Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
My advisor is ‘’Julia Ann Finnicum’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
thanks for sharing this, I googled the advisor you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
I was very impressed when you ended the session with a prayer. I knew it was something extra special about you. You are a man of God. I will definitely connect for your professional services.
Thank you so much for what you are doing as a business owner I am lost in the tax world and when I get an accountant they never strategize . Even though I see them months before taxes are due they wait to the last minute never talk to me and ruin everything. These videos are an amazing grace and truly appreciate the time you have taken to do them God bless
My mom has an accounting business of over 20+ years, I recently partnered up with her and was having so much trouble understanding everything in depth. How to use what and when. Given my mom is now chronically I’ll and doesn’t have the time and energy to train me as much as I need. (Reason why I partnered with her, she didn’t want to just leave her long term clients but needs to retire and focus on her health) this channel really tremendously has taught me more than i learned through courses and certifications! So thankful for you and your knowledge. Really saving me and my moms business. I want to use this to help our community of entrepreneurs and grow the business with more accounts of high value clients. 🙏🏽🙏🏽🙏🏽
I have been in business for yearssss! I have always been intimidated by taxes! I am solo very glad that I came across your channel during this season of just trying to be the BEST me I can be! I am learning so much! You're going to get me right together! I would love to support your business!
Your tip on extending business trips until at least Monday was worth it's weight... My wife & I are really getting value out of your channel, and I look forward to working together.. Blessings from Vancouver, WA (by way of So Cal!) - JB
Whoever's editing the video must be having a blast! I love your videos! I'm learning so much and it puts me at ease that I can rely on your videos to enlighten me on my new business venture.
I asked my Accountant if I should log actual mileage and vehicle expenses, and he said every client he's ever had has always benefitted more from taking mileage.
I was really nervous starting my llc frantically searching for as much info as possible to make sure I was taking the right path forward. When I found your channel I was finally able to breathe a little bit and gain confidence in my pursuit. THANK YOU! My future generations Thank you aswell . 🤑🤑
QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years? 2) Would it still be deductible if I got a loan for all or partial amount?
Wow. I really appreciate these videos. I got my EIN and I’ll set up my bank account next month. Then I can pay the furniture and computer for my home office. I’m ready to keep receipts and use quick books to get all I can back.
I was on W2 and then opened a LLC S corp to save on taxes. Hypothetical example- Can I buy 100k car and write off entire amount which is 90% of income? I also talk to different people about gaining more business and ideas. And I give them gifts, gift cards, meals and small perks. How do i document them? Most are random people for now.
Do you happen to have a video about taxes while drop shipping and taxes while drop shipping within the state that we have a presence in? You have a great way of explaining things and it's really helped on my journey in the beginning of all this.
So if I have this right is in my head, you can essentially get a brand new vehicle for “free” (given that you can afford the down payment and monthly payments) by simply purchasing the vehicle , make payments on time and after that year you essentially recoup those payments as deductions for that year . Repeat the process over 5 years and boom the vehicle pretty much paid for itself? 🤯
Hi Karlton! Did a complete binge on your videos and they are so informative and easy to understand! I do want to as though if you can create a video for new business startups that have not bought an llc just yet because of not making income just yet but just getting things built. Appreciate you!
Hi Karlton, Could you do a video about deduction for those of us who are employees? I think I have done and maxed out everything possible but might have missed something. Thanks and you explain things in an easy to understand way for those of us who are not tax or business experts.
Is there a program or spreadsheet that can be used to assist new business owners on tracking expenses and to help with taxable expenses to file properly at end of year?
Need some help what if I work for someone and get paid 1099 check so how do I know how much taxes Io take out on myself.i had to come up with a name for myself and I am NC .
Hey Karlton, Great video! Tip for you, you can use TH-cam's "Cards" feature on your uploads to link directly to the other videos you mention in the video. That way you get more views on those videos. Question: I currently work from home exclusively but I want to start traveling fulltime nomad style. I plan to stay in short term rentals like Airbnb. Will I be able to write off part or all of the cost as a business expense similar to the home office deduction strategy? Thanks for all the info you're sharing.
thank you for the tip! You will be able to write off travel, and all items related to you doing business when traveling if they are business related. Keep in mind that in order to take home office, you have to have a signed lease agreement or pay a mortgage.
Not sure how I found u but playa I gotta say u dropping straight knowledge!!! Of course u know I hit the bell.. Definitely appreciate you helping us lil guys without charging....
nice content. 2 questions 1. do i need to track miles if I use a vehicle only for business purposes? ( can i just take milage difference between january 1 and december 31st?) 2. can I use standard mileage if I have 5 cars ? I read somewhere that max is 4
Man unreal. The universe put Kartlons Porsche and tesla video popped up on my suggestions. I'm 46 years old and an INSTANT fan! You guys have no idea how blessed you are to have this content and Karlton share this AMAZING content. I'm new in the life insurance (broker) space. I will 100% call Karl for tax prep when the time comes. Excellent information. Seriously.
Gave a Thumbs UP less than halfway through the video! Thank you Karlton for being upfront and clear in your explanations, especially for this guy who is trying to formally establish a business identity/structure on my existing rental property.
What is the best way to handle a situation where I own my vehicle out right and recently started a business? Do I lease it to my business? Just get mileage or all expenses ?
Man karlton please help, I seen this video and asked my cpa about paying half the self employment tax for an llc, and he said that’s untrue. Does he not know what he’s talking about?
Hello there how would the traveling work for truckers I’m out 2 weeks at a time home for a week then back out for 2 weeks but expenses are showers laundry food etc and a lot of times are in a different state every other day how would you deduct for taxe purposes
Karlton, Love your content. No one explains these things better then you. As a new business owner in 2023, your videos has been helpful and informative, even thou this qas made a year ago. Keep up the good work.
10:08 I'm sure I'm not the only business owner who works 7 days a week, especially when traveling...does the IRS not allow us to deduct weekend expenses if we are legitimately working on the weekend?
How do we use our business banking account to get what we need for a new business if we haven’t made any money yet? In that case is it ok to use personal account?
What if i have a startup business that i’m investing in, purchasing product for, having meetings at dinners for, etc. but did not make any profit for yet? Also on vehicles if its in the company name does the insurance need to be in the company name? Auto insurance cost more in a company name vs my own name
Very useful video, thank you Karlton! I'm a full-time employee, holding W2 and maxed out $19500 401K annual contribution. Can I use the LLC to do the partnership match for 401K? If yes, what is the maximum amount the LLC contribution each year? Thank you!
He says it’s some percentage of $19500 resulting in $6000 tax free. The math says 30.7692…%. My guess is the tax code says 30% and he rounded $5850 to $6000.
Hey Karlton. If I purchase a vehicle (the new electric jeep which is under 6000lbs) under my business which is my youtube channel, can I deduct the maximum $18,000? The plan is promote my channel putting QR codes on each door of the vehicle that way when Im always driving the car, I promote my channel for marketing and growth. Is this possible?
Yo karlton you have excellent content, top notch info!!!! I'm so glad I found your channel!!! I've been implementing the things I've heard from you and its paid of in spades
im gonna start watching your videos ...i just started my llc to sell music online and i want to know everything i possibly can that will help me grow and keep me from making mistakes
Thanks This is absolutely a great educational channel and I appreciate all the in-depth explanations when it comes to taxes filed in an LLC @C Corp. in an S Corp. I can’t seem to get enough
Code 179 i was recently told permits ppl to write off purchases completely in same year purchased as opposed to the info you previously stated that ppl can do same over 5 years at say 50k purchase 10k a year over 5 years etc an the other guy said sane 50k can be written off in same year of purchase ? Can you break that down an please tell the ppl whats the difference an how thats so ??
@@karltondennis thank you for responding. I have a huge situation in works okay. Its from my collateralized loan investment I made. Things are nearing the end. I need some advice as well a great cpa like yourself in relation to this matter. When can I speak to you further upon same. No bullshit...brotha Dennis.
![Business Tax Deductions that 90% of Taxpayers Miss! [Must Watch]](http://i.ytimg.com/vi/DWe3loC4jRQ/mqdefault.jpg)
![[TH] 2024 PMSL SEA Finals D1 | Fall | ยิงต้องโหด ให้เหมือนโกรธกันมาก่อน](http://i.ytimg.com/vi/OnTdfGySmds/mqdefault.jpg)
![How to Use Rental Losses to OFFSET W2 Taxes! [Part 1]](/img/n.gif)
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
My advisor is ‘’Julia Ann Finnicum’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
thanks for sharing this, I googled the advisor you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
Hey Karlton…Could you make a video or two on tractor trailer companies/business llc’s…As far as write offs,deductions etc?
I will add to my content list. Thank you for the recommendation
Agree with Charles. Love to see info for a Trucking company, especially a single owner operator.
I agree that would be amazing 🤩
Agree please make some videos about trucking business as 1 truck to a small fleet . keep up the good work!! Big fan from Chicago
Yes please do!!!!!! Thanks for the video
I was very impressed when you ended the session with a prayer. I knew it was something extra special about you. You are a man of God. I will definitely connect for your professional services.
Omg he’s so smart, literally the only person I’m going to watch in regards to how to handle my business, bro is giving away free knowledge.
Thank you so much for what you are doing as a business owner I am lost in the tax world and when I get an accountant they never strategize . Even though I see them months before taxes are due they wait to the last minute never talk to me and ruin everything. These videos are an amazing grace and truly appreciate the time you have taken to do them God bless
My mom has an accounting business of over 20+ years, I recently partnered up with her and was having so much trouble understanding everything in depth. How to use what and when. Given my mom is now chronically I’ll and doesn’t have the time and energy to train me as much as I need. (Reason why I partnered with her, she didn’t want to just leave her long term clients but needs to retire and focus on her health) this channel really tremendously has taught me more than i learned through courses and certifications! So thankful for you and your knowledge. Really saving me and my moms business. I want to use this to help our community of entrepreneurs and grow the business with more accounts of high value clients. 🙏🏽🙏🏽🙏🏽
I have been in business for yearssss! I have always been intimidated by taxes! I am solo very glad that I came across your channel during this season of just trying to be the BEST me I can be! I am learning so much! You're going to get me right together! I would love to support your business!
*sooooooo not solo lol
This is now my 3rd or 4th video I’ve watched…my goodness…so helpful!! I need to reach out soon…thank you! 🙌🏾🙏🏾🙌🏾
Heads up- I’m pretty confident the business meal deductible increased under Trump (Cares Act) not Biden..
really? do tell
I wish I would have heard your content when I first started .....you are a true professional.
°°Thanks for watching°°°
°°°endeavour to write a review for guide°°°°+1 ( 7 3 2 ) 9 5 5 - 7 1 8 7•••
I just started my LLC and I plan to call you for a consultation.....if thats ok
U can call deez nutz
If he answers your call he won’t have time to create anymore content 😂
Or you can just call him why do you have to text it?
you needed to call him BEFORE setting up an llc...now its gonna cost you more...
@@niameanspurpose to late now.....I'm already doing business. Maybe he can help do my taxes.
Your tip on extending business trips until at least Monday was worth it's weight...
My wife & I are really getting value out of your channel, and I look forward to working together.. Blessings from Vancouver, WA (by way of So Cal!) - JB
Whoever's editing the video must be having a blast! I love your videos! I'm learning so much and it puts me at ease that I can rely on your videos to enlighten me on my new business venture.
I asked my Accountant if I should log actual mileage and vehicle expenses, and he said every client he's ever had has always benefitted more from taking mileage.
I was really nervous starting my llc frantically searching for as much info as possible to make sure I was taking the right path forward. When I found your channel I was finally able to breathe a little bit and gain confidence in my pursuit. THANK YOU! My future generations Thank you aswell . 🤑🤑
I am grateful for your comment. God Bless.
QUESTION: Would airplane flight training (~$100k) be deductible if I was able to work as a contract-for-hire pilot (1099, or billed through the LLC); and not as an employee at an airline?--Could I roll-over the remaining deduction for 3 years?
2) Would it still be deductible if I got a loan for all or partial amount?
Excellent!
What are the books on the desk behind you???
(I recognize "4 Hour Workweek" back there...)
Please and thanks if anybody knows!
I'm having trouble scheduling a consultation.
Karlton, love your videos. What about garage space where our lawn care equipment is stored.
you just told me do much stuff that i have never heard before. liked and followed
THIS GUY SHOULD BE MY NEXT INVESTMENT PURE QUALITY AND BEST INFO I HAVE EVR HEARD. THANK YOU SIR
Wow. I really appreciate these videos. I got my EIN and I’ll set up my bank account next month. Then I can pay the furniture and computer for my home office. I’m ready to keep receipts and use quick books to get all I can back.
Thanks for these detailed tax deductions
I was on W2 and then opened a LLC S corp to save on taxes. Hypothetical example- Can I buy 100k car and write off entire amount which is 90% of income?
I also talk to different people about gaining more business and ideas. And I give them gifts, gift cards, meals and small perks. How do i document them? Most are random people for now.
Do you happen to have a video about taxes while drop shipping and taxes while drop shipping within the state that we have a presence in? You have a great way of explaining things and it's really helped on my journey in the beginning of all this.
I love how thorough you are in your videos. Thank you for your passion for helping business owners.
First time watching your videos! Learned a lot in 19 minutes! Keep doing what you do my brother!
As a small business owner this is best impactful
I am committed to self-development & thriving.
So if I have this right is in my head, you can essentially get a brand new vehicle for “free” (given that you can afford the down payment and monthly payments) by simply purchasing the vehicle , make payments on time and after that year you essentially recoup those payments as deductions for that year . Repeat the process over 5 years and boom the vehicle pretty much paid for itself? 🤯
Hi Karlton! Did a complete binge on your videos and they are so informative and easy to understand! I do want to as though if you can create a video for new business startups that have not bought an llc just yet because of not making income just yet but just getting things built. Appreciate you!
Hi Karlton, Could you do a video about deduction for those of us who are employees? I think I have done and maxed out everything possible but might have missed something. Thanks and you explain things in an easy to understand way for those of us who are not tax or business experts.
Is there a program or spreadsheet that can be used to assist new business owners on tracking expenses and to help with taxable expenses to file properly at end of year?
Need some help what if I work for someone and get paid 1099 check so how do I know how much taxes Io take out on myself.i had to come up with a name for myself and I am NC .
Watch his to pay yourself video he mention tax percentages
16:43
Thank you Karlton , I look forward to contacting your office for tax strategy services.
Hey Karlton, Great video! Tip for you, you can use TH-cam's "Cards" feature on your uploads to link directly to the other videos you mention in the video. That way you get more views on those videos.
Question: I currently work from home exclusively but I want to start traveling fulltime nomad style. I plan to stay in short term rentals like Airbnb. Will I be able to write off part or all of the cost as a business expense similar to the home office deduction strategy? Thanks for all the info you're sharing.
thank you for the tip! You will be able to write off travel, and all items related to you doing business when traveling if they are business related. Keep in mind that in order to take home office, you have to have a signed lease agreement or pay a mortgage.
Could possibly buy a RV to live in under the business to write off and write off the travel expenses as well, right?
I just want to say thank you …u have taught me a lot I’m a start new business n the information in every video gives me hope to succeed in my business
Great Video. Quick question. For anyone with a full time W2 and a side business can they take all of these business tax write off deductions?
yes.
GREAT CONTENT! Great presentation! Thank you Karlton! This is very helpful man! I will definitely put a tax strategy in place for my new business.
Not sure how I found u but playa I gotta say u dropping straight knowledge!!! Of course u know I hit the bell.. Definitely appreciate you helping us lil guys without charging....
You r the best I did learn a lot from u keep doing the good work
Will shed at the back of the house will qualify? I do setup an office inside the shed
nice content. 2 questions
1. do i need to track miles if I use a vehicle only for business purposes? ( can i just take milage difference between january 1 and december 31st?)
2. can I use standard mileage if I have 5 cars ? I read somewhere that max is 4
Man unreal. The universe put Kartlons Porsche and tesla video popped up on my suggestions.
I'm 46 years old and an INSTANT fan!
You guys have no idea how blessed you are to have this content and Karlton share this AMAZING content. I'm new in the life insurance (broker) space.
I will 100% call Karl for tax prep when the time comes. Excellent information. Seriously.
Gave a Thumbs UP less than halfway through the video! Thank you Karlton for being upfront and clear in your explanations, especially for this guy who is trying to formally establish a business identity/structure on my existing rental property.
Thanks karlton for your tax info. Very useful information not one of my tax guys have ever given any of this info. Greatly appreciated👍
What is the best way to handle a situation where I own my vehicle out right and recently started a business? Do I lease it to my business? Just get mileage or all expenses ?
Man karlton please help, I seen this video and asked my cpa about paying half the self employment tax for an llc, and he said that’s untrue. Does he not know what he’s talking about?
You're an angel thank you for the info.
Hello there how would the traveling work for truckers I’m out 2 weeks at a time home for a week then back out for 2 weeks but expenses are showers laundry food etc and a lot of times are in a different state every other day how would you deduct for taxe purposes
Karlton, Love your content. No one explains these things better then you. As a new business owner in 2023, your videos has been helpful and informative, even thou this qas made a year ago. Keep up the good work.
I just happen to stumble upon your channel and I just wanted to say thank you 🙏
Extremely helpful sir
This channel is very helpful
10:08 I'm sure I'm not the only business owner who works 7 days a week, especially when traveling...does the IRS not allow us to deduct weekend expenses if we are legitimately working on the weekend?
What is the difference between a tax strategist and a CPA?
Thank you, this was delivered in a understandable way for me as a new business owner. I'm excited to be a new subscriber.
Can you deduct both home office expenses and regular office expenses if you're working in both places an equal amount, like 50/50?
Thanks for this video and quality content! I will need to watch all these vids! Need much help!
Thank you. For the time effort and experience that you share in order to enlighten countless others.
How do we use our business banking account to get what we need for a new business if we haven’t made any money yet? In that case is it ok to use personal account?
Great video Karlton. You just articulated the deductions I share with my new business owners every year. I wish I could just send them this video.
9:00 so it goes by the weight of the car?
What if i have a startup business that i’m investing in, purchasing product for, having meetings at dinners for, etc. but did not make any profit for yet? Also on vehicles if its in the company name does the insurance need to be in the company name? Auto insurance cost more in a company name vs my own name
Very useful video, thank you Karlton! I'm a full-time employee, holding W2 and maxed out $19500 401K annual contribution. Can I use the LLC to do the partnership match for 401K? If yes, what is the maximum amount the LLC contribution each year? Thank you!
He says it’s some percentage of $19500 resulting in $6000 tax free. The math says 30.7692…%. My guess is the tax code says 30% and he rounded $5850 to $6000.
another excellent video, keep em coming!
Thank you Karlton
Could you please do a zoom I really need help..I am a tax preparer and need help ASAP
Hey Karlton. If I purchase a vehicle (the new electric jeep which is under 6000lbs) under my business which is my youtube channel, can I deduct the maximum $18,000? The plan is promote my channel putting QR codes on each door of the vehicle that way when Im always driving the car, I promote my channel for marketing and growth. Is this possible?
I like to say you did a outstanding presentation keep the good job.
Are patent related expenses legal, considered legal and professional expenses
Can you talk specifically regarding IT consulting business small business owners with W2 income too
Yo karlton you have excellent content, top notch info!!!! I'm so glad I found your channel!!! I've been implementing the things I've heard from you and its paid of in spades
I would like to ask if you can deduct startup cash infusion (if it's your savings) as a part of the 5K deductions.
im gonna start watching your videos ...i just started my llc to sell music online and i want to know everything i possibly can that will help me grow and keep me from making mistakes
watching your videos daily for great info!
You are so awesome! Thank you 😊 your clear and concise!!
I love love love love your videos. Is there already a video dedicated to business travel? I know you touched on it here.
Really appreciate your video
I would like to know if you are renting, how do you take a home office deduction when you are not the "homeowner"?
Thanks for the information
Excellent Content!
Thanks This is absolutely a great educational channel and I appreciate all the in-depth explanations when it comes to taxes filed in an LLC @C Corp. in an S Corp. I can’t seem to get enough
Would you be able to talk with us before we start our business ? To help guide us on topics of concern
I like to begin a business relationship with you as my tax strategist! You have trustworthy vibes ❤😂❤ Let’s Go
Great content thank you for sharing
Insurance independent commissions
You rock Karlton!!
Your the 8th wonder of the world brother I feel like you simplified so much for me
As a rookie. I find your videos the best at explaining stuff
i love this guy's knowledge
Thank you for sharing all this great information
Code 179 i was recently told permits ppl to write off purchases completely in same year purchased as opposed to the info you previously stated that ppl can do same over 5 years at say 50k purchase 10k a year over 5 years etc an the other guy said sane 50k can be written off in same year of purchase ? Can you break that down an please tell the ppl whats the difference an how thats so ??
Yep. Visit my recent video on "How to Write off Vehicle under your business". I break it down there!
@@karltondennis thank you for responding. I have a huge situation in works okay. Its from my collateralized loan investment I made. Things are nearing the end. I need some advice as well a great cpa like yourself in relation to this matter. When can I speak to you further upon same. No bullshit...brotha Dennis.
I love your content and appreciate all the advices:)
So much value!!!!
@Karlton Dennis. Greetings just watch the LLC how to pay myself. how can I make it work as I launch into wholesale investor as a cash buyer?
Thank you bro.Thank you.I wish you had a class.I’d but it.
How does one do a consultation with you in the next three months as my small business is booming
Can you purchase an investment property in another country under the same LLC as your US investment ? Same tax rules ?
Thank you!