Best Vehicle Tax Write Off: kzitem.info/news/bejne/mn6kmX2KnYp_qWU ...hope you enjoy your tax deductible business meals this year! :)
@TheNurseArtist
2 жыл бұрын
You have ghosts 😂
@xaviercrenshaw4054
2 жыл бұрын
I’ve been trying to become better with deductions for years on KZitem. You BY FAR break it down the best. 👊🏾
@Financial_Awareness
2 жыл бұрын
@Xavier Crenshaw - Dude, thank you so much! Really appreciate that. I was just thinking about more video ideas today while driving that I’m starting to make video plans for. Appreciate you sharing that feedback. 😃 👊🏻
@joshanaya3980
3 жыл бұрын
What about the standard meal allowance? I tend to spend less than $50/day while traveling for work and get a larger deduction than adding up receipts. Is 100% of the standard allowance accepted as well?
@Financial_Awareness
3 жыл бұрын
@Josh Anaya - Hey Josh, as long as you are not reimbursed by an employer for the per diem daily meal allowance, then that would be fully deductible as well. Great job on your part for keeping track of those expenses to know that your daily rate is a better method than your actual expenses while you're traveling. Awesome! I think most folks that will benefit from this temporary change over these next couple years are those that are self employed/business owners that will be able to deduct business related meals even when they are not traveling. Hey man, appreciate you taking the time to watch the video and check out the channel. Cheers, boss!
@OmarDiazpianista
2 жыл бұрын
Hello, I would like to know at what point should I change my self employment businnes to a LLC o s-corp. I want to reduce the taxes of my income. thanks
@Financial_Awareness
2 жыл бұрын
@Omar Diaz pianista - From what other CPAs have told me, the general rule of thumb is around $150,000 of income would be when you should start to file as an S-Corp. With revenue lower than that there might not be enough cost savings to justify the expenses of filing as an S-Corp. Hey, thanks for checking out this video and being part of the channel. Cheers boss man!
@OmarDiazpianista
2 жыл бұрын
@Financial Awareness with K.Scholl got it. thank you very much. great channel 👍🏻
@aaronsvideos6556
3 жыл бұрын
You said you have two different american express cards to separate business and personal expenses. Do you pay the personal credit card with personal checking and business credit card with business checking? What is the correct and easiest way?
@Financial_Awareness
3 жыл бұрын
@Sharon Jimenez - Because I am a Sole Prop. it doesn't matter quite as much which account I use to pay off the AmEx charge card...I use my other AmEx mainly to segregate the expenses. In my opinion, if you have set yourself up with an LLC or S-Corp for example then I think the correct way is to pay off those business expenses with funds directly from your company's checking account and not from personal checking account funds. Feel welcome to double check that with an accountant/bookkeeper/CPA though. As a Sole Prop I haven't had any issues doing it the way I've done it for years though....just keep track of all that you do with documentation & make sure to pay all the appropriate taxes.
@unorthodoxsavings9552
3 жыл бұрын
Could a KZitem channel under a LLC use business meal write offs ?
@Financial_Awareness
3 жыл бұрын
@Unorthodox Savings - Absolutely. IMO, you can justify something like that if you are meeting with anyone to discuss YT vid ideas, brainstorming session, or really any "YT business" strategies...like if you and I met up for coffee/lunch and talked about our channels. I could be wrong, but I think you have your real estate license...so you could even divide up some of your 'business related meals' between your real estate revenue and YT revenue (which will be on a separate Schedule C or tax form). Also, as a YT'er, if you have to physically drive to Best Buy or a camera store for any gear/equipment...that mileage could be a write off if you use the standard mileage rate method....if you have to drive to the beach to get a time lapse of a sunrise...same story...that mileage would be a deduction as well. Good question, boss!
@joeb5327
3 жыл бұрын
Very helpful video. I appreciate the distinctions you made and for including your source details. Well done! Thanks.
@Financial_Awareness
3 жыл бұрын
@Joe B53 - Thanks, Joe! Yeah, although I do have a finance background as an Advisor, I am not an Accountant or CPA or Tax Advisor...so I like to share screenshots from time to time so the viewer knows the source of info is reputable and that the information can be trusted. Appreciate you taking the time to check out the video, boss! Cheers!
@annbarrante
2 жыл бұрын
Good info
@Financial_Awareness
2 жыл бұрын
@Ann Barrante - Hey thanks, Ann! Appreciate you taking the time to check out this video and the channel. Cheers boss lady!
@Aragon714
2 жыл бұрын
Any good CPAs you recommend in the Dallas Texas area?
@Financial_Awareness
2 жыл бұрын
@JIMMY ARAGON - None that I am aware of, but there are some CPA's that will work with you regardless of geographical location. Sorry I couldn't be of more help with a recommendation. Thanks for checking out this video!
@Saki630
3 жыл бұрын
good stuff
@Financial_Awareness
3 жыл бұрын
@Saki630 - Thanks, boss!
@redbull19
3 жыл бұрын
Hi Josh, new to the channel and learning a lot. Do you know if this will work with Uber eats? Thank you
@Financial_Awareness
3 жыл бұрын
@Alex Chang - Welcome to the channel! Appreciate you stopping by. I highly doubt you'd be taking passengers to lunch/dinner/breakfast with an Uber Eats delivery service as your side hustle...so the only way I could imagine a food delivery driver like you getting a deduction for a "business related" meal would be IF you went out to eat with someone else in the food delivery service and talking strategies about how to grow your business. Def ask a CPA what they think, but that's what my gut tells me. Hope you're finding a few financial nuggets throughout the content library...thank you! -KScholl
@jessicasingh664
3 жыл бұрын
Hi Josh. A new subscriber. Thanks for the information. Can I start paying lunches for myself with my business credit card or I need to be meeting with another business related entity for this deduction. I have a home office but I like to eat out twice a week and spend a few hours working from there as well.
@Financial_Awareness
3 жыл бұрын
@Jessica Singh - Hi Jessica! Welcome and thank you for checking out the channel and videos…I appreciate you taking the time to invest in your knowledge in this capacity. No, you’re not able to write-off lunches just for yourself. There has to be another party/individual involved to make it a “business related” meal. Double check with your CPA about the specifics in this area, but generally speaking the business meal has to have some sort of purpose for your business and that doesn’t include you just eating a normal meal for yourself. Thanks again for checking out the video! Cheers boss lady!
@jessicasingh664
3 жыл бұрын
@@Financial_Awareness Thank you for such prompt response Josh! Looking forward to binge-watching your past episodes.
@Financial_Awareness
3 жыл бұрын
@@jessicasingh664 - My pleasure! Happy to help. As you watch any of the other videos & have questions please feel welcome to comment & ask and I'll do my best to respond. I usually try to respond right when I see comments, but I do get a little tied up and busy from time to time. Oh...and my name isn't Josh. LOL. The "K" in Financial Awareness with K.Scholl stands for Kyle...all good! Have a blessed weekend and thanks for your time watching!
@jessicasingh664
3 жыл бұрын
@@Financial_Awareness Kyle, Thanks for correcting me! Also thank you for making me feel welcomed to ask questions. God bless!
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