For my wife's side hustle business, she drives to the same location and back. So I just calculate the number of times she went and multiply by how many miles it is there and back. For my vacation rental property, my mileage is easily calculated the same kinda way....but I have to get there via toll road and use EZpass so there is a transaction record of every time I go there and back. Again, just another mulitiplication problem times the mileage there and back. So nice not to have to keep a log, but yet I have justification.
I have been researching all this while for a digital assets investment and I found Bitcoin to be the most profiting of them all, I'm definitely bouncing on the opportunity. thank you so much
Mark - love the channel. I’m studying for my cpa now and hope to make a channel as well to help educate others. We need to start teaching others about money and tax planning. I was wondering if you could do a video on inheritance tax and give advice to people who had a family member pass away and leave them a house/money. I know the basics, but I’d like to hear the ideas you have on tax planning regarding this. Thanks Mark. Keep being awesome 😎
Thanks for watching and commenting don't forget to hit the subscription button for more info... consultation...... and advice....text me on w@sap below::::👇 •plus••one••six••four••seven••five••five••seven••zero••five••two••zero
I have a room that I use for my home office and I also have a grow room for my microgreens that I sell along with the vegetables and fruits that I sell from my urban farm. I also have an enclosed patio with it's own air conditioner and heater where I grow seedlings and winter crops and store my farming supplies. How do I treat the in-house and the enclosed patio grow rooms and storage areas. I also use over 1/2 of my attached garage to store farming equipment and supplies. I have yet to organize my urban farm beyond it being a sole proprietorship. I need lots of help if you haven't figured that out yet.
If you rent in an apartment community, and that apartment community has a business center and you work from there, then theoretically that can be your home office - correct? You pay rent at a property and a portion of your rent pays for the use of the gym, club house and business center. So that business center at your apartment community should be an allowable deduction for a home office in theory.
Haha! 🎄😁⚘ Watching this on Christmas AM, 2021. (Don't ask.) LISTEN UP. THERE IS NO JOY LIKE GRANDCHILD JOY. 👣 Thanks for all you do for all of us. Here's to lots of giggles in 2022!
Modulations being a grandparent is so much more exciting and better than LOL. I say that because the grandkids think you're golden that there's nothing they can find wrong with you not like your kids😂😅
Mark, First...thanks so much for your trainings. I know it is profitable for you, but it gives small business owners confidence to do real tax planning. I have been doing this for many years on the Schedule C which originates as an offshoot to my S-Corp as some insurance carriers can not see that paying my Corp is fine, but feel I still need a personal 1099 as I am the agent-not employed by my own company. UGH. SO...I have taken the house against the 1099 Sch C and then any other expenses so I get it to zero for Self EE taxes. QUESTION: Where you say I can take rental expenses against the S-Corp: 1. can I take only the $5 per Sq Ft or the full deduction...I usually get more itemizing it. 2. Is it just "Rental Exp" or do I need to do anything else with it other than itemize it, is there an IRS form needed to back the itemization? 3. If I can itemize in the "Rental Exp", can I dump the 1099 back into the S Corp and then take out money on another Sch C for management fees so I can pay my
I've been following you for a while. And I'm really grateful that you're willing to share these very important things with us. Thank you..no other words!
What If both spouses have separate home office spaces for their separate businesses and filed a joint return? What if the s-corp is a 50/50 partnership with unrelated person, how handle home office and car mileage for that business and where to take the deduction?
Can you do a video on a stay at home dad becoming a real estate professional so they can deduct their rental properties and get super wright offs for their 6 figure spouse?
Mark, no joke my kids listen to these with me, so no swearing or inappropriate stuff. You guys are hilarious and don't need that junk. Let's keep the minds of our young future entrepreneurs clean and appropriate! Thanks.
Sounds more like YOUR problem. Don't try to Police other people's speech. Your kids will be fine. Trust me. Their classmates talk about crazier stuff and say fouler words
When smart people say they're "in the middle" and "they're all [both sides] wrong", they are Libertarians. Matt's a Libertarian, and Mark's a moderate Conservative.
If I work at home for my W2 job, and also have a side hustle, can I take the home office deduction? My W2 job pays for the office supplies, but I work out of the same place for my side hustle.
Totally true about the car color. I have a black Camaro with the classic strip down the middle and yes cops let me go by instead of stopping me. Especially works well in NJ and also having an Irish last name helps too 😉
Wonder if my wife can do an LLC as a teacher. She’s always doing work at home that in her office and tutors and lots of charitable work. Just wondering if that would ever work as a write off?
I'm planning on buying a vehicle within a month or so and I will use it primarily for my business (90%). If the cost is $18k, and it's over 6k lbs, the depreciation is the full cost (if I'm not mistaken). Does any of this affect ongoing payments?
If I have bee hives on my property 200 miles from where I live, and drive out there twice a month to manage the bees/collect honey to sell. Is the mileage something that can be written off?
Look! This not funny. What the bell is happening after January? I have money to invest but I am afraid..but what if it drops, $100,000 or more after January ? U are fantastic! ❤
Here's something new to try n figure out. What about these new play to earn blockchain crypto games like axie infinity, cryptoblades, plant vs undead. Etc? Do they fall into a side hustle, small business like crypto mining and staking?
My CPA told me that I need to register a Fictitious Business in order to claim home office deduction for rentals held in my LLC, is that really necessary? Why can't I just take the deduction in my LLC?
One remaining question , 2 of us (married) have side hustles. Live in same house. Approx same square feet each for our separate offices. But we one set of bills (Internet , utilitities etc) can we just allocate ? take that total , multiple by 10% (because each of us uses 5% of the sq ft in the house ) then divide by 1/2 and that’s our bus expense for each of us? Thx
3:35 Don’t get greedy. Pigs get fat, hogs get slaughtered. 12:04 “If somebody tells me to chillax one more time in Starbucks, I’m gonna throw down some Krav moves.” 😂 19:10 You are the captain of your ship and should be empowering yourself ??? Whatever president is in charge, you have to work around it. ??? If you write-off the vehicle using one method, you must carry through that same method for as long as the vehicle is in service.
My wife and I file jointly. We both use two separate offices in the house. She’s a free lance marketer and I run multiple small business. Can we both get home write off or just one?
