How to Write Off Start Up Costs
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This video is about how to Write Off Start Up Costs to lower your taxes and save you money!
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Currently in the starting phase starting an LLC and fixing up a property to rent out in the near future. Currently Acquiring the tools and equipment to renovate my current project and future rental homes. Glad to know if I don't make my first buck this year I can still write off the costs. The tools for my business are expensive but excited to start a company!
I could watch you all day. You are so informative and animated and l love it
Thank you so much! I try to stay energetic! tax and legal work aren't always the most entertaining lol
they are for me. then again, i'm a low-key nerd
I am sure there is good advice in here, but the volume of the music was so high it was in competition with your voice. After a minute or so, it got so annoying and frustrating that I turned it off. Some friendly constructive feedback (I am in the psych field): spoken content is more easily absorbed and processed by the brain without background music. It is fine to have intro/outro music, but when you are lecturing with the goal of retention and later recall, background noise is a barrier to effective cognitive processing. If you must use it, make it about 1/5 the volume of your voice, in other words, barely audible, but silence is definitely preferred. This is why TED talks are in a silent room. :)
Good Lord, THANK YOU for this simply put HOW to!!! I've watched a few videos now & see comments saying how much they helped & I'm sitting here like "Ummm....Yeah I'm gonna need that dumbed down a bit more". Doesn't help that I'm way too ADD to listen to some drawn-out stuff that I'll later hand over to a CPA. I will come to your page first from now on!
Grabbing my rock and chisel!
I didn’t know about the fact that you had to make a first sale for it to count. So if you’re making a mobile app, it doesn’t count until you get your first advertisement check/app store purchase?
what happens if i didnt have enough money when i started up and didnt buy labels and stuff like that can i still include that?
Well done video. I am in startup phase and was wondering should I file taxes today (it's April 16th) today. With zero revenues, I guess not. Thanks for the engaging and informative presentation.
Do i have to form an LLC for this start up write off to kick in?
What if you're starting before December, but never actually made a sale a few months later, rolling into next year? How does writing that off work?
Thank you Mark! Great information, as always! Keep doing what you do!
Thanks so much Andrei. Wish you the best!
So, if I don't have an S-Corp set up YET, Can I write off things that I'm buying now, as I'm getting started?
+Mark j Kohler
2 questions. 1. Can I write off the cost of my single member LLC formation and cost of first year resident agent fee? 2. Can I write off the monthly checking fees? Great content thank you
so when you log a purchase made for your business do you get to write off the entire purchase price (sales tax included)?
Hi, what if you register your business in October but don’t sell anything until January? Startup costs in 2018 first sale in 2019. Thank you your video was very helpful
what about if I buy an existing business for 550k that makes 200k/yr? going thru SBA the payments are 13.8k/mo or 165k a year? so would it be 200k-165k in acquisition cost=35k taxable position?
Thanks for this, Can you write off a business course as a business expense?
Another excellent video, thanks! When are you technically in business if your business is renting residential properties?
Good video. Thank you for the work you put in.
can you write off educational expense example record keeping class to run your business toward your start up cost?
Great question! If you're one of our clients I'm open to it. We can give firm answers to our clients. However, if you're doing taxes yourself or have another preparer--that's harder to answer. I would ask whoever is doing your taxes.
Do start-up costs have to be claimed in the tax year in which they are incurred, or can they span multiple years and be claimed in the tax year of the first sale? Also, in a service requiring a license, can training and license fees required to move into a new industry also be claimed as part of the start-up, since the license is required to begin legally selling the service? Thanks for the video!
Trying to get confirmation of this as well. From the video, it does sound like if you have startup costs in one year but open in the following year, all startup costs are filed only in the year that you actually opened for business and started making any income.
Thank you so much!!!
But how do you write it off? What is the process of doing it
will i need necessarly need a business account or business credit when tracking the expenses during the idea and research phase?
Super Helpful!!
Thanks, David!
You are so smart. Thank you for you tips
Thanks so much for the kind words!!
Hi Mark, I'm going to lease a commercial truck for 1 year and they are going to charge me .22 cents per mile to drive the truck. They will cover all maintenance like oil changes, new tires, etc. I will drive an average of 8000 miles per month and will owe them $1,760 a month for the truck. Can I write this amount off and maybe depreciate the truck too even though I don't own it? Anything else I could do for taxes? Thank you...I like the live podcasts too.
Ive been in business for about 6months, Im making a little money. How do you transfer money from my personal account to business account? Without sending up red flags? Should I just write a check or money transfer from one acct to another?
Is this a $5000 deduction on a per business so for example if I decide to say okay I’m opening 2 businesses (online) I can get $10,000 deduction?
Is the first month rent and deposit on an office building a tax write off?
Can start up cost be claimed from the previous year? Let’s say I’m starting up in December, but I don’t get paid until January. Can I claim the 5K on my taxes?
This has a lot of moving parts to it, so I would recommend setting up a consultation with one of my attorneys and they will best help you for your situation! The number for the office is 435 586 9366. Thank you for watching
Ummmm......are you telling people they cannot write off expense until they generate revenue? That is dead wrong! Doesn't matter if you're an LLC, Inc, etc., the info you're putting out is dead wrong!
Great succinct information on Start up costs. Thanks Mark!
Thanks!!
Great info! If I need to purchase a computer and smartphone for a new business, would that be considered as a start up cost?
Here's another video about what to track and what to do when you are in the start-up phase: th-cam.com/video/UmaD1AKxUNA/w-d-xo.html. I hope you find this one more helpful. If you have any other questions, please email my assistant at jack@markjkohler.com and he can connect you with someone who can help.
So if I fly to Florida for my sons college graduation & meet my parents there’s and ask for a loan to fund a business. If they answer yes, can I write that trip off? I do have the loan structure.
Great question! Give my assistant Rosalie a call at 435-586-9366 ext 2024 and have her point you in the right direction.
If I made 2 sales this year but without a business entity or name? I've joined a Marketing network company and I have cost related to branding myself (my personal name), education, books, etc... and I've had 2 people sign up for the service. I want to sign up for a business name but haven't done so yet because I'm watching your video's and trying to learn how. If I come up with a business name and type of entity before December can I go back to April this year of when I made my 1st sale?
09/20/19 Vanessa
I’m a real estate agent , how can I get contact with you sir. Very important thanks
Please reach out to my assistant at jack@markjkohler.com and he can get you in touch with the right people.