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The ULTIMATE list of Small Business Writeoffs - Startup Tax Deductions - YouTube
Channel: LYFE Accounting
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hey everyone karan here from life聽
accounting where we help you save on taxes聽聽
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and build your wealth and today i'm going聽
to give you the master list of deductions聽聽
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by revealing 101 deductions you qualify for as聽
a small business owner look it doesn't matter聽聽
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if you're a sole proprietor a partnership聽
an llc you can take these deductions hey聽聽
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it doesn't even matter if your business is big聽
if your business is small you are eligible to聽聽
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take these deductions if the cost is ordinary聽
and necessary for your business you can take聽聽
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the deductions now i'm going to list them in聽
alphabetical order so stay tuned until the end聽聽
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so you don't miss one and let me know in the聽
comments if this helped you at all i want to聽聽
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know if i should continue to make massive聽
list videos like this one let's get into it
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first on the list accounting fees those are fees聽
to maintain accurate records interpret reports聽聽
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and file taxes advertising and marketing think聽
advertising spend email marketing social media聽聽
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costs and more amortization which is the active聽
recovering capital cost over a fixed period of聽聽
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time for things like starting a business section聽
197 deductions previously unused deductions聽聽
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and more bad debts from customers suppliers or聽
distributors who do not pay you for services聽聽
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rendered yup you can write those off bank fees聽
we all hate maintenance fees the wire fees the聽聽
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overdraft fees but luckily they are deductible聽
barter costs such as the cost you incur to聽聽
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perform the service or create the good when聽
bartering board meeting expenses bookkeeping fees聽聽
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business association member dues business related聽
conferences conventions and trade shows business聽聽
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travel look i created an entire video on how聽
to write off your business travel expenses聽聽
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so be sure to check it out business use of your聽
home yes if you use a space in your home regularly聽聽
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and exclusively for business you can write it聽
off this applies to people who rent and own an聽聽
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apartment or house car expenses if you use your聽
car for business you can write off the cost of聽聽
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the vehicle with the actual expense method or the聽
standard mileage method charitable contributions聽聽
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made for a business purpose yep charitable聽
contributions by corporation can be deducted聽聽
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up to 25 of his taxable income now contributions聽
that exceed that amount can carry over to the next聽聽
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tax year these limits are greater for personal聽
charity contributions though charity are traveling聽聽
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to perform charitable services child care yup most聽
people don't know but child care costs you incur聽聽
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so you can be free to conduct your business聽
is deductible on your personal taxes聽聽
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not as a business expense though cleaning聽
and janitorial services collection expenses聽聽
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or money spent trying to collect a business debt聽
is generally deductible whether you are able to聽聽
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recover all some or none of the money owed to you聽
commissions to third parties computers and tech聽聽
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supplies so if you buy a new or used laptop聽
computer printer ipad etc for your business聽聽
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you can deduct it consulting fees contractor and聽
freelancers by the way you can find some pretty聽聽
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good freelancers on fiverr.com just a tip if you聽
never heard of that website co-working spaces聽聽
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credit card fees depreciation on things like聽
homes buildings equipments furniture and聽聽
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computers eating out while traveling for business聽
it's deductible as long as it's a reasonable cost聽聽
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like flying to omaha to eat a six thousand dollar聽
burger might not fly with the irs education for聽聽
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yourself through books courses classes or聽
anything else you need to maintain licenses聽聽
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or simply stay up to date on what's happening聽
in your industry it's deductible education for聽聽
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your employees is also deductible employee聽
awards that are tangible personal property聽聽
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like a trophy or certificate is deductible but is聽
subject to certain deduction limits this includes聽聽
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achievement service and safety awards employee聽
benefits are deductible including vacation pay聽聽
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sick leave and disability benefits employee聽
discounts employee jury pay employee loans聽聽
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or advances you don't expect to be paid back聽
employee reimbursement under an accountable plan聽聽
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four expenses incurred while performing services聽
as an employee are deductible employee wages聽聽
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wages include but are not limited to salaries聽
hourly pay piece rate or payments by the job聽聽
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commissions and bonuses overtime and vacation聽
pay and any reasonable cash value of compensation聽聽
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other than cash equipment purchases equipment聽
rent equipment repairs equipment maintenance聽聽
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film television and live theatrical production聽
costs a mouthful right for under code section 181聽聽
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film television and live theatrical production聽
costs can be expensed immediately until 2025聽聽
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franchise fees rate or shipping cost furniture聽
or fixtures gifts for customers or employees聽聽
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under 25 dollars are deductible guard dogs yes聽
you heard that right their food vet bills training聽聽
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and other expenses are deductible if they聽
are a certified guard dog and a member of a聽聽
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traditional guard dog breed such as a white聽
roller or a german shepherd sorry moose gym聽聽
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for employees located on site health insurance聽
for yourself your spouse and your dependents聽聽
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is 100 deductible when you're self-employed check聽
out my video on this channel on how to write聽聽
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off health insurance and dental insurance home聽
rental also known as the augusta rule allows you聽聽
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to rent out your home for up to 14 days per year聽
without having to report the rental income on your聽聽
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individual tax return which is great for business聽
owners who can rent their house to their business聽聽
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improvements to a business asset insurance聽
premiums for credit liability my practice聽聽
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workers comp and other insurance hey by the way聽
if you made it this far go ahead and hit that like聽聽
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button for me it helps other business owners find聽
this on youtube and subscribe to the channel for聽聽
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more information that helps you save on taxes and聽
build your wealth okay back to the list insurance聽聽
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premiums on business property interest on loans聽
their tax deductible as a business expense聽聽
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internet cost inventory investment advice and聽
fees your kids if your child under the age of 18聽聽
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works in your business and you pay them聽
an amount less than the standard deduction聽聽
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you get a tax write-off for the pay you give them聽
and your kids or you can use that income tax-free聽聽
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crystal made a great video on the tax benefits of聽
hiring your kids so be sure to watch it legal fees聽聽
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license fees lodging while traveling for business聽
is deductible this includes hotels motels airbnbs聽聽
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and even reimbursement to friends or family聽
members for staying at their home management聽聽
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fees materials maintenance meals you eat are 100聽
deductible from a restaurant until december 31st聽聽
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2022 all other business meals aka not from a聽
restaurant are 50 deductible medical expenses聽聽
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that are not reimbursed and more than 7.5聽
percent of your adjusted gross income is聽聽
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deductible mileage from a business vehicle is聽
deductible when using the standard mileage method聽聽
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mortgage interest on business property moving聽
expenses for your business paper and online聽聽
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magazine subscriptions for your business office聽
supplies and expenses offers entertainment聽聽
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such as speakers pool tables and games are聽
deductible office rent organizational costs聽聽
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also known as incorporation costs are the cost聽
to form an llc a partnership or corporation聽聽
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in their deductible in the first year business or聽
amortized over 15 years payroll processing costs聽聽
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payroll taxes for employees including social聽
security medicare taxes and unemployment taxes聽聽
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parking and toll fees penalties and fines paid聽
for late performance or non-performance of a聽聽
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contract pension plans permits and fees聽
print materials including business cards聽聽
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flyers and brochures are deductible profit sharing聽
is deductible up to 25 of the compensation paid聽聽
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during the taxable year to all participants聽
prizes for contests the qbi deduction which聽聽
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stands for qualified business income allows you聽
to deduct up to 20 percent of your business income聽聽
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look y'all this is huge watch sherman's video on聽
taking the qbi deduction it's a huge deduction聽聽
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that can save you thousands of dollars real estate聽
related expenses such as repairs travel insurance聽聽
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capital expenses and depreciation are deductible聽
if you own rental property rebates on sales聽聽
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so when you accept returns or discount your聽
products as part of a promotion or concession聽聽
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to an unhappy customer it is deductible research聽
and development expenses retirement plans for聽聽
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the employer like a sep ira or solo 401k provides聽
massive tax deductions and our great opportunity聽聽
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to grow your investment portfolio tax-free service聽
fees signage software and online services startup聽聽
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expenses or the cost that you incur to a create聽
an active trader business or b investigate the聽聽
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creation or acquisition of an active trader聽
business is deductible so check out my entire聽聽
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video on how to write off your startup expenses聽
to learn more storage rental fees taxes yup taxes聽聽
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are deductible and they include state income taxes聽
payroll taxes personal property taxes real estate聽聽
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taxes paid on business properties sales tax excess聽
tax fuel taxes and business licenses telephone聽聽
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costs are deductible so if you use a voiceover ip聽
service or analog telephone service you can write聽聽
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it off depth and loss is deductible if the loss聽
is attributable to a federal declared disaster聽聽
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tips you give out are deductible say to drivers聽
or waiters while traveling for business tools聽聽
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uniforms for your employees utilities聽
waste removal website design and lastly聽聽
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workers compensation insurance if you'd like more聽
information on what the irs says can be deducted聽聽
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be sure to check out publication 535 business聽
expenses and now that you know what you can deduct聽聽
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i want you to be aware of the expenses you cannot聽
deduct you usually cannot deduct the following 11聽聽
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things as a business expense don't try it first聽
on the list bribes and kickbacks business attire聽聽
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that can be worn outside of work such as suits聽
demolition expenses or losses entertainment聽聽
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expenses are no longer deductible federal聽
income taxes don't try it lobbying expenses聽聽
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membership dues penalties and fines you pay to a聽
government agency or instrumentally because you聽聽
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broke the law personal living and family expenses聽
you cannot write them off political contributions聽聽
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and lastly time contributions to a charity look聽
i'm gonna place a few videos on the screen i think聽聽
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you should watch next be sure to check them out聽
and if you found this video helpful like always聽聽
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do me a favor and hit that like button for me it聽
helps others to find this video on youtube and聽聽
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subscribe to the channel for more financial聽
information that helps you save on taxes聽聽
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and increase your wealth i'm quran from life聽
accounting and i'll see you in the next video
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