Business Expenses & Tax Deductions for Small Business That You DON'T Want to Miss

All Up In Yo' Business with Attorney Aiden Durham

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Small Business Tax Deductions Explained - Books, Webinars, Trainings, and Educational Expenses • Small Business Tax Ded...
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Business expenses and tax deductions for small businesses. Learn about tax deductions for self employed and other tax tips!
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Опубликовано:

7 сен 2024

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Комментарии : 267

@consolemadamethirdkill 3 года назад

I am so happy that I truly understand what you’re saying. You’re a great speaker!

@allupinyobiz 3 года назад

That's what I like to hear! Thank you so much for watching and for the kind comment!

@LuisRodriguez-eh6el 4 года назад

You explained S-corps better than my CPA. Thanks!

@jjpierce6032 3 года назад

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.

@allupinyobiz 3 года назад

I prefer the standard mileage deduction too. But you do still have to track your mileage.

@tonyakelly5494 4 года назад

You are AWESOME! Thank you for being “All up in MY business” 😀 This was very helpful!

@triathlete954 4 года назад

Great information just adding that the health deduction premium expense and Retirement deductions are done on schedule 1 of your taxes not schedule C, for those of you who are doing this on your own.

@benjaminelkrieff6414 4 года назад

Your videos are life changing to me. Thanks to you I am more than never confident in opening an LLC. And Now I know who to contact if needed. Thank you Aden! And I loved the "s'il vous plait" ;) Keep up the good work!!

@allupinyobiz 4 года назад

This makes me soooo happy! Thanks for the kind words!

@BoostAndRedline 3 года назад

I like that “ all up in your business” 😂😂

@truckpilot01 3 года назад

Hell yeah. Id get all up in her business

@josephtaylor3491 3 года назад

That was the most informative video on tax breaks that I've seen on RU-vid!!!

@aliyahthegardenist 6 месяцев назад

RU-vid recommended me this video. Just what I needed!! 😂❤

@MiamiDreams 4 года назад

Outstanding! Thanks for all the videos you make. Really good information!

@allupinyobiz 4 года назад

You're welcome. Thanks so much for the support!

@Em_Rey 3 года назад

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 :)

@nathanwood33 2 года назад

I wish I had someone like her in my life

@nathanwood33 2 года назад

@@woolzem its truly amazing how much we need each other. Divided we fall. United we staand

@bigolegreen 3 года назад

Thank you for this. Super helpful as I’m starting to freelance

@AndyHTu 4 года назад

Thank you for this video! So...I live in California, so I don't know if this will be relevant to you or not but.................... Can you do another video on how to to have keep corporate minutes of your Single Member LLC? I just watched the one you did like 4 years ago and I'm not too sure I understand it wholeheartedly lol. I asked a question in that other video, but I don't think you will see it so I will ask it here. 1. How do you do you keep corporate minutes as a single member LLC? 2. How often do you have to do it? ( keep hearing, you keep records of every purchase, but that makes it sound like you have to it often. Then I hear you have to do it once a year, so I am confused!) 3. What ways can you do? Can you just keep descriptions of your expenses in quickbooks? Would that be considered a minute to minute meeting?

@devek357 3 года назад

I've learned so much! thank you

@allupinyobiz 3 года назад

Awesome! Thanks for watching!

@Waqapedia 4 года назад

Can you deduct startup and organizational costs before you actually form the LLC/INC? or only after legal entity formation

@folasadeosibodu7119 2 года назад

After formation. She said after you’ve made the decision, anything before are personal expenses

@revko1nyc 2 года назад

Don't quote me but I recall reading you can deduct up to 6 month prior of starring a business.

@RodasiCampbell 4 года назад

Hello! This is so helpful thank you thank you! Do you have a video on how to pay my teenager as a single member LLC and if this is indeed considered a tax-free expense up to 12k for the business per year?! I didn’t find a video on this in your channel- point the way or please create one! 🙏🏾✨💕Have a blessed day!!!

@harleyehuffinejr2432 4 года назад

Great information and thank you very much for taking time out of your life to help others with there needs. God gave you a gift of 86,400 second today, thank you for all the ups and downs that make it worth living. (K.I. M) Keep it moving all up in your business. Harley E Hall Of Fame

@billwise9496 3 года назад

That was awesome. I could listen to you all day. Thank you

@canyoneagle 4 года назад

I love your videos. So helpful!!!!!! I started my LLC Sole Proprieter Consultancy business last year, and am still getting things in order. On an unrelated note, gotta love the fact there is a book in your bookcase titled "Wine" :) Keep up with your great videos!!!!! Thank you.

@allupinyobiz 4 года назад

But what you can’t see is the book stacked beneath it titled “BEERS” 😂 thank you so much for watching and for the kind comment!!

@mauricejohnson6123 3 года назад

I'm starting a Repair Business and I've been purchasing equipment to practice on my Craft to get better. Can the Equipment be tax Deductible?

@adrielrodriguez3742 3 года назад

yes

@napoleonarmstrong3648 4 года назад

Has anyone ever told you YOU ROCK!!🙌👍⭐🎆

@mooredre3221 2 года назад

I am happy that I have stumbled across your videos. I have started the process of starting my trucking business and have been very nervous. With yours and a couple of other people I have viewed, it has made it easier for me to understand the process better. Sitting here with my pen and paper, I thank you. I am looking forward to watching more videos.

@BENBASIL 2 года назад

Awesome! Thanks so much, this is very helpful

@haroldb.vigilsr.7803 4 года назад

I love all of the videos that I’ve watched. You are amazing and always have great helpful information. Thank you for all that you do. 👍

@old72mac 4 года назад

Hey Aiden, can you write off educational items on learning to start, run or operate your business...books, webinars, or classes and such?

@allupinyobiz 4 года назад

Great question!! Sometimes yes, sometimes no. I will make a video about it! 😁

@old72mac 4 года назад

@@allupinyobiz Awesome! I'll keep an eye out for it.👍🏽👍🏽👍🏽

@NiamulArifin 4 года назад

Good to see you Adan...So excited to see your new video after years....

@StingerBeeCo 4 года назад

If I had one question I could have asked, this video covered it. Great video, great information as always! Thanks for making these videos

@MrHp5610 4 года назад

I wish you were in Washington, your vlogs are soooooooo helpful!

@PrestonMcgill 4 года назад

So happy I found your RU-vid channel, I’ve been losing my mind working on starting my business and so far they have been super helpful the best part is that everything you talk about is relevant to what I’m doing because I’m in Colorado. Thanks for putting all this info out for free 🤙🏻🇺🇸

@TheHaslemBoyz 3 года назад

I have an LLC and I want to enclose my covered back porch and use it as my home office, can the expenses be a tax deduction?

@dougOptics 2 года назад

New business owner here and I LOVE YOU! Awesome content and helpful af.

@victorramirez7343 2 года назад

Hey Doug curious to know what kind of business do you own and also congrats on it 👏🏽👏🏽

@lorainec4905 4 года назад

Hey girl, Your blogs are awesome. I have a question? Is the more you have expenses is the less you would have to owe the IRS?

@glendasagucio4501 3 года назад

Im in the process of getting my business bank account and I've been using my personal bank account to start up my LLC business. Can I write off the expenses for my business that use from my personal bank account when i file my business taxes next year?

@juanalvarez6456 2 года назад

Excelent, excelent....I will follow you....thanks a lot...

@asmrcookielady1535 3 года назад

I"m just finding you today and all of these videos are gold! I am starting a home bakery and your videos are so helpful. Thank you!

@MsShannaK 3 года назад

Are you available for hire tho👀 I learn so much from you. Your energy is everything and you make it very easy to understand. Thank you so much. 👑

@allupinyobiz 2 года назад

I answered your question in my newest video! Check it out at ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SrGkYbAD25I.html

@nickfrancis3227 4 года назад

Love the video and it was very helpful...I have more questions

@carlpeterson8182 3 года назад

I would watch out on some of these deductions. Some are in a little of the grey area. For instance one's usual commute is not deductible.

@TellsFromTheBeast 3 года назад

congrats on 100k subs, what a huge milestone!!! very remarkable! keep grinding your absolutely amazing

@allupinyobiz 3 года назад

Thanks so much, I'm pretty pumped about it!!

@TellsFromTheBeast 3 года назад

@@allupinyobiz as you should be, its such a grind lol but your wonderful on camera, and your in the absolute best niche. very proud of this milestone as a fellow youtuber. im only at 35k but had to take a break to restructure my content, i have leaned so much from you and was also content listening thriugh without skipping around. just think of it this way, you could literally sell out the michigan stadium with your audience! thats remarkable! here is a link to something that helps put the crowd size into perspective, i think you will love this lol because your literally only one step away from selling out the Texas Motor Speedway, which is at 180,000. i cannot wait to see you pass it!!! this is going to be such a wonderful year for your channel and i couldnt be happier for you! sorry for the book lol but again thanks for everything you do to help educate people. you offer a great service, you should feel nothing less than proud.

@dmndstudios6817 4 года назад

I have a question I’m hoping you can answer. I’m looking to register my recording studio business as an LLC and write off business expenses on my taxes, such as studio equipment purchases, software, etc. I already made the investments, but don’t currently have an LLC or a business bank account. If I were to register as an LLC, would I be able to write off expenses I made for my business before formally registering? Or would they count as personal investments because I wasn’t registered as a business? Thank you! 🤍

@leiacaston1531 Год назад

Your videos are so informative

@inbedduringcovid3005 3 года назад

Just found this and I loveeee it. I have already sub and will be sharing. I just started a secret business with plenty more to come and I'm hoping to learn as much as I can to save my life from a real crazy situation. I will be watching this multiple times. I have to see if it's an 2021 update of this now for LLC. Thank you 🙏👍✌💓💛

@aimiloo 4 года назад

Wow thanks for posting this educational video!

@beautifulbabe408 4 года назад

Thank you, thank you for taking the time to share this info, starting a business is not easy and can be overwhelming!! your videos are such a gift to us.

@mooredre3221 2 года назад

You said a mouthful there!!!! I have been losing sleep trying to figure things out. Watching many many videos has been helpful, but certain videos were more helpful than others. This was one of a small handful that has been simplified and easier to comprehend. Thank you.

@kunalamin8 3 года назад

IUL is also a good way to save taxes.

@WHITELIONNYC 4 года назад

Do you sell a tax kit for photographers/videographers/RU-vidrs? 🤔🤔🤔🤔🤔🤔🤔🤔🤔🤔🤔🤔

@gmx5051 4 года назад

I use 2 storage units to store the items i distribute..can i deduct the full amount spent? Thanks

@jesusmariasolisjr2294 4 года назад

Ty appreciate you so much you help me understand all this God bless you and your family

@andrepatterson8937 4 года назад

New to the channel great information watching and applying all of ur information. Thanks!!!

@BrillyAsher 3 года назад

Does Uber count as mileage that you can write off ??

@DJAM87 4 года назад

I rented a apartment to be used as a business office for online work / online business , it’s separate and is not my residential address , but the apartment lease was done in my name and not the business name , however the Corp is registered there , are those expenses deductible ?

@kika017 4 года назад

I really love your videos!!!! Thank you!!

@vanderpoolfarmsl.l.c.9983 3 года назад

Our LLC's heavy trucks that haul livestock all have satellite radio capability. Do you see a problem with an annual subscription to the satellite provider as a deductible expense?

@marianaavitia5051 4 года назад

Lots of amazing info thank you so much... i feel alot more confident to take the leap and open up my business. Subscribed and notifications are on!!! 💕

@irvinyalexis1 2 года назад

Thank you I was going crazy before your video

@kentech2788 4 года назад

Awesome Content and instruction !

@slicc9048 3 года назад

Great video. Thank you.

@ev.00007 4 года назад

Are expense tracking subscription services (like Keeper Tax), that help self-employed people prepare specifically for tax season, included in overhead operating expenses?

@marcelinojr.deperalta3735 3 года назад

packed with goodness

@NeonKue 3 года назад

Is it acceptable to use my own personal account (Amazon, Paypal, etc.) to purchase business expenses with a business credit card?

@zairacontreras3925 4 года назад

Really good info! Thanks!

@bundakissa 2 года назад

you've just got to license K-Solo's "Your Moms In My Business" as your theme song

@CC-br7ds 3 года назад

How do they determine if you are planning on going into business? Is that based on you having an LLC? What if you're in the process of opening an LLC? Do you have to have an LLC to get these deductions?

@inpoweryou-rayw6743 3 года назад

This was very helpful

@GM-nd6qy 3 года назад

You are incredibly helpful. Great insight on what we should know. Too awesome!

@Aqueenlee 3 года назад

Great content! Thank you

@therealestateservant6732 3 года назад

Can I deduct my my car insurance and/some of my car note if I use my vehicle for my business? Also is it better to have your expense accounts in your business name such as phone bill etc?

@teal0star0aurora 3 года назад

Your videos are awesome!

@christina6767 3 года назад

Do you have to have a business account in order to prove all of these expenses? Or can you use the proof from your personal account for the money that was spent?

@cutiefruba4 3 года назад

is the initial investment we put into the llc bank account considered income?

@lseh4720 3 года назад

Can we charge legitimate LLC expenses to our personal credit cards (to get points) but pay the card from our LLC checking account, i.e., a washer/dryer to Costco credit card (personal card) but when the bill comes, pay it off from our LLC checking? Thank you.

@avorithing8211 4 года назад

16:23 the closing sound track reminds me of something I'd hear in a horror movie. I am still very grateful for your help and insight. Thank you!

@allupinyobiz 4 года назад

Really?! Lol, I think it's kinda of tranquil and relaxing! Oh well, different strokes I suppose. Thanks for watching!!

@Mariachi.Hidalgo 3 года назад

Very informative Thank you!

@sandimoon5868 3 года назад

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.?

@Sarah-ji2zy 3 года назад

This was a very informative video! Awesome thanks!

@michelemibelle 4 года назад

I love your videos! Thank you for repping for the ladies🌷

@allupinyobiz 4 года назад

You’re welcome! 👊 thanks for the kind comment!

@millaezman8984 4 года назад

If i had a CPA or a tax planner would I watch videos on RU-vid?

@CCTENG2022 4 года назад

helpfully a free learning with energetic and smiley faces. Thank You 🙏

@haasepiper 4 года назад

Omg I love learning this from you. Appreciate it. Especially 13:12

@johnkesinger2191 4 года назад

What about training and courses that improve skills or knowledge ?

@ThePresentTimeNow 3 года назад

Yes, that’s considered education.

@antoniovillalta4916 2 года назад

love this!

@SirShoddrick 3 года назад

Love your channel 👍

@blissfuljoy6049 2 года назад

I'm not sure how or if I should bother with using my internet as a deduction. I do use as a contractor but don't know how to figure this as a percentage. It's definitely not the main use but I have to use it for my job.

@EmileosE-CommerceQuest 2 года назад

When starting a business should I get an accountant straight away or it's tax jar good? I have an e-commerce business. Can I pay my remt and bills and use it as a tax deduction? As in my personal rent for where I rent since I have no office? How does this work really I register my business in nj, but get orders in TX, NYC, California etc. It's confusing for me.

@inventory-distribution-man6415 4 года назад

Love it. Great information.

@luis9901 4 года назад

great Educational info for a beginner Thanks a lor

@KarawithaK 4 года назад

So much excellent info! Thank you for doing these videos! My husband and I would really like for you to be our business lawyer but we don’t live in Colorado yet... would it be doable to work with us from out of state? Thanks so much

@allupinyobiz 4 года назад

Thank you so much! I may be able to help but it really depends on your situation and needs. Feel free to schedule a discovery call online at 180lawco.as.me if you want to chat about it! Thanks for watching 😁

@OGFitnessOnline 3 года назад

A bit of confusion... What's the difference between startup and operational? when does the startup phase end? I'm guessing whenever it is that you make the first sale correct. If so that means your business is in operational mode. Can you not deduct the full startup cost on the taxes the same year if your business went into operational mode instead of the $5,000 180 months amortization.

@earljohnson5632 4 года назад

Wonderful info. We will be starting a business in Ohio living in Nevada, and hoping you could draw up all the LLC"s we will need and legal stuff, being based in Colorado. We love your videos, and of course your high speed art work, LOL.

@ginaspencer4333 Год назад

super helpful

@kriss939 4 года назад

All up in yo business! 💰

@shirnettesutton380 3 года назад

Very informative. Thanks .blessings

@silverbison88 3 года назад

Thank you for all your information. Have you used TaxBot?

@old72mac 4 года назад

Good stuff Aiden! Appreciate it.👍🏽

@aprilcollins7555 3 года назад

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.

@laurendartez8582 3 года назад

What about business apparel? Monogramming? Also, can I go paperless with my receipts and other documents for taxes or should I keep hard copies?

@harrychu650 4 года назад

Hire and pay your children below the standard deduction, thus no taxes will be due for them nor the need for a tax filing.

@carlosiraheta6764 4 года назад

Can you explain a little bit more on this please?

@susiebrown6646 4 года назад

Yes, $12,400

@LibertyMadison 4 года назад

Great point

@marianaavitia5051 4 года назад

Yes please explain more. :)

@panaricanreyna9319 4 года назад

@@marianaavitia5051 What you have to do is have a w-9 for the child on file then provide 1099 for the income paid lastly create a contract for the service performed "Contract Labor". Only ages 7-17, children are NOT subject to payroll tax. I hope this helps.

@sjlee2726 3 года назад

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 ?

@AndyHTu 3 года назад

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?