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 business what happened now the thing to keep in mind is and this is a kind of running joke that we have in the tax industry is that everything is tax deductible until you get out of it so you want to make sure that what you're taking as far as a deduction is going to be deductible as far as for your business again everything is tax deductible until you get audited so you want to make sure that when you're taking write-off some 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 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 up 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 list is going to be advertising advertising is a really big category we have phone service answering service bank fees merchant fees business gifts you buy client's gifts your car for instance you have mileage that you take or if you have a lease even if you're purchasing the car there's a way to take that as a deduction you can also write off insurances you can write off parking and tolls contained education conferences seminars those are big deductions trainings especially for those that are in sales travel is going to be a big one as well publications and news entertainment is going to be a deduction postage freight incentives for staff awards that you give to staff or employees those are deductions the wait is that you pay w-2s commissions that you pay out salaries and so forth those are going to be deductions for you as a business owner interest that you pay on that business credit card laundry like in our office we have uniform shirts those are going to be deductible then we go and we get those dry-cleaned that's the deduction for you legal professional services paying your bookkeeper paying your attorney those are deductions for you office equipment office supplies so when you buy the new computer you buy the new laptop those are deductions you get things with software those are deductions as well office supplies paper toner you know countless every trip to Staples pretty much is what I'm trying to tell you is a deduction as far as it goes for office supplies if you pay rent for your office space whether it's a lease or even if you're purchasing your building where you are that's a deduction for you as well you don't want to overlook these things because every one of them adds up security for the particular space and then of course we have utilities now utilities are going to be more applicable of course to an office that you pay let's say utilities and you pay maybe garbage and trash pick up some some time that happens for a couple of those that you know like an auto body shop and you have somebody that comes by and it has those types of things now keep in mind when it comes to write offs for your business it's not limited to those items that I just mentioned it doesn't stop there those are just some of the common categories again you can write off everything everything is reduction everything is a deduction you just have to make sure that it's ordinary and necessary for your expenses and for your business alright so if you like this video be sure to check out our other ones subscribe to us like us definitely and pass it on we look forward to you checking out the next video you