Wed. May 12th, 2021

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 …

By Ronnie

48 thoughts on “Biggest Tax Write Offs for Small Business in 2020 (These are Huge!)”
  1. How would you provide receipts from purchasing inventory from places you don’t receive receipts from? etc. Yard sales, Facebook marketplace meetups

  2. 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?

  3. 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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  6. 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.

  7. 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!!

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  9. 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!

  10. 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

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