I got to use these deductions for real because they’re trying to hit me with $17,000! My tax preparer looked at me and said you’re gonna have to find some deductions because as of right now you own the IRS $17,000!!😮 I was trippin!!! I hit up KZbin and found this video! ASAP!!
@mmlg24 Жыл бұрын
Why doesn't any cpa talk about how taking the home office deduction affects the sale of your home when you decide to sell your house? I think it's a big deal!
@Jason-yv8xx Жыл бұрын
Depreciation recapture?
@LYFEAccounting Жыл бұрын
Hard to cover everything, but there are even ways to avoid some of those taxes...
@phatpatatit Жыл бұрын
What happens to the home sale price when taking the office deduction? Can You explain please.
@jennymeier3018 Жыл бұрын
What happens if I have my health insurance through my full time employer but I have a side business? Can I still take a deduction since I am self employed by my side business?
@misskwill_ Жыл бұрын
Hello! What tax advice do you have for a 24yo making 6figures, no dependents! What can I do to lower taxes owed!? Starting a business? Tax credits? Plz make a video on this
@duanecurry4676 Жыл бұрын
Excellent Presentation with informative precursory information that generates the thinking process. Exceptionally Well Done!
@flexforall2 Жыл бұрын
Solid video!
@pech_wake_day1153 Жыл бұрын
This video is pure gold. 👏🏽👏🏽👏🏽
@ktbiwk2 ай бұрын
I read they chanhed this 2024?
@jowoka Жыл бұрын
How do you get over the fear of the depreciation recapture after selling your home (after years of business use deduction)?
@LYFEAccounting Жыл бұрын
1031 exchange or Sec. 162 gain exclusion
@KTS-Finesse Жыл бұрын
Can you just point me in the direction of a stellar CPA?
@LYFEAccounting Жыл бұрын
You can apply to work with Sherman directly here: mycpacoach.com/
@miraclelove991 Жыл бұрын
Good Morning, I have a job and a successful business. I have insurance-employer-assisted insurance. I paid-> showing on my W-2 $16,000. How much insurance do I claim on my business. I fell asleep after watching this video and I did was dream about it going on my schedule C.
@salonkelley4543 Жыл бұрын
Topic No. 515 Casualty, Disaster, and Theft Losses Claiming the Loss Individuals may claim their casualty and theft losses as an itemized deduction on Schedule A (Form 1040), Itemized Deductions (or Schedule A (Form 1040-NR)PDF, if you're a nonresident alien). For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year.
@salonkelley4543 Жыл бұрын
HI CAN I DEDUCT OR WRITE OFF A CAR I LIVED IN AND ALL MY POSSESIONS WHILE I WAS A CONTRACTOR FOR DOORDASH GOT BURNED UP IN THE CAR FIRE? I DIDN'T HAVE FULL COVERAGE INSURANCE. I LOST AL MY CLOTHING PHONE EVERYTHING. I GOT BURNED AND EVEN HAD TO LIVE ON THE STREETS.
@kameshamccarthy7063 Жыл бұрын
Is a tax free retirement account tax deductible?
@garyCauser10 ай бұрын
IRS scares the crap out of them!
@UK-Property-Tax-Accountants Жыл бұрын
A nice informative video 😊
@LYFEAccounting Жыл бұрын
Thanks 🙂
@elmontecarlo2385 Жыл бұрын
Do you offer services for California? I have my business LLC income and my personal work income.
@LYFEAccounting Жыл бұрын
I serve companies throughout the US @ mycpacoach.com/
@sayitloudpartygames Жыл бұрын
This is great information!
@charivari85 Жыл бұрын
Great content!!! Thank you!
@Barausuf Жыл бұрын
thank brother Sherman.
@MikeyCandy Жыл бұрын
Thanks for valuable information...
@LYFEAccounting Жыл бұрын
My pleasure!
@ladyploveroflife5014 Жыл бұрын
Very useful information. Thank you!
@LYFEAccounting Жыл бұрын
My pleasure
@glorias.2930 Жыл бұрын
Most clear video out there! 👏🏼👏🏼👏🏼
@LYFEAccounting Жыл бұрын
Glad you think so!
@mfdez93 Жыл бұрын
Was this video made with some sort of AI?
@LYFEAccounting Жыл бұрын
I wish
@TheDosuFamily Жыл бұрын
My accountant want to use the simplified home deduction