Biggest Tax Write Offs for Small Business (These are Huge!) // As 2019 fades into the distance, here are 7 huge tax write offs that you should consider …
48 thoughts on “Biggest Tax Write Offs for Small Business in 2020 (These are Huge!)”
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Here is a link to the cheatsheet referenced in the video. https://www.hawthornlaw.net/deductions In my haste to get this uploaded a couple of weeks ago, I completely forgot to include this link in the description!
Even though your a browns fan I like you thank you
How would you provide receipts from purchasing inventory from places you don’t receive receipts from? etc. Yard sales, Facebook marketplace meetups
How does Diem meal works ?
How can I write off a computer and other items I already own?
These are not huge. All these are common sense that every business owner should know. If it's a business expense, it's a write off.
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How did you miss the Vehicle deduction. any vehicle over 6k lbs. is 100% deductable.
Won’t give you any grief on the team but I do love me a good Toffee break. Lol
Hello! Thank you for the lovely video! I have a question: I do not drive and I don't have a license, but I often rent a car through my boyfriend who would drive me to get supplies. Sometimes I would take a taxi to get to the store for supplies. Does that count as tax deductible?
“We’ll see you in a wonderful 2020”
Well, I’m from the future and I have some bad news.
What is the best software or tax filing entities should you file your taxes with if you have an LLC.
If i have regular job and a self business can max out both accounts
Great video, I appreciate the content. Just one question, I know you are in North Carolina but Are all these rules and laws just for North Carolina or are they for all 50 states?
Thanks again
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Very informative video! Thanks Hawthorn!
Do you need an EIN for these deducations?
So basically I can write off up to 20% of expenses that I use for the buisness
I am in CT. Do you have a good reference on who I should contact to do tax? Thanks
Great video.
Hi, what is the difference between deducting for mileage and deducting for travel?
For an single member LLC, is it 25% from gross or net income for solo 401k?
Could you also get a tax reduction from a Roth IRA?
Is this for llc’s only? Or does this apply for sole proprietorship too? I have a full time job and have a small business on the side.
Go Gators
Thank you!
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Yeah I can brag about this 🙌.
can you make deductions already if your business is not yet registered coz im just earning very small profit?
can you explain the 20% self-emloyment deduction?
QBI deduction for LLC & S Corp is probably the best one. The only issue with LLC & S-Corp is you cannot deduct health insurance. You could leverage both if you set up both an LLC-S-Corp and C-Corp. Invoice some revenue to the C-Corp to cover healthcare insurance & some wages, than use the LLCS-Corp to make use of the QBI.
Some deductions not included in this video:
1. Utilities such as internet. I presume every business uses internet service for business use. Also phone land-line or VOIP service if you are using it for your business.
2. Meals, if you are working remotely & need to grab meals while on the job you can expense them. Keep your meal receipts
3. Continuing education: This could be books, trade shows, seminars, and costs associated with educating yourself for business needs.
4. Office equipment: Copier, desktop PCs, laptops, tools, etc. Note usually for equipment owned by the business are subject to property tax, and depending on the cost of the item, you may need to amortized the expenses over several years.
5. Business losses: considering how bad 2020 is for most small businesses, & you had a net loss, you can usually write off the lost in the following year.
Note its important to keep any reciepts, invoices or paperwork for anything you submit for tax deduction. Its very likely you business will be audited at least once, even if you done nothing wrong. State revenue agencies usually do random audit on small businesses. As long as you retain all of your expense paperwork, you will be fine.
Can you send me the sheet
At cablestargate@gmail.con
Thank you great video
Thanks for the great video. Awesome! Just subscribed. Looking forward to more helpful videos!
Its all a given.
Wait what Clemson spanked dat @$$….
OH-IO. My BF and biz partner is a huge Ohio State fan. Definitely sending him this video. Question: If we have short term vacation rental LLC, do we pay for meals, mileage and office supplies from our LLC credit card or our personal credit cards as an Unreimbursed expense? I thought if you pay out of your LLC bank account or are reimbursed by your company you cannot deduct it on your personal return???? Thanks!!
How would i have my LLC Taxed if I am delivery driver?? (Uber Eats)
AWESOME VIDEOS BY THE WAY,,,THANKS!
Hi, how are you? I am so glad to find your channel. Thank you so much for your information. GO BROWNS, I just wandering if you are taking clients now and if you are not, can you suggests anyone in the land city. Thank you
Is that a Cleveland Browns helmet I spy in the background???
I've recently found your channel and have found it quite useful despite not being an internet/online business, I am a single member LLC. I usually listen more than watch your videos as I usually listen while doing other tasks that don't require too much thought. This time however, I watched enough to notice somethings in the background that I found quite interesting and I can't help but comment on. GO BROWNS! O-H!
1. Office Expenses/Technology
2. Cell Phone & Service
3. (Business) Travel
4. Meals
5. 20% Self-Employment Deduction
6. Mileage (rate changes yearly)
7. Retirement
Thank you very much for your video. It's extremely helpful. I just opened an LLC last week. I will use your link for the online QuickBooks.
I appreciate all the good information you provide. It really helps. Thanks
Thank you so much for this! It helped me a lot to understand my own SCorp filing, and a lot of the deductions I can use and haven't been using.
Had to leave once I saw OSU cup. From Mich
Did you deduct that coffee?
This video was SOOOOOO awesome. I am a new small business owner and this helped me substantially!
You rock
What if you work but have a small business on the side that makes more than your job per year?