My earning money on the side allows you to deduce your business expenses. This is significant ramification to have this avenue of tax deduction. But before you …
By Ronnie
29 thoughts on “10 Self Employment Tax Write-offs to Make You Rich”
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What if you do this by mistake and get arrested for tax invasion
How would you provide receipts from purchasing inventory from places you don’t receive receipts from? etc. Yard sales, Facebook marketplace meetups
Please eliminate music in your video
Section 174 also let's you write off $1000.00 per month to use your own home as a business for holding meetings, parties, etc.
1 important expense overlooked here, is that if you need to go back to school to learn how better to manage your business, you can also write that cost off as well. Any professional publications or training are 100% expendable.
Awesome content!! Trump taught me a thing or (2). And for that I can deal with Biden. Taxes are finally fun!
Thank you for this!
Other things you can write off could be phone and internet bills, transaction fees, business-related subscriptions, your actual LLC or business filing fees, payment to set up your website etc…
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Self employment writeoffs:
1.Healthcare Insurance
2.Retirement Account
3.Vehicle Expense
4.Business Travel Expenses
5.Business Communications like cell phone bill
6.Business Meals
7.Rental Costs (P.O. Box)
8.Home Office Expense
9.Track Expenses daily
10.Equipment like computers, laptops, camera, studio lights, mic, etc.
In Canada this affected me because righting off a lot of expenses you decrease your annual income which doesn’t help when you apply for mortgage
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He's talking about Schedule C deductions, the most audited form the IRS conducts.
1. Health Insurance
2. Retirement Accounts
3. Vehicle Expenses/Mileage
4. Travel Expenses
5. Communication Fees (Cell Phone Bill)
6. Business Meals (Rare)
7. Rental Fees (P.O. Box)
8. Office Expense (Space used)
9. Minute Daily Expenses
10. Equipment (% used for business)
4:00 I doordash: once a week Ill get something to eat while getting the costumer their food. Is that able to be written off if i keep the receipt?
so where i get confused is writing things off and the standard deduction. do all the things that you're writing off have to exceed the standard deduction 12,200$? or is this just for a w-2 employee? if anyone can explain that would be great thank you.
Does a car rental count to go to a bank that’s an 1hr & 30mins away for business purposes?
It’s crazy that everybody has to pay taxes on “their” time. You exchange your “life” or “time” on this earth for doing something, and you get taxed for it. Hmmm…
Do you need the actual receipts for all of these purchases? Or if you can find the price is that ok?
He talks so much about his toilet papers and paper towels that he should be able to write them off. If not, he can always film their usage.
This apply for 1099
I like it 👍🏻! Film your videos in the biggest room of your house…
It might be great; but I am on a time crunch. Thanks
How many miles away from home do we have to travel in order for it to be considered business travel expenses?
Do you have an accountant or think it's worth it to get one being self-employed?
yuck, you might be rich but you are also very ugly looking!
How do you set up a business to write these things off? When do you become valid in the eyes of the government as a business owner? I want to start a business and this have huge expense to make to start this business but since I haven’t even made any profit yet how could I write everything off?