Can You Deduct Business Losses/Start-Up Costs From Regular Salary?!

[@TheRealFlavors]

This question is really great! I’d like to hear More on active trader business and depreciation deductions that could benefit the business.

[@CarringtonKelleys]

I'm a new business owner on FL. This video was heaven sent. Thanks bro! 🤜🏾🤛🏻

[@novusstream]

Thank you! As someone who pays a shitload in taxes at my day job I am so much more excited about my LLC I am starting in 2023. This knowledge has obliterated any hesitation I had. My business plan has me profitable by end of 2023 and definitely all of 2024 so knowing Uncle Sam will fund my measly 5K startup costs in 2023, I can move foreword without fear.

[@FinanceResearch-yt6vp]

Did you ever start it?

[@consumerdebtchitchat]

I know this post is 3 years old. As far as KZbin I would wait until your channel is monetized with Google AdSense money. Way easier to show you're working to grow your channel for profit. Just a suggestion❤

[@aleshadotson6342]

What is the correct way to write off start up expenses before the business starts?

[@every1readthis]

This is a very informative lesson and highly underrated video.

[@EfrosFinancial]

Thank you kindly!

[@emanuelrouse5128]

Great information. I appreciate that you included credible sources instead of just stating the information.

[@TheCoryDeeter]

How would this be reflected if you have an LLC that is taxed as an S-Corp?

[@scrumptiousjdp]

Before business has customers, we can write off up to 5k of startup costs?

[@54Dinorah]

Yessssssssssssssss, Exactly what I was looking for. A TAX EXAMPLE. THANK YOUUUUUUUUUUUUUUUUUUUUUUUUUU

[@EfrosFinancial]

Wellllllllllcoommmmmeeeeeeeeee!!!!!!! Thank you too! :D :D

[@scrumptiousjdp]

Does one have to have revenue or a customer signed up to officially start the business?

[@Team8LA]

How do I update my NOL for next year tax if I forgot to report the depreciation? Thanks!

[@user-ec2kd8sz3t]

So even if it gets classified as a hobby because it's consistently making losses, but has some marginal income, you can write off the losses up to the amount of that income? So if I'm a travel vlogger, but have tremendous expenses and only bring in a couple hundred bucks from youtube revenue a year I could at least essentially not have to pay any taxes on the youtube income?

[@2010dragonclaw]

Hobby losses are no longer eligible to use as write offs. Your activity would be hard to categorize as a business

[@ochicoloto3524]

Thank you. If I use standard milage deduction on my turo car rental business and have a huge lost of about 30k. Can I deduct all that amount from my W2 income?

[@minnesotasfinest2897]

Anybody know how to right off taxes that doesn’t go against the business profits ?

[@loganpowell]

Love your videos. Would you be willing to do one on R&D credits for startups/SMBs? It's a little confusing as to how much can be credited for startups with no revenues...

[@sn2477]

Very nice informational video! I do have a question though about before and after active business. We got a corporation approved by the state in Nov 2021 and EIN immediately after that. Now we leased an office for next year and paid security deposit and January rent this year in Dec 2021. Technically the first couple of months we will setup and there will be barely any business activity. So can we claim the lease expense we incurred this year in 2021 in our personal tax return? Most likely the business will actively start in Feb 2022, but again in the 2553 we stated the business start date as Jan 1st 2022.

[@ACS_009]

Thank you for the video, You make it simple and easy and to understand

[@adamsmith1130]

Great video. I have a bit of a slanted question on the matter. I've started a smllc business in May '22 and work a full time job and spending a lot of money from my salary to finish and rehab the basement of my home as a work area. The business is a mixing and mastering recording studio that also repairs studio equipment (including but notlimited computers). That being said due to space needed, the entire 100% of the space is going to be used exclusively for the business. In your professional opinion would this be considered as an eligible business expense?

[@johnnym9498]

Wait so I don’t use my w2? I would use a 1040? Or to I submit both?

[@akshitdhadwal]

How about real estate business expenses for s corp for the first year of its creation

[@seanyounk1]

Thank you for this. I am having a really hard time trying to figure out how to do the taxes for crypto mining. The tax code makes it impossible to get ahead in crypto mining. It sounds like I need to be looking at forming an S Corp rather than the LLC.

[@samatbryan]

Does the IRS need documentation and receipts for each expense?

[@Be_Captain]

"if the losses are going to be limited to the income, as is a case with a hobby" How in the world (or rather, WHERE in the world) can you claim losses on a hobby at all? You'll deduct nothing for a hobby...

[@claywest5453]

Do you need to be a sole proprietorship or does this work with partnerships as well?

[@abhaysawhney]

loved this video! thanks for the detailed answer

[@EfrosFinancial]

Thanks for watching and for your kind words! :D

[@patrickreddy5128]

Great job explaining how this works!

[@alyshiadeangelis4687]

Great explanation thanks so much!!!

[@EfrosFinancial]

You're very welcome!

[@avstern1958]

Thanks Alex - excellent and to the point video! A question for you - if I'm getting started by buying some equipment to get my business process in place before it has become an active business, when I set up my LLC can I have my business buy the equipment from me to incur it as a business startup expense?

[@ICYPROFITS]

It wouldn't qualify as a deduction from your ordinary income.

[@ICYPROFITS]

A video like this is gold. Thanks

[@sheltoncoachsmith]

I will be calling your office Monday morning. I need you as my accountant. I'm in Florida. I hope you will work with me.

[@tchims9103]

Can you take this deduction in addition to the standard deduction? (dumb question, I know....) 🤭

[@mosmitty3332]

Super helpful thank you!

[@leecook7904]

Thank you.

[@ryanhester9321]

OK, Now the question is what kinda small business is everyone starting?!

[@garrettpatten6312]

You would have to be pretty weird to do plumbing as a hobby haha

[@papishampoo2018]

man get to the point. more than half of the video info we not here for