What are Tax Write-Offs? Tax Deductions Explained by a CPA!

Рет қаралды 236,337

Күн бұрын

People are paying WAY too much in taxes because they are missing out on Tax Write-Offs.
Become a Tax Client: mycpacoach.com/tax-planning-s...
More than 2 million people overpay on their income taxes every year. And many are missing out on tax deductions that can LEGALLY lower their tax liability.
In today's episode, I am going to give you the BEST explanation of tax deductions so you DON'T miss out on another tax deduction again.
Outline:
Intro: (0:00)
How Taxes Work: (1:45)
How the Standard Deduction Works: (2:40)
Types of Tax Deductions: (3:20)
What are Business Tax Deductions?: (3:40)
How Business Tax Deductions Work: (4:50)
Misconceptions about Tax Deductions: (6:19)
How to Take Business Tax Deductions (8:10)
Recap: (11:00)

Пікірлер: 255

@mikeharlach2264 2 жыл бұрын

This video should be required for every High School and College student.

@Hoody1147 3 жыл бұрын

so funny... he explains everything in perfect order. and as I'm following along like... "Whats a tax credit though?" annnnnnnnnd its the next thing. Perfectly explained!

@LYFEAccounting 3 жыл бұрын

Wow I appreciate that, I definitely tried to make sure no stone was left unturned

@ventafurnishings3675 2 жыл бұрын

Yes! Thought the same thing, he is so well spoken and in such a great order that helped me to understand step by step!

@lashaetenns9570 2 жыл бұрын

@NeshiaBonita Жыл бұрын

I really appreciate you putting this series of videos together. Thanks!!!

@free2express08 2 жыл бұрын

This video explanation flows perfectly with the way I learn. Thank you!

@DRMegaone Жыл бұрын

Grown man of 40 here. Embarrassed I didn’t know these things. Thankful for your work. Liked and subscribed.

@yourfriend4170 2 жыл бұрын

So professional and so clear- thank you and your wife both for this wonderful work of yours 🥰🥳 bless you! Subscribing from all my 4 devices 🙏

@gracejohnston5895 2 жыл бұрын

Wow this is the first time I’ve really understood tax deductions. So we’ll explained!!

@porkchopcreative18 4 ай бұрын

Did that was incredibly informative.. and you talked in way that was understandable and relatable. You genuinely provided some great value!

@rtanaka 3 жыл бұрын

Y'all will have a big channel someday. Keep it up.

@LYFEAccounting 3 жыл бұрын

Thanks for your support, Ryan!

@Chefdookster 2 жыл бұрын

This aged well

@rtanaka 2 жыл бұрын

@@Chefdookster I wish I wrote how many subs they had at the time! Lol. Still early innings! 152k

@Monicamojito 2 жыл бұрын

just letting u know I learn & understand more from u in one video than I ever understood in all 4 years of school as an accounting major

@harrisonbailey9884 2 жыл бұрын

This is an awesome channel! Keep doing your thing, brother.

@diegogodoy89 2 жыл бұрын

This is a great video. Thank you so much for sharing this. Great breakdown, thanks!

@evolvewithmarcello 2 жыл бұрын

This was sooooo well made. Thank you so much, very effective and easy to follow.

@LYFEAccounting 2 жыл бұрын

Love to hear it. Thanks for watching.

@dudederrick2002 2 жыл бұрын

Great vid bro! Thank you for the explanations! 🙏🏽

@okallup8012 3 жыл бұрын

This is a great video. High quality content. I love to see a black brother making it happen! I liked, commented and subscribed, may the algorithm bless your channel!

@LYFEAccounting 3 жыл бұрын

That means a lot, thank you!! 💯

@DDadams0 8 ай бұрын

Can I say I love seeing my white brothers make it happen?

@Wavychronicles 2 жыл бұрын

Very informative. Thank you for the top quality information. Keep ‘em coming 💪🏽

@shermanstandberry 2 жыл бұрын

Will do, thank you

@piv5499 2 жыл бұрын

Very well made and easy to understand. Subbed !!

@yourkelownahomes Жыл бұрын

Awesome, thanks for your time to build this video!

@TheSparkisLove 2 жыл бұрын

This is tremendously helpful! Thank you!

@LifePotentialAffirmations 2 жыл бұрын

So easy and well presented , appreciate you :) Gracias

@FilthGnasty 3 жыл бұрын

Baller ass video, Sherman! I just started a small business and all this was helpful. Super clear and concise, thanks. Liked and subbed!

@LYFEAccounting 3 жыл бұрын

Man thanks, that means alot!

@abbigailarevalo3442 2 жыл бұрын

Thank you ! This has been so helpful as a freelance performance artist

@severtone263 2 жыл бұрын

GREAT WORK Sherman! I learned so much. You earned my sub. Thank you

@LYFEAccounting 2 жыл бұрын

Awesome, thank you!

@shayrich7783 2 жыл бұрын

Outstanding awesome info laid out so clearly.

@jakeclark4201 2 жыл бұрын

Love your videos!! Super helpful

@JTCoinRings 2 жыл бұрын

I enjoyed this video, great information.

@michaelmontoya3377 3 жыл бұрын

Great info. Truly appreciate you and the information you give !!

@LYFEAccounting 3 жыл бұрын

I appreciate that!

@klhmia 2 жыл бұрын

Damn this was so clear - thank you!!

@MollyPinon 2 жыл бұрын

Crystal Clear info. Thank you so much, subscribed!

@LYFEAccounting 2 жыл бұрын

Thanks for the sub!

@vancewilson5902 3 жыл бұрын

Sherman was awesome in this video! He explained everything very well. I now have a much better grasp of tax deductions that I can use towards my new business. Thank you Sherman!!

@LYFEAccounting 3 жыл бұрын

Glad it was helpful!

@aname206 2 жыл бұрын

this is top notch content bro subscribed.

@letsgoviral777 Жыл бұрын

So helpful. Thank you!

@VENTABLXCK 2 жыл бұрын

Ayo thanks dude. I’m trying to learn more about this stuff since I’m now an adult. This is super helpful.

@LYFEAccounting 2 жыл бұрын

Glad I was able to help! Thanks for watching.

@LeeLee-uq5qp Жыл бұрын

Very helpful!!! Thanks!

@mahmoudabuzaid4617 Жыл бұрын

Amazing instructor. Thank you :)

@amorshriTV 2 жыл бұрын

Thank you for this! very helpful and easy to understand

@LYFEAccounting 2 жыл бұрын

You're very welcome!

@RoadNotDestination 2 жыл бұрын

Such a well done video. Great work and thank you

@LYFEAccounting 2 жыл бұрын

Thanks for watching!

@GanNiPiYan 2 жыл бұрын

thank you for the video man! My CPA didn't even explain it to me

@Alejandrovip1108 Жыл бұрын

I’m watching your videos at 2 am you are such a great teacher! Your information is worth thousands to millions in great hands 🔥🔥🔥

@bethanyangel1721 2 жыл бұрын

Excellent made educational video! Thanks for the content!

@LYFEAccounting 2 жыл бұрын

Our pleasure!

@BiancaEjiofor 2 жыл бұрын

Great video. Can you do a video on a scenario of having no income but business expenses?

@encyclopediarealestate4797 2 жыл бұрын

Thank you for the content brother 💪🏾

@LYFEAccounting 2 жыл бұрын

My pleasure!!

@stephp6623 2 жыл бұрын

I loved the way you explained this, this jargon is so new to me that I'd be like Wait what exactly did he say that was? & sure enough you described it a 2nd time I was like Wow its like he can hear my thoughts :D subscribed ^-^

@fletcherman2 Жыл бұрын

This was very helpful

@toywithtech 2 жыл бұрын

See we need to take advantage of this ish.. perfect explanation!

@LYFEAccounting 2 жыл бұрын

Definitely need to. It's there for you.

@afawakefrontiers 2 жыл бұрын

The best channel for taxes period....

@LYFEAccounting 2 жыл бұрын

@briannorthrup8212 Жыл бұрын

This is great thank you very much my friend

@allsionparker8449 2 жыл бұрын

THANK YOU SO MUCH 😊 I REALLY APPRECIATE YOU

@alecbinder4669 2 жыл бұрын

I'm so glad they teach this school.....

@cheif3870 Жыл бұрын

Thank you so much sir I appreciate so much. Your saving a lot of hard working Americans money ✌🏾

@nathanaelcarrollhorton8910 3 жыл бұрын

Very clear thank you!!!!

@LYFEAccounting 3 жыл бұрын

Glad it was helpful!

@luigicudelato 2 жыл бұрын

Itd be nice if you gave more of a anecdote about how each term works not just its definition, its nice how much you work on getting us to clearly depict things but itd be nice to have some expansion on it not just clearer definitions

@ricojrjimenez1922 2 жыл бұрын

Great video, Thanks! subscribed!

@LYFEAccounting 2 жыл бұрын

Awesome, thank you!

@WishingWellBBQ 2 жыл бұрын

This was such a helpful video! Very easy to follow and made in simple terms. Definitely subbing to learn more! Thank you!

@LYFEAccounting 2 жыл бұрын

Awesome, thank you!

@spiritualohgeesy2028 3 жыл бұрын

great video. well explained

@LYFEAccounting 3 жыл бұрын

Thank you!

@tuffgreenlawncareservicell3411 3 жыл бұрын

great video! i have learned a lot. keep the good job 👍

@LYFEAccounting 3 жыл бұрын

Awesome! Glad it helped!

@MVisionzINC 3 жыл бұрын

You’re awesome bro 😎🙌🏽

@LYFEAccounting 3 жыл бұрын

For what?

@sonny__19 10 ай бұрын

Thank you much love 🙏💚

@TVproductionGUY 2 жыл бұрын

Good stuff…good delivery..sub

@drexultimate6533 2 жыл бұрын

absolutely well deserved like

@scottnevil 2 жыл бұрын

Liked and commented. You did a good job.

@slicer940 2 жыл бұрын

Thank you! Earned a sub

@LYFEAccounting 2 жыл бұрын

Thanks for the sub!

@mikkofrancisco2025 Жыл бұрын

Can I hit the like button 10x? Thank you for this free learning

@davidjiang2nd 2 жыл бұрын

High quality info!

@LYFEAccounting 2 жыл бұрын

Glad you think so! Thanks for watching.

@Almightykingtay 2 жыл бұрын

Great information I appreciate it

@LYFEAccounting 2 жыл бұрын

No problem!

@hankhill2698 Жыл бұрын

Great video

@raulaquino468 Жыл бұрын

Thank you so much

@babli4751 3 жыл бұрын

Thank you so much for explaining these things. I took TAX1 last month, and my professor did not explain these fundamental things, he just assumes students will automatically know it.

@LYFEAccounting 3 жыл бұрын

Wow. Glad I was able to help you out.

@mason.ford_ 2 жыл бұрын

Thank you! All your videos are incredibly helpful!!

@alldaygaming9709 3 жыл бұрын

Was very helpful 👍👍👍👍

@LYFEAccounting 3 жыл бұрын

Glad to hear that! Just curious, which part did you find most helpful?

@01wayne03 Жыл бұрын

New subscriber ✊🏾

@hatenonme1212 2 жыл бұрын

I don't even have a business but it's very helpful information. This is what schools should teach instead of some of the nonsense being pushed

@tessamarie8698 2 жыл бұрын

they don't teach you anything you need to know in schools so that your clueless and vulnerable. They do it on purpose its not a coincidence but I too heavily agree.

@maximu1696 3 жыл бұрын

Im now plugged N with U guyz now!!! Thankx!

@LYFEAccounting 3 жыл бұрын

Welcome!

@AreaCode862 2 жыл бұрын

As a small business owner getting started! This was well explained!

@LYFEAccounting 2 жыл бұрын

Thanks Hecmar. What type of business do you have?

@AreaCode862 2 жыл бұрын

@@LYFEAccounting Auto Mobile Mechanic

@JoshMearsTube 2 жыл бұрын

Great info thx

@LYFEAccounting 2 жыл бұрын

Glad it was helpful!

@brendaboteo1859 Жыл бұрын

Great information thank you! I do have one question, are tax deductions only for business owners then?

@richardsimbil6446 Жыл бұрын

Man you're too good 👍

@Neiceyspeakshermind Жыл бұрын

I just want to express how thankful for your videos you. You guys explain everything so well. If you ever decided to teach courses for CPA or EA’s I am in! #SignmeUP

@Djellal 2 жыл бұрын

Great video thank you! However I have a question please. Is it possible to obtain tax deductions/write offs as a 1099 employee?

@lechugaevencio6718 2 жыл бұрын

Thanks 😊

@michaelwesco1546 2 жыл бұрын

thank you

@joshuatalks6213 Жыл бұрын

Awesome video for a new gym owner 💪

@MsTaLucifer 3 жыл бұрын

Thank you 🙏

@LYFEAccounting 3 жыл бұрын

You’re welcome 😊

@dannylee9026 Жыл бұрын

great video, question- do screenshots of notepad / day planner count as proof when filing tax deductible expenses? photos of written calendar/journal?

@roubenaxelomaricharles6994 3 жыл бұрын

I love this guy

@LYFEAccounting 3 жыл бұрын

Thanks!

@viewsbydre 2 жыл бұрын

Great explanation very easy to understand and very helpful information #newsubscriber

@rsuave109 3 жыл бұрын

EXCELLENT VIDEO. Described in plain English 😆.

@LYFEAccounting 3 жыл бұрын

WOW thank you Reek, hope you consider subscribing?

@rsuave109 3 жыл бұрын

@@LYFEAccounting I did 👍

@pogo55555 3 жыл бұрын

Liked. Subscribed.

@LYFEAccounting 3 жыл бұрын

Awesome, thank you!

@fusionsoundproductions Жыл бұрын

Starting a sound/DJ production business. Will I be write off the equipment cost as business expense? Also, what about the equipment I already own but will be transferring it to the business for business use? TIA

@Insideranon 2 жыл бұрын

I wish someone would do a video going over things you could deduct as an artist or youtuber.

@ridingwithryan1507 2 жыл бұрын

Look up Brian Kim ClearValue Tax. He has a great video for that.

@Insideranon 2 жыл бұрын

@@ridingwithryan1507 Oh hell yeah, thank you!

@noone-qt3fi 2 жыл бұрын

Thank you

@LYFEAccounting 2 жыл бұрын

THANK YOU!

@JorgeGarcia-jn9og 11 ай бұрын

Would business attire be an expense I could write off ? Thanks for the vocab I subscribed I need to know 😵‍💫

@tonycstech 2 жыл бұрын

Question. Not a business, just a hobby. I buy broken electronics, fix and sell them. I make little money doing so but the income seems high if not counting how much I spent initially and for all the equipment and supplies. Can I write those off ?

@jesussalomon3598 3 жыл бұрын

I’m a little confused when it comes to Tax deductions and Tax credits. If I had 10,000 in Taxable Income, and 10,000 in Tax Deductions, wouldn’t that mean that my AGI is 0? Therefore I don’t owe anything?

@thewatchman904 3 жыл бұрын

Good point surprised nobody confirmed

@raulortega2010 2 жыл бұрын

Probably have to make more than the deduction for a deduction to be applied

@hatenonme1212 2 жыл бұрын

Taxible income - Tax deductions = Adjusted Gross Income (AGI) 10,000 (TI) - 10,000 (TD) = 0 (AGI) That means you get all the money on your taxes back whatever the amount. Doubtful if your tax credits would equal your deduction however tax credits work differently tax credits are dollar for dollar what you owe in taxes (owe IRS) AFTER your tax liability has been determined @7:45 But kudos if that's the case ✌🏾

@MegaAshleyTube 3 жыл бұрын

Love it

@LYFEAccounting 3 жыл бұрын

Thank :)

@Vortrox 10 ай бұрын

Dude, taxes are brutal... this will be my first year paying taxes after making significant money off KZfaq. Im scared lol

@shavonway2730 3 жыл бұрын

What are the differences in deduction or withheld

@macanaman5172 2 жыл бұрын

Exactly school only taught us to go to college for four years and work for someone

@corteyd8785 Жыл бұрын

Great

@markuzantwahn6351 Жыл бұрын

So if I want to buy a laptop for my business that I want to start. Can that be written off if I bought it before I created LLC, or should get the LLC 1st. Open a business account, and use that business account card to buy the laptop?