The 12 Most Valuable Tax Deductions For Small Businesses (Do This Now!)
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Starting your own empire can start with a single small business but, you definitely don’t want taxes to take control. However, there are ways to prevent this from happening. Here are the 12 most valuable tax deductions for small businesses.
Within this list of 12 tax deductions lies something for you to implement in your next tax season.
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Our expert, Toby Mathis, Esq., knows what he is doing when he says these are valuable opportunities you should be taking advantage of if possible.
Don’t lose more money than you have to…
Keep what you earn and use that money to build yourself up!
Hopefully, this video will be helpful to those who are seeking to learn more about saving money on their business taxes.
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Thank you for joining us and good luck with your business endeavors.
Show Notes:
0:00 Intro Types of Businesses
2:37 Accountable Plan
8:23 Direct Cost & Indirect Cost
11:13 Reimbursements for Your Business
14:50 Meals
16:15 Equipment
17:17 Health Insurance
20:03 Travel Expenses & Practises
22:50 Start-Up Expense Write-Offs
25:09 Retirement Plans
26:40 Defined Contribution Plan
29:25 Qualified Business Income
32:01 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#smallbusiness #taxdeductions #taxes
Toby as always great video cld u do video about thid Infinit banking or life insurance where u cld borrow money aganst my primium, use it to for investment
Thanks for telling us how you felt small when you first started. Also, it’s so expensive to talk to lawyers and accountants. You’re so kind to share your knowledge. 😊
Thank You! 🙃
Stopped you talking about income tax ,i don’t have income,the money is stealers to steal my owner makes the broken and my money everywhere on the world ,this money is not income business enterprise tax ,fine money and debt repayment ..
My company gave us an option to work from home the last 3 years – should we have been reimbursed for internet cell electric gas??? This is the internet company Frontier communications.
Thank you for the video!!! We learn a lot with you! Thank you!
Thank you so much Toby, it is really kind of you to share this much information. I appreciate you!
what about the cost of filling the break room with coffee and snacks? Many offices where I am from provide lunch every day for its employee. What about that?
Wow. Solid Gold 💰
Thank you for sharing the information Toby!!!!
Can your c-corp manage LLC’s with different NAIC’s? For example, let’s say two are real estate and one is e-commerce. How can that be set up for maximum benefit?
How do you prove “convenience of the employer” for single-person businesses, especially ones without customers, like trading? The usual safe-harbor reasons given (24-hour contact with your employer or customers) don’t seem to apply. I am in constant contact with myself after all, even though I have two hats in my corporation (employer and employee).
Thank you. I will put your video in my Business Tax course.
And you have shown us how the rich get richer now it’s our turn
Thank you for this valuable info!!
Wow you really did a great job!!
thank you
Toby… one more… what about adoption benifits?
❤
Thanks. I knew a lot of this but learned some new things.
Thank you!
Your videos are so informative. Do you have a video on new LLCs that earned No money
Learn how to use the IRS tax code to your advantage and keep more of what you earn during this free webinar. https://aba.link/rui
My business enterprise not about you think , everyone must be pay off total amount due is 2000 times of the $540 billion trillion dollars UK and to steal and mskes the lost my money income back , not only always talked about tax a little bit money and everyone steslers got the big income on my owner accounts business enterprise money …
Can anyone explain that this whole accountable plan thing does anything to reduce tax burden? I understand that the employee/owner being reimbursed has a net 0 financial change and that the business gets a write off. Same situation as if the business just buys the asset directly lol… employee’s financial situation stays the same while the business makes a tax deductible purchase.
Cheers for posting! Hoping for some help: My crypto wallet on OKX contains some TRX 20 USDT, and I have the backup phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way should I handle moving them to Bitget?
Thinking, wait until our Gross is over 70,000 to switch to S from LLC? Gross year one , April to December 53,000. Thank you for clarifying, ugh… Tough times, but thinking S corp for 2025
You can do annual reimbursement on an accountable plan (see 10:50)? I thought you had to do it at least quarterly, because you can’t reimburse for an expense that is more than 60 days old. Doing it annually is certainly much easier and with less crap paperwork.
So, if your employer has you download an app to clock in and Outlook to receive company emails would that make our perso phones as employees a tax write-off?
How do I hire you? Not very wealthy, and in a debt settlement with Freedom Financial now; but have a feeling I will get audited this year(?).
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Thank you so much for this information. This was amazing.
I am set up as Sole, should I upgrade to LLC with s Corp?????
Toby. When the IRS says "rent a house for less than 15 days per year…" do they specify calendar days or the unit of time less than 360 hours? I ask because a hotel typically rents board rooms for an 8 hour day. This law was written mostly for the rental of homes to overnight guests. But a hotel typically rents a board room to a business for 8 hours for around $500-$1000.
It would seem to me that if days is not specifically defined in pub 527, the common definition of 24 hours should be used. In that case, 15 days = 360 hours or less than 45 8-hour-work-day rental periods.
Have you guys looked at this and have an opinion on this interpretation? I know of no hotel renting a meting room for less than $500.
Great video! Very informative and clear to me. I’m someone who is thinking about starting a youtube and worries about the tax/business part so this was helpful. Thank you!
Is there a difference in gifting your kids vs having them in the family business?
Great channel Toby!
You get double taxed if you have w2 and use the s corp for real estate
Thank you! Love your content! ❤
Great information.
I clueless all about tax.
I’m glad I found you, I’m educating myself from your videos.
Tanks much
Your channel is vital listening for anyone running a small business or wanting to start one. I’ve watched many of your videos now but have yet to see one specifically on types of business insurances a small business would need. I’d love to see a breakout of critical insurances every small business needs to have. Thanks for all the great content.
Just found this channel, great information 👍.
If you have S corp and you pay Medicare monthly is that deductible
Great video! Thank you! Is an LLC able to still use these tips?
Hello
Good evening.
Are your available and for hire? Thx
As always, knocked it out of the park!!!!! Thanku, my friend, I’ve been enlightened, and I’m sharing with my family, friends, and associates so that they can be enlightened and successful as well!!!
I would like to verify it: If LLC is a C corp, the business owner can eligibly deduct all his medical bills?
I watched this again. Alot of great info here!
I thought Augusta-rule payments cannot be made for properties that you also have a home office in.
For purposes of a home office is your home treated as commercial (39 year depreciation) or residential (27.5 year depreciation)? Obviously the deduction for the latter is larger.
I discretion 13 type to you understand my taxes very high what I say you only 5day no more understand this is my chance only for you I
Does this all work for partnership as well ?
Can you give someone (like kids, family) an item and issue a 1099-NEC to them. But actually keep the annual value under $599 and not issue the 1099-NEC.
For example, Grandma (a non-employee) offers professional advice. In exchange, You buy her a nice TV. She is not an employee, so you typically would issue her a 1099-NEC, but if the annual value is less than $600. you don’t issue the form. Maybe you depreciate the item you give them in the business first and then give it to them with a lower fair market value. Grandma needs the TV to watch a seminar. The TV is now used when you give it to her so you depreciate it by 30% before giving it to her.
Amazing information, thank you!!!