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7 Best Tax Write-Offs for Small Business & Self Employed to Cut Your Taxes in 2022 

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If you are self-employed or a small business owner, here are some of the best tax deductions and tax credits to save you money.
There are big tax deductions and tax credits available to the self-employed and small business owners, but most people aren’t aware of all of them. Learn about the biggest and most commonly missed tax breaks that can save you money on your taxes.
1. Retirement Plans
2. Business Meals
3. Research and Experimentation Costs: R&D Tax Credit
4. Business Travel
5. Section 199A - Qualified Business Income (QBI) Deduction
6. Business Startup and Organization Costs
7. Home Office Deduction
Your business may not be eligible for all of the deductions and the deductions have restrictions or qualifications that must be met. If you think you may be eligible for one or more of these deductions, check with your tax professional for more information.
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DISCLAIMER
Any use of other media is fair-use only. I am not a CPA or attorney and the information provided in these videos should not be construed or relied on as tax, financial, or legal advice. This video is designed for entertainment purposes only.

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31 июл 2024

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Комментарии : 19   
@JustPhil-yw6bt
@JustPhil-yw6bt 5 месяцев назад
Thanks. Great informative video!
@theknightway17
@theknightway17 Год назад
Now this is another golden nugget I needed to hear thank you!
@battle-techs
@battle-techs 2 года назад
All of you videos are helpful. Thank you again, soo very much for the content.
@tcrawford8430
@tcrawford8430 2 года назад
Thank you so much for what you’re doing.
@FedAccess
@FedAccess 2 года назад
Thank you!
@MRIPETCTSupportEngineer
@MRIPETCTSupportEngineer 2 года назад
Very helpful video. Thank you!
@FedAccess
@FedAccess 2 года назад
Thanks! Glad it was helpful!
@coledave
@coledave 2 года назад
you are beauriful
@mikeyv7171
@mikeyv7171 2 года назад
Thank you so much for always creating very helpful videos!!! I got a question on the home office, is the $5 per square feet calculated monthly exoense or one time per tax year? Thank you in advance!
@FedAccess
@FedAccess 2 года назад
that is for the year
@mikeyv7171
@mikeyv7171 2 года назад
@@FedAccess thank you so much!!
@berwinmiller3823
@berwinmiller3823 2 года назад
Is it possible to set up a self retirement account (Simple SEP, SEP, IRA etc) as well as contribute to this account for a start up that is not yet profitable?
@FedAccess
@FedAccess 2 года назад
depends on how the business is structured (we all know businesses that are not profitable but still pay their employees etc.). But if you're talking about a sole proprietorship, you need net income to contribute to a solo 401(k), SEP IRA, or SIMPLE IRA.
@berwinmiller3823
@berwinmiller3823 2 года назад
@@FedAccess Actually my company is set up as an LLC
@FedAccess
@FedAccess 2 года назад
@@berwinmiller3823 Yes, but how is it taxed? An LLC can be taxed as an S Corp, Sole Proprietorship, or Partnership. What tax form do you use to file your business taxes?
@waynecmontgomery
@waynecmontgomery 2 года назад
Not to sound internet creepy but I think you are a very attractive woman, I like this better than the stick figures you draw 😂. My question, I run a nonprofit that just got a contract from the US Navy and the Department of Homeland Security ( Coast Guard) to maintain a lighthouse in Maine. I would like to know does my nonprofit qualify for the R&D credit cause we perform research for the Navy ( please keep in mind that we DO NOT pay federal or state income tax, nor do we pay real estate taxes for the property or auto excise taxes)? Also, we just opened a FOR-PROFIT branch in the United Kingdom (UK) how do we register the UK company in the SAM registration database? I know we have to get a NATO cage code. How do we do that? Thank you in advance for any answers you may have.
@FedAccess
@FedAccess 2 года назад
Thanks for the feedback. I don't have any experience with this, but a google search turned up some resources from usembassy.gov and Defense Logistics Agency on how to obtain a NCAGE Code and register your business. Sounds like interesting work!
@arturengler5406
@arturengler5406 2 года назад
Best company to do your own taxes through?
@FedAccess
@FedAccess 2 года назад
For a simple tax return, all of the major companies are probably fine. If, however, you require more unusual forms (like the new Form 7203), then not all the programs can handle preparing and e-filing the form. So I would check that they can handle e-filing all the forms you need, before picking a company.
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