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People who know how to implement tax strategy correctly can successfully turn everyday expenses into tax write-offs. If you can learn how to do this, then you will most likely find that you can turn many more different types of expenses into deductions than you might have previously thought.
In this video, tax expert Karlton Dennis explains how you can turn everyday expenses into write-offs correctly and in full compliance with tax law. Importantly, he also provides a detailed explanation of expenses that you are not allowed to turn into tax write-offs. Knowing the difference is crucial to prevent audits and penalties.
It is also important to understand that not all taxpayers are allowed to write off the same expenses. So, Karlton also explains who is able to write off certain types of everyday expenses, and who is not. Watching this video can help you get a better understanding of the deductions you may qualify for.
CHAPTERS:
0:00 Intro
0:18 Employees vs Business Owners
1:03 Code Section 162(a)
1:43 Expense #1: Home-Related Expenses
3:02 Expense #2: Laptop
3:44 Expense #3: Cell Phone
4:17 Expense #4: Vehicles
5:43 Expense #5: Meals
7:11 Expense #6: Travel
8:54 Subscriber Question!
9:43 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxdeductions #writeoffs #taxplanning