Sun. Jun 13th, 2021

Learn More: Small Business Tax Deductions Explained – Books, Webinars, Trainings, and Educational Expenses …

By Ronnie

38 thoughts on “Business Expenses & Tax Deductions for Small Business That You DON'T Want to Miss”
  1. If you’re a single-member LLC and travel but only deduct 50%, how can you do that without commingling funds? Same idea with how to do this with home office expenses like internet, heat, etc.?

  2. Is the TOTAL amount of the amount counted as deductions/write-offs? or just the TAX on those items? So if I buy a computer for $100 and the tax is $8 do I deduct $100 or $8?

  3. I'm so confused about tax write offs. So all the stuff we write off, like travels, cameras, etc that has to do with the business, it just deducts the amount of taxes you would owe from what you earned? So after you write off those taxes, the minimum amount of taxes owed would be at 0 percent correct? They don't pay you money for all your losses if perhaps you're in the negative? And how about stuff like cameras, you buy it for the business, do you write off the whole 2000 dollar value of the camera, or just what you paid for it in taxes?

  4. Please answer my question, I own a company and am trying to prove as much income as I can, am I aloud to only deduct for my 1099 contractors? Or do I need to deduct for my company's supplies I only want to know what I legally need to deduct for. Thanks again!

  5. I've forever had this question, meals…. So my husband is a painter therefore he is always at a different location every week or so, he is the only member of his LLC and at lunch time he always buys a meal. Is that considered a deduction or not? It's not actually travel but like I said he always has to drive to a different place. Any help is greatly appreciated….

  6. 1st video I'm watching from you. I started my business this year and I can't wait to watch and learn from more of your videos since my knowledge with laws, regulations and taxes is very low.

    New subscriber 🙂

  7. I was reading that to take home office tax deductions the room has to be used entirely for business purpose. What if I'm purchasing a house for myself and two friends who are content creators (all working in the gaming/e-commerce industries) and our set up for live streams, video creation etc expands throughout both our dining/living room areas?

  8. hi there. great information. How about if you have home office for an online shop and you need to repair/replace a sewer/plumbing pipes. Can it be deducted ?

  9. Great video, very informative!!! New subscriber here 🙂 Question: In order to use the home office deductions you're mentioning, my business (sole propietorship) needs to be registered with my home address????? I was thinking to register my DBA, EIN, Sellers permit and business license, for my online business, with a virtual office address… (for the safety of my family… I don't feel comfortable using my home address since I know it's going to be public records!). Thanks in advance!!!!!!

  10. I just use the standard mileage deduction because it's much easier and I don't have to track my mileage or keep receipts. Yes I have to give to my tax man the amount of miles driven for that car for the year. Having two cars is best and saying one car is full business driven and your other car is both business and personal driven. Yes I use both for the Standard Mileage Deduction on my taxes every year.

  11. When do you take these deductions? Do you take these deductions when calculating your estimated income to calculate the estimated tax payments? I’m a little confused.

  12. Thank you for the videos; question. If I am filing for my business and have pushed back it's formation date to JAN 1 2020 (to avoid double paying $800 in california), purchases I make prior to the formation (so today and moving forward til next year) still qualify to be written off for 2021 taxes? or do the purchases and expenses have to be after the formation date to be eligible to be written off? (thanks ahead of time for any expertise you can share). ~LM

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