What are Write Offs? Explained.

What are Write Offs? Explained. #taxes #writeoff #explained
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[@neko6]

Note that writing off a home office and 401k is only applicable to the self-employed

[@johnericcardonaesquea8583]

Im self employed ✊🏼

[@Ben-fr3pm]

This is true but could be misinterpreted. If you are an employee you still get the same deduction for 401k contributions, you will owe less tax but it gets factored into payroll and everything is done above the line (less taxes are taken out of payroll). It just looks different on paper for self-employed people because you have to facilitate both the employer and employee side of it. The main difference for self-employed people is having a much bigger chance of hitting the combined employee/employer limits since you can max the employer side.

[@dayinthelife5649]

If you are 1099 you are self employed.

[@cowboyspace1]

Facts

[@PhoenixFlight94]

Well for many people the standard deduction is more efficient

[@marcozuniga8163]

This scenario is not for everyone, this is tailored to self employed/business owner

[@mandypdx]

And homeowners. I don’t use standard deduction

[@jbenk07]

Thank you for not saying “I bought a new car.” Also, something perhaps add to this, don’t buy something JUST because it is a tax right off. Sometimes it is better saving to pay the taxes than to buy something you don’t need.

[@jordank5975]

Nah, son.

[@brandonbriseno5355]

Do you have a video explaining how to buy a house/apartments for renting purposes?

[@hughjassol2072]

Sad part is, school teaches you how to work a job, but nothing about how to live a life.

[@pavankumard5276]

Thanks for this finally some clarity ❤

[@JAS0N_M00RE]

So if you made 100k and put 65k back into the business and 15k to charity would that mean you only pay taxes on 20k

[@debaterforhim]

Yes

[@EsotericThoughts93]

Absolutely and depending on your state you may have no state income tax. Here in Tennessee,you would get taxed 15% for 20k even tho you earned 100k

[@creativecraving]

How do you write off 5k? That is less than the standard deduction for a single person

[@beccalynn5390]

What if I have a full time job as a W2 employee and then want to also work as 1099 employee for another company? I then want to upgrade my office equipment since I work remotely from both jobs. Can I write off these expenses through the self employed 1099 job that I only work 2-4 hours at each week? Thanks!

[@whatwhatinthewhat4400]

Is this for specific people? Isnt the standard deduction like 23K so 10K in itemised expenses is less than the 23K standard deduction, right?

[@alexanderthompson4149]

Love it

[@mathnerdm]

This only applies to those not taking the standard deduction, which isn't the majority. Still useful information, just worth mentioning the average viewer here would probably be taxed more if they tried itemizing

[@BussyConnoisseur]

So the government already knows how much you owe or should get back, right? If you don't pay then back enough or get paid back too much, you go to jail? But, if you screw yourself over by paying them too much back or receiving too little in return, you're shit outta luck?

[@Moknowsnothing]

Does this apply to w2?

[@justsaying3899]

1099 correct me if I’m mistaken is not self employed which is what this video applies to

[@MrBigwat]

I’ve been enjoying you videos. I use them for myself and to explain things simply to my kids. Thank you! Q: can you explain Life insurance? I understand health insurance cause not everyone is going to get sick at the same time. But everyone is going to die. So how can they afford to pay out 1M when I only pay $168 a month?

[@MarcusWelbyJr]

Same idea - pooling and investing all the excess premiums over time, let’s them make money with the revenues while crowdfunding the payouts from the Monthly policy revenues . In a previous role had started working and selling insurance but I’m sure this is vastly oversimplified

[@Deanjacob7]

Can you do this with school expenses?

[@Electricity667]

Education expenses like -Tuition & fees -Books -Supplies Also interest payments on students loans are tax deductible But it only applies for college and you can’t claim the education expenses as write offs if you make $80k (or $160k married) or more. Edit: you also have to show up

[@FURYBrenton]

I’m writing everything off.

[@EspianCeej]

I hear about this writing off thing all the time. But where do I write it?

[@rodrigu3z24]

Hire a tax professional

[@adam4llen]

Charity donations don’t change tax outcomes for like 99% of people

[@scottthomas2497]

They talking about vat ?

[@sidewwinder]

no vat in USA

[@katrinacrisostomo9737]

How did u come up with $2986? Thank u!

[@EvolutionAutocrosser]

IRS tax brackets for 2022 say you pay “24% of the amount over $89,075” up to $170k so yeah… You only save $2,400 in taxes in this specific case of lowering your taxable income from $100k to $90k. Edit: that’s if you’re single. If you’re married filing jointly you only save $2,200.

[@pavankumard5276]

I have a student loan and I just paid $1000 the previous year how much can I write off. Sorry for the dumb question but I’m a noob and if someone can point me to a good resource to learn that’d be great

[@PatrickKnowles-ql8zb]

Does not apply to this. You have to own a business or be self employed

[@PatrickKnowles-ql8zb]

Can't just write off anything

[@lalodominguez7121]

Can my rent be a write off

[@Demonte202]

If it's under LLC your home and put under ein or bin number or ssc

[@lalodominguez7121]

@Demonte202 that's crazy ... idk shit about LLC's though

[@Demonte202]

@@lalodominguez7121 yeah put home in file LLC that's how companies people can own places without using their SSN and messing up their credit you ein or bin number is used as the SSN and you can go to bank and open business or personal account and use ein or bin number you get after file a LLC also the bin and ein have a score attached to it more info on KZbin and Google it's legal it's how the rich stay rich

[@jamvan2k]

None of this applies if you are getting a Tax refund, only if you owe taxes.

[@richardpatterson4312]

Don't comment when you don't know what the heck you're taking about. We all got dumber after reading your comment.