Asking Small Business Owners Their Favorite Tax Write Offs

In this video, I approached random small business owners and asked them about their favorite tax write-offs for business. I also got a chance to dive in deep and learn their business models, income, startup costs, and more.
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Timestamps
Intro (0:00)
Christian (0:42)
Jeffrey (2:42)
Brandon (5:45)
Reese (9:07)
Terry (11:15)
Liz (13:15)
Josh (15:35)
Bray (18:21)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[@LYFEAccounting]

If you enjoyed this, then you'll also like this playlist where I interview more business owners & high achievers: kzbin.info/aero/PLVCA9M9IcgJKKBFy_Yxj9P8Yvw4-ZNI9o

[@galactic25]

Christian. Starts with an accent. Where are you from? Los Angeles and Atlanta. Immediately loses the accent. 😂😂

[@LYFEAccounting]

😂😂

[@KSnoMusic]

I didn’t even notice lol 😂

[@countessstevens63]

I did. It was funny 😂

[@clover_1m]

😂😂😂

[@jackslade8076]

Asap

[@mrjet15]

Plain and simple, straight to the point. Great interview quiestions, especially catering some of the questions to each interviewee respective industries. Awesome job my man. 👍🏽

[@Terryshowedup]

I love how she said "advertising budget for social media management ad campaigns are for losers" in the nicest way 😂

[@madsm]

Great questions. That’s almost always where interviews fall short, but you nailed it with the questions depending on their business and employment history

[@LYFEAccounting]

I appreciate hearing this because it’s a lot harder than it looks 😅

[@ddavis8988]

I love Reese's explanation of the tax system as how it should be versus how it really is.

[@thecorporatecritic]

It went over a few heads so I am glad you were able to pick up on it. The tax system does work at par when we know how to file our information and trust/estate returns that way. It's not something they will ever tell you 🙏🏾

[@crispyfishstick]

@@thecorporatecritic Can you suggest any information that will explain this topic more? It does not make sense that we pay taxes when more money can just be printed.

[@PewPew702]

@@crispyfishstick printing money would lower the purchasing power of the dollar. Which is where we are right now.. The simple answer for taxes is mostly to pay for local, state and federal infrastructure. Roads, govt workers, defense, etc

[@thecorporatecritic]

@@PewPew702 that is an extremely oversimplified explanation of monetary policy. Money is no longer going to be printed because it is all just digital numbers on a screen that is not backed by anything at all. To "print" money is to simply make people believe that you control their medium of exchange through fiat currency instead of real property. Private businesses take care of public resources... The government is not required to do that. Private contractors do ALL the bidding for government development projects. That should tell you a lot.

[@PewPew702]

@@thecorporatecritic my answer is literally the first answer that comes up when googling the question. Where do you think the money comes from to pay the companies who build a hospital, a road, police station, all of our military, welfare services, or basically every public service job that we don’t directly pay for. It’s simplified bc there’s no need to be more detailed when someone simply asks “what are taxes used for?”

[@omerthebear]

I appreciate that you didn’t just stick to a script and you actually asked people questions related to their field. Awesome video, keep it up!

[@TimKyoutube]

8:38 - Smartest thing said during this segment

[@itsfajibaby]

MORE, MORE, MORE!!! I loved this!! This gave a lot of excellent insight. Please do more videos like this one. ❤

[@miyamarch]

This was a really good & informative video. Keep up the good work 🖤

[@rebelrocksmm]

Brotha first off great content, second of all the way you showed yourself asking the different people questions back to back before the video started really drew me in because now I’m like wow these are all great Qs can’t wait to hear the answers. Diverse group of people questioned keep up the good work fam👍🏾

[@LYFEAccounting]

Man that's great feedback to hear! Thank you!! 💯

[@carsonbramblett8987]

first video i have seen by you, and i gotta say i was entertained and learning so much throughout the entire video. will definitely watch more.

[@VeryGreenly]

This video was so interesting and exciting. I love the questions you ask! You are a great interviewer. Very conversational!

[@Jacob-xd3ko]

Very smart people and very insightful interview! Great questions and thank you for sharing!!😊

[@CoreStrengthPerformance]

This was the first time watching this channel and I really enjoyed this. I never talk taxes with other businesses and this was interesting to watch

[@TheDopeBlackCreative]

Great video. Helpful information from different perspectives.

[@YeZhik5]

I really enjoy these formats, thank you.

[@TheFangGirl]

please do more of these series! inspiring

[@LYFEAccounting]

Thanks for the encouragement!

[@ctgeisler]

This was a great video. Please do more like this!!!

[@kennethdickinson1023]

Love this! So helpful to see how other people have done it.

[@MattDelovino]

I love this content, glad I found your page!

[@GwenReesenuimagediva]

I actually looked at the entire video. It was very interesting and informative , to hear an interview from different business owners real perspectives. As a business consultant I have one on one's that sound like this daily.

[@LYFEAccounting]

Thanks for watching the entire video, Gwendolyn! Glad you enjoyed it, this is definitely different from what I usually do. Would you like to see more?

[@felixg.7752]

@@LYFEAccounting was a good style

[@lee_diddy1]

This is a great video. Came across this randomly. But very helpful

[@insigpilot]

Excellent info and perspectives.

[@cc1694]

First time on the channel and I love the host!!!

[@countessstevens63]

This was very informative. Thank you

[@valaisesmith5689]

This was great! I enjoyed watching it 😊

[@ishasmartin]

Would love to see more of these

[@Dan-fz4zv]

LOVED THIS!!!

[@mzsierra2u251]

These were great informative questions, especially tax write-off and connecting with accounts that specialize in my business.

[@roberte.herrera1532]

Awesome- Good questions- you have a talent to leverage !

[@Terryshowedup]

Wow this was amazing. I should definitely start networking around Atlanta myself. I don't have a business or anything but it was really great to hear what they all had to say. Maybe it'll give me some background knowledge to be able to identify some opportunities in my own life as I get into a position to take a leap down the line

[@FiberFueledFinance]

The first guy had an accent that disappeared.

[@ms.nieishachristine6903]

Great stories and interviews

[@TheDosuFamily]

Love this. Great video idea

[@diesur7126]

A type of video that I have been looking for. Do thìs type of video in North Carolina. Love it!

[@bkvintagecorp]

Very informative sir, great job!

[@joshuawilson5832]

This was great!!

[@gurshhhh]

Man. I loved this

[@ignatiusd4562]

'I'm not paying tax to nobody for no reason'....I want to hire Reese!!!

[@kayen8459]

That was fun learning about other people’s experiences

[@philmadriaga4521]

Great questions and video

[@Helixal]

Shooting those good questions, bud!

[@hawiianpwr]

Very well done!

[@ethantapani6430]

Great video! Lots of small things and tips for buisness

[@TransformWithTrainsalot]

This was really dope ! 👌🏾

[@kaliki22]

You guys really have an awesome channel. Thank you!!!

[@LYFEAccounting]

Thanks so much, Kalia! This is actually different from my typical video style. Sounds like you really enjoyed it?

[@kaliki22]

@@LYFEAccounting Yes I love this a lot, because it shows how people are actually applying things in various situations and how they got to where they are at. Really takes the mystery out of success and the application of the tax and business principles across industries. It's more of a compilation of case studies to me, and I feel like that's what I wish I had more of. You really did an excellent job on the whole thing too.

[@zj-shaq3551]

Great content more please

[@jumperj93]

Reese put a wrinkle in my brain 🤔

[@blibbertibs]

Reese is on point! Imagine having to pay taxes. Imagine having to pay for infrastructure. God, I hate infrastructure. You got your infrastructure on one side of the T-table and taxes on the other side and they cancel out to.... ZERO TAXES.

[@thecorporatecritic]

Credits always cancel out debits "debt" on any t table lol 🤷🏾‍♀️ why do we even have separate cards? One for credit and one for debits?? We never question these small nuances but they hold billions of dollars worth of weight. It's called double book entry and the government uses it in conjunction with GAAP and UCC provisions to trick us all into thinking debt is freely accessible but credit isn't. Greatest money grab of all time and we all slave ourselves to create the perfect cash cow for them to do it... We are CONSUMERS and we create debt to pay, while they're using it as a product to buy and sell. HA!! What a devilish thing to do

[@swaeetv_]

Love this video

[@soilbellefarm3710]

That’s a great question!!

[@NinaRossBusiness]

New to the channel. Great content

[@marketingempiregroup]

Let’s gooo!! 🔥 Shoutout to you

[@gc1650]

Really awesome video

[@StephanieBeardTHELAKERGURL]

Great video very informative 👍🏾

[@LYFEAccounting]

Thanks for watching, Stephanie! Do you like this style?

[@OafBoi]

You do not need 2 years of taxes to buy a home. You can use bank statements

[@makgaleabby8561]

Wow great interview...sending love from South Africa

[@LYFEAccounting]

💯💯💯

[@chargedsquad607]

Subscribed off of the intro alone

[@jalvah]

Great questions

[@KeranSmith]

Ooooh I like this! 🔥

[@LYFEAccounting]

💯💯

[@Sprklecrystals]

yes awesome video

[@RajahMicole]

CHRISTIAN IS THAT GUY 😭😭😭😭😭HILARIOUS SWITCH UP

[@cherieleon1668]

Learned a lot

[@tyrojames9937]

YEAH, GOOD VIDEO!😎😎

[@SoftwareJournal]

Great video. Very insightful!

[@davidhgomeziv8409]

Awesome channel for aspiring accountants to observe real-life anecdotals!

[@CoffeeAndBusiness]

Terry be doing that prawn

[@jdlove1978]

Hey I know Brandon from Kw! Super nice guy. What up man!

[@benparker5512]

I love how that guy had a mad accent until asked about it.

[@AAGIFTCREATIONS]

GREAT content! Subscribing :)

[@braulioayala6574]

I've been a single-member LLC for about a year now and would like to get prepared for the upcoming tax season. How do I get a hold of your team for a consultation? Great Video by the way!

[@kevinbrown2684]

They never say the biggest problem these these "tax write offs", it assume your business makes enough to have a large tax bill to write off against!! 🤦🤦🤦💯

[@cuinnmiller1086]

You can carry forward excess business losses and write them off against income in future years

[@dawgfacesoldier]

Georgia has a 365 day redempion period for tax liens. Which means the delinquent owner has up to 365 day to redeem their property once it's sold at a Tax Lien Auction. Additionally, if they do redeem the property, they will have to pay the buyer the amount that the property was auctioned off for, plus 20%. So, the winner of the auction has no legal claim to the property until the 366th day, that's when they can legally begin the foreclosure process. Just FYI😁

[@LYFEAccounting]

Oh wow, that is super helpful to know. So it sounds like an investor would want to wait before making any significant improvements to the property?

[@dawgfacesoldier]

@@LYFEAccounting yes, that is true because you are not allowed on the property until you have complete, legal ownership of the property.

[@soilbellefarm3710]

Where is Reese at yes!! Girl is on fire❤❤❤

[@MWILLPOA]

Brandon was right, I just went through the same thing.

[@Arizona_lilly]

This great

[@richardjohnson7065]

That gathering from my perspective, is bigger than net working.. Must be Atlanta.. Lol

[@fujilopez3541]

SHES SO BEAUTIFUL!

[@Oneofone88]

Best video to hit KZbin since inception

[@SunGODdess9999]

Where do I select to be taxed as a S corp with my LLC?

[@Arizona_lilly]

My business has always been a paid off and always been profit .

[@fujilopez3541]

"INFINITE CREDIT AND BALANCES"

[@juanito831431]

Really interested in hearing Reese's mentality

[@galvaillinois]

Yeah…. That was some wacky stuff

[@thecorporatecritic]

Feel free to ask questions... Do you know anything about monetary policy or where money/currency comes from? Do you understand exchange? Do you understand the difference between public and private when it comes to data and currency? I am a well of information... This interview was like a single raindrop in the ocean 🌊

[@thecorporatecritic]

@@galvaillinois lol wacky is an interesting way to put it 😩 could it be because you simply have never heard anyone speak about money this way?

[@galvaillinois]

@@thecorporatecritic maybe I guess, it was interesting yes.. but I guess when she said even exchange if you sell me something for ten dollars and I give you ten dollars then it’s a even ledger a even balance. Ummm if something cost me ten dollars I’m not selling it for ten. Very possible I’m missing something but a business has to make a profit to stay in business and Shazam that profit gets taxed pure and simple

[@thecorporatecritic]

@@galvaillinois yes there is a nuance you are missing. I am Reese in the video by the way. Let's say you have a table I am interested in, and I have a painting you are interested in. You say, well I'll give you my table if you'll give me your painting... We agree they are worth the same amount of value and we exchange them as real property... It could be said that both of us gained something of value because the table was of no value to you, but you knew you could leverage it as value to me. I wanted it more than I wanted my painting. You wanted my painting more than you wanted the table. In essence this is why tax makes no sense when even exchanges of value are taking place. Yes, I may now upsell and tell another person to exchange my new painting for a car... And continue to increase my value through even exchanges but it's not until currency is turned into FIAT instead of real property when taxes and third parties are now introduced to regulate and expand the real gains coming from pure INTEREST. Under the revenue code, the ONLY thing considered to be income is proceeds arising from INTEREST. Nothing else is legally called an income 🙏🏾 I hope I didn't lose you

[@maryleigh8990]

Its the accounting part that keeps me from starting a small business. State taxes, sales tax, Fed tax, Fica, income taxes...its just too much.

[@HC-gm4fo]

It not as bad as it seems

[@777Bviews]

Next Interview Celebrities!!

[@PatrickPierre-Victor]

What was the name of this event?

[@dbest4755]

Great Video, Great Interviews, career change ?

[@LYFEAccounting]

Thanks! What did you mean by career change?

[@dbest4755]

@@LYFEAccounting small business correspondent

[@LYFEAccounting]

@@dbest4755 ah maybe, I definitely enjoyed making this vid!

[@AfricaGeo]

IRS has stepped into the chat 👀👀

[@LYFEAccounting]

Sean is now AFK

[@JasonBryantGreen]

I don’t think any of them answered questions directly especially when it was specific to their pockets and how well they are or aren’t doing.

[@Kilala.6029]

Name of event?

[@HURTHOUSEMMA]

Hey! If I'm a email marketing agency, and my cost to pay a design agency that I outsource design work to is $3k/month, can I write that off as a deduction?

[@ConstantMaintenance]

Yes sir.

[@davebrown7208]

Lis LYFEA based in Atlanta? I'm in Macon.

[@Excalibur2]

Did Reese just admit to tax fraud? She says she doesn't pay any taxes? Or did she mean just on that inheritance?

[@Orangeme]

Is there a youtuber like this in the UK?

[@LYFEAccounting]

I’m one of a kind 😉

[@cjplay2]

404 on your CPA Services link. I want to start a 501c3 property management company leasing to LI and VLI renters in northern LA County in CA. Thoughts?

[@cjplay2]

@@chawanneburn9240 not yet. Have not formed corp yet.

[@aster5031]

10/10

[@LYFEAccounting]

💯

[@loolidek]

The real estate guy is only considering is mortgage expense. His cash flows should be much lower than he states. Maintenance reserve, capex reserve, management fee, vacancy reserves, landscaping, water/sewer, rental income tax

[@ruel.e.i.]

WOWWWWWWWWW🧠

[@fujilopez3541]

the beautiful black woman with dimples i love it!!!

[@thecorporatecritic]

🙏🏾 thank you 😇