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Video instructions and help with filling out and completing Can Form 8815 Employed

Instructions and Help about Can Form 8815 Employed

Hey, welcome to this session of free tax tips. We've got some free tax tips for you. They're going to specifically talk about tax deductions and write-offs for the self-employed person and the business owner. I get asked these questions a lot, so I kind of came up with something I want to share with you. Now, what can you write off as a self-employed business owner, individual or person in business? What happened? Now, the thing to keep in mind is, and this is kind of a running joke that we have in the tax industry, is that everything is tax deductible until you get audited. So, you want to make sure that what you're taking as far as a deduction is going to be deductible for your business. Again, everything is tax deductible until you get audited, so you want to make sure that when you're taking write-offs and deductions, you're narrowing it down, taking the deductions that are applicable specifically to you and your industry. In the tax world, we have a thing that we call ordinary and necessary business expenses. So, what I want to say, just kind of to pull something to you, is that if I'm going to tax business, which I am, if can I write off diapers? Is that a deduction? Of course not, not for the tax business. However, if I had a daycare and I wrote off diapers, is that a deduction? Well, absolutely. There's nothing wrong with writing off diapers if you have a daycare. So, what I'm saying is that's just a clear example of taking a deduction that's ordinary and necessary for your business. Now, let's look at some of the common categories for write-offs for the business owner. We have, of course, a few things. Number one on the...