valuable lessons like this on KZfaq. Now I am tax smart n things r better. Thanks for these videos.

@tadeovaldez8498 2 жыл бұрын

I love you bro

@bullfrogwelding3614 2 жыл бұрын

Great video. I'd love to hear more in-depth

@thedornanfam-blogsplusmore8510 Жыл бұрын

Hey Mike, what corp are you? Have you thought of going s corp or you can't because the 100 shareholder max? I believe as an s corp you can still pay by the hour and p4p but not sure. Is your business an llc or what would you recommend for trying to make big business and expand to franchisees

@Bradenmorrismowing 3 жыл бұрын

Great video mike thanks a lot

@kevinfairburn4917 4 жыл бұрын

This is great information!

@bidbuytom Жыл бұрын

excellent material, thank you

@johnromanelli1818 4 жыл бұрын

Great video, subscriber for sure.

@cocoabean321ify 2 жыл бұрын

Great video, great info. As an owner of a bookkeeping business, I will ONLY use Gusto for payroll. I advise against QuickBooks Online Payroll, it's a nightmare.

@brettduffy1992 2 жыл бұрын

made 60k paid 700 taxes thanks to my hybrid milage rate is great for hybrid only cost 25 cents to run my car and I deduct.56 to do so

@chrischung2365 14 күн бұрын

This comment is wild.

@bladesofglorylawncarellc559 3 жыл бұрын

I’m a new subscriber. I’ve been watching all kinds of your videos. Found this one from a year ago. Best video I’ve watched yet. I have a proposal for you. I would love to attend one of your conferences and plan a tax deductible vacation around it. My wife isn’t going on any vacation that does not have the words “Disney World” in it. Disney has tons of conferences at their resorts all of the time. I’m sure I could fine one that would benefit me, but I would love it if one year you could hold your conference on Disney property. Let me know what you think! We live in the metro Atlanta Georgia area.

@roti1873 Жыл бұрын

So, for example, it makes more sense to pay for a nice co-working space membership than to save the money and spend it on taxes, because you'll say goodbye to that money either way, so you'd might as well utilize it as an expense? (I think this actually may make more sense for someone like me, a digital nomad in a big city who can't easily write off home office expenses). Actually, could you write off a home office and a co-working membership? Uhh can you even write off a co-working membership?

@swiftMyDay Жыл бұрын

You won a subscriber my man 🙌

@rendlc902 3 жыл бұрын

Damn you really opened my eyes

@emilypearson2009 Жыл бұрын

Thank you for this!

@cameronsimpson5499 2 жыл бұрын

Anybody have a good accountant for small business owners ?

@radiantlawnmaintenance 2 жыл бұрын

You are awesome!

@mikejohn3265 2 жыл бұрын

The federal government is generous as far as deductions. Unfortunately not so true as far as our state. I almost never itemize.

@bikes7777 Жыл бұрын

How can I write off more than the $24k standard deduction? There is no way. And I won't buy a new truck or mower, that doesn't help and I won't go into debt to save a bit of tax deduction.

@tcg10120 2 жыл бұрын

good tips

@J.WinstonCPA 7 ай бұрын

CPA here. Great content, but can't write the shirt off bud unless it's required for work and can't really wear anywhere else.

@Mindsetolympics 2 жыл бұрын

Wondering how this applies when my self-employment income is not necessarily super “profitable”

@apiyothomas 2 жыл бұрын

A lot: you will be surprised how much you can either write off or leverage just because you have a side hustle that is classified legit self employment.

@brandonrickbornponyexpress6574 3 жыл бұрын

Great informational vid man

@joe4hirelawncare497 4 жыл бұрын

Great topic and very good information.

@Michael-vf2mw 2 жыл бұрын

Haha, I'm going to write off date nights from now on. XD

@geauxcuts4496 3 жыл бұрын

Gonna be having a lot of business meeting meals with the wifey from now on

@MikeAndes 3 жыл бұрын

LOL

@TheSpidersoftheworld 3 жыл бұрын

hey ,yeah babe meet me here we are going to talk about the way you want your bush trimmed ;-)

@youngatnaruto 2 жыл бұрын

@@TheSpidersoftheworld get some tax deductions on it

@watchdreamscapes 3 жыл бұрын

Genius

@hanslund308 2 жыл бұрын

The govt could build housing with little problems. They did it in norway after ww2 till the 70s. They quit doing it because they feared it could ruin private businesses. And that is mostly why, they think the govt should not stand in the way of the private industry.

@richardvg03 8 ай бұрын

The American government built housing in Norway??

@lakesidelawns5309 4 жыл бұрын

Well said ..but hard to get a new house when u don't make the money...

@colestaples2010 2 жыл бұрын

I’ve never had to pay taxes! Lawn business keeps me in poverty

@michaelkelley1177 Жыл бұрын

Very helpful

@tuxhouston723 2 жыл бұрын

The vacation part is wrong I think

@MikeAndes 2 жыл бұрын

Ask a CPA ✅👍🏻

@lietuviskakaraoke Жыл бұрын

It is "et cetera". Not "ekcetera".

@MikeAndes Жыл бұрын

✅🌟

@All-Miles-Matter 2 жыл бұрын

You have 2 options. Give it to the government or invest it back into your business, I choose the latter.

@christianjon8064 2 жыл бұрын

Not according to Dave Ramsey. He loves paying taxes

@thedornanfam-blogsplusmore8510 Жыл бұрын

Then the IRS comes knocking on your door lol, I mean you could just mow their lawn 🤣

@michaelgutter2004 3 жыл бұрын

Love the passion, Mike, life goes by quick. You can’t take your wealth with you when you die. It’s heaven or hell time, make sure you’re going to heaven. John 3:16 John MacArthur is a great preacher

@gregallen1 Күн бұрын

Thh th thhh thhhhh thop!! St sttt stop stuttering!

@ashleynoelle7429 Жыл бұрын

The more stuff you have in your business, the higher your personal property tax is. Soooo…

@zackbutz1411 2 жыл бұрын

This stuff should be a class in high school. Instead, we learned the phonetic alphabet and how to write in cursive.

@elihollingsworth6852 2 жыл бұрын

Because you're supposed to give everything in service of the feds

@justinaccount9920 Жыл бұрын

Least its better than math

@poonplugdoonbug Жыл бұрын

They don't even teach cursive anymore, just pronouns and how the white man's bad for owning slaves

@crowdnine878 Жыл бұрын

Because it's about indoctrinating America's youth with ideas that are useless. While other nations race past us so that the US is weakened and can't stand in the way of a one world order

@richardpope71 Жыл бұрын

15 mins into the video waste of time. You definitely lost me when you said you could write off your shirt you are wearing on the video. You should talk to your tax advisor so they can keep you from deducting items that are not deductible. That shirt can be worn anywhere and not solely for work as in a work logo. The info is generic and I guess if someone is completely clueless this might be useful but for those who have been in the business, I didn't find it useful at all.