I got to use these deductions for real because they’re trying to hit me with $17,000! My tax preparer looked at me and said you’re gonna have to find some deductions because as of right now you own the IRS $17,000!!😮 I was trippin!!! I hit up TH-cam and found this video! ASAP!!
Hello! What tax advice do you have for a 24yo making 6figures, no dependents! What can I do to lower taxes owed!? Starting a business? Tax credits? Plz make a video on this
Topic No. 515 Casualty, Disaster, and Theft Losses Claiming the Loss Individuals may claim their casualty and theft losses as an itemized deduction on Schedule A (Form 1040), Itemized Deductions (or Schedule A (Form 1040-NR)PDF, if you're a nonresident alien). For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year.
Why doesn't any cpa talk about how taking the home office deduction affects the sale of your home when you decide to sell your house? I think it's a big deal!
What happens if I have my health insurance through my full time employer but I have a side business? Can I still take a deduction since I am self employed by my side business?
Good Morning, I have a job and a successful business. I have insurance-employer-assisted insurance. I paid-> showing on my W-2 $16,000. How much insurance do I claim on my business. I fell asleep after watching this video and I did was dream about it going on my schedule C.
HI CAN I DEDUCT OR WRITE OFF A CAR I LIVED IN AND ALL MY POSSESIONS WHILE I WAS A CONTRACTOR FOR DOORDASH GOT BURNED UP IN THE CAR FIRE? I DIDN'T HAVE FULL COVERAGE INSURANCE. I LOST AL MY CLOTHING PHONE EVERYTHING. I GOT BURNED AND EVEN HAD TO LIVE ON THE STREETS.
![12 HUGE Tax Write Offs for Small Business in 2024! [Bookmark This]](http://i.ytimg.com/vi/x0Rd0SXSe1w/mqdefault.jpg)
![12 HUGE Tax Write Offs for Small Business in 2024! [Bookmark This]](/img/tr.png)
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
![15 Biggest Tax Write Offs for Small Businesses! [Best Tax Deductions 2024]](/img/n.gif)
Sherman is the GOAT! Another great video!
I got to use these deductions for real because they’re trying to hit me with $17,000! My tax preparer looked at me and said you’re gonna have to find some deductions because as of right now you own the IRS $17,000!!😮 I was trippin!!! I hit up TH-cam and found this video! ASAP!!
Excellent Presentation with informative precursory information that generates the thinking process. Exceptionally Well Done!
Hello! What tax advice do you have for a 24yo making 6figures, no dependents! What can I do to lower taxes owed!? Starting a business? Tax credits? Plz make a video on this
This video is pure gold. 👏🏽👏🏽👏🏽
Solid video!
Topic No. 515 Casualty, Disaster, and Theft Losses
Claiming the Loss
Individuals may claim their casualty and theft losses as an itemized deduction on Schedule A (Form 1040), Itemized Deductions (or Schedule A (Form 1040-NR)PDF, if you're a nonresident alien). For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year.
Why doesn't any cpa talk about how taking the home office deduction affects the sale of your home when you decide to sell your house? I think it's a big deal!
Depreciation recapture?
Hard to cover everything, but there are even ways to avoid some of those taxes...
What happens to the home sale price when taking the office deduction?
Can You explain please.
What happens if I have my health insurance through my full time employer but I have a side business? Can I still take a deduction since I am self employed by my side business?
This is great information!
Great content!!! Thank you!
Most clear video out there! 👏🏼👏🏼👏🏼
Glad you think so!
IRS scares the crap out of them!
A nice informative video 😊
Thanks 🙂
Very useful information. Thank you!
My pleasure
thank brother Sherman.
Good Morning, I have a job and a successful business. I have insurance-employer-assisted insurance. I paid-> showing on my W-2 $16,000. How much insurance do I claim on my business. I fell asleep after watching this video and I did was dream about it going on my schedule C.
Thanks for valuable information...
My pleasure!
How do you get over the fear of the depreciation recapture after selling your home (after years of business use deduction)?
1031 exchange or Sec. 162 gain exclusion
HI CAN I DEDUCT OR WRITE OFF A CAR I LIVED IN AND ALL MY POSSESIONS WHILE I WAS A CONTRACTOR FOR DOORDASH GOT BURNED UP IN THE CAR FIRE? I DIDN'T HAVE FULL COVERAGE INSURANCE. I LOST AL MY CLOTHING PHONE EVERYTHING. I GOT BURNED AND EVEN HAD TO LIVE ON THE STREETS.
Is a tax free retirement account tax deductible?
I read they chanhed this 2024?
Do you offer services for California? I have my business LLC income and my personal work income.
I serve companies throughout the US @ mycpacoach.com/
Can you just point me in the direction of a stellar CPA?
You can apply to work with Sherman directly here: mycpacoach.com/
My accountant want to use the simplified home deduction
Why?
@@LYFEAccounting I don't know.
Get a new accountant
Awesome info
Glad you liked it
Was this video made with some sort of AI?
I wish
🔑😮💨