Can Form 8815 Employed 2022-2023

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...