Tax Write-Offs Explained | Tax Deductions for the Self-Employed

So let's say I have a handyman business. I make 50k. I go and buy 2 trucks for 50k. I made 0 taxable dollars?

Heyyyy sisSTAR. How do you submit it when it's time to file?

If I owe hypothetically 10,000$ how much of it could I deduct? All of it ???

I am locked and loaded. 🤓

I am doing permanent Jewelry and is it possible for me to get a tax write off by adding a service fee to each of my pieces? Since it would be considered as a service done and not a product sold would that count? Also would it have to be put into the receipt as a service fee or is there a way I can say that x% is a service fee when it comes to tax season?

I am locked and loaded 🎉😊

I work from home, could my rent be written off as a tax write off?

I also send my rent to my roommate. I have proof of the transactions. Can I still use this as a tax write off?

You are a life & sanity-saving goddess ✨️✨️✨️

THANK YOU SO MUCH!!!!

Can you please do a video for those of us that work multiple 1099 gigs?

"I am locked and loaded"!

I am locked and loaded

This was so helpful. Thanks so much👍

hey since im working from home how do i write off rent per sq. ft. since im only doing business in my room and you have really been very helpful ty so much .... also is it possible to write off your service company "Tax Keeper" for helping me maintain expenses?

Helpful! However, for example I use keeper and it only deducts a percentage of expenses that were solely for work. Like a parking at an airport that I had to use to park my car as I traveled for work. I am a Videogropher. The entire trip was work related. Yet it only deducts a percentage. Why is that?

I’m a bit confused where exactly to put down my phone and internet bill expense. One of keeper tax said to put it under utilities schedule C. But I thought that utility section was for only if you have a dedicated office space which I don’t. Another article said to put it under “other expenses”. I’m not claiming the home office deduction because I don’t have any home expenses. Can you clarify please?

Also, for putting down the grand total for utilities do I just add up both of the percentages of business use for phone/wifi and that what’s I would put. Or do add one at a time in different sections

This is so helpful! Do you know if groceries are a write-off if you have to travel out-of-state for months at a time for work? I know the hotel is a write-off, but would the supplies you purchase for hotel living qualify as well?

Hi. I dont know if you guys ever encountered this but i am using a keeper tax app and filed for 2022 tax return. A month later irs sent me a verification letter . So i did verified my account but i noticed that my bank account number and routing number was different from what they entered from tax filling. I asked Caitlin my tax expert from keeper tax why did they enter wrong data and she told me this “ Got it - Nothing to worry about, Chase does not provide Keeper with your actual ACH account number, but instead a "randomized" ACH number. It is a valid ACH number and is connected to your account, it’s just not one that you will recognize. 🤓

Hey as a gig worker, are my lunches considered an tax write-off?

I am Not Locked or Loaded But I Need All Your HELP!

What about uber

I love your videos and the way you explain everything! When you calculate workspace/homesquare footage and get 16%, do you now calculate 16% of home expenses for the YEARLY expense? For example, if I spent $1,200 on water for the YEAR, will I put 16% of $1200, which is $192 on my taxes. So I would put $192 for my taxes as part of home expenses for water/utilities?

Also, how do I know what tax bracket I am a part of ?

The intro is too long! The background music makes the video unwatchable! As a creator knowing that you put hours of works into creating this just to destroy the entire video due to high background music is painful!

Thsnk you, also would more information on more tips on business write off for taxes

You should do a video just explaining how Keeper Taxes works. For example, do I need to provide my debit card number or credit card number(s) I will be using? How much personal info or the type of info I need to provide in order for Keeper Taxes will work for me?

What if your writes off are more than your income

Hello you are pretty, I have a question as a distributor which does fall under a independent contractor/ 1099. Can you do a tax write of for buying the starter product kit which does involve the business it helps market the business and have potential customers?

I LOVE THIS! You explain things in a way I can actually understand them! Thank you.

Ok, we CAN deduct 'business expenses' and as an online marketer we can deduct the cost of software/digital instructional packages which were/are/will be used to earn an income.

But how far back can we go in deducting the cost of those expenses?

Let's assume we bought software or paid for access to do certain tasks - such as creating affiliate sales videos, paying for memberships to marketing groups/guru education and only started earning revenue in year 2023. Can we deduct those expenses we paid out in 2023, 2022, etc - how far back.

I asked only because I'd read somewhere on some Govt website that most new businesses don't make a profit for 3 years so the US Govt allows deduction of expenses going back a certain number of years PRIOR to making a profit.

What about tolls?

I am locked and loaded

I am locked and loaded

Great video!

You are wonderful and your skin is glowing 🤩

Just curious.. where to write off the expenses? I do not see any section in 1040 form.

Saved me $800

thank you for your videos!! I'm a 1099 contractor and U.S. citizen living abroad do you have any advice? I also believe I read on the IRS website that there is leinency when you're filing for the first time as a 1099 contractor; do you know if it's true? I'm afraid I am going to miss the January 15th filing deadline but I am not sure if it's that much of a concern? thank you!!

I'm so glad I found your videos! You make it easy to process the content and your upbeat personality takes the anxiety off learning! Thanks

can you write off solo meals if you're a traveling practitioner...living in another location for 6 months (not at your tax home)?

Great videos! The questions below are amazin and super helpful to read this is a valuable resource. I have questions about the education write-offs. Would business, marketing, and the like classes, books, and coaches count? I work in the spiritual realm, I don't use tools, but I do continually learn different techniques, modalities, and engage in paid communities to hone in my skills, would these be write-offfs? Thanks in advance!

Do we need receipts or online banking to show proof for write offs ? Or how do we go about actually applying the write offs ?

Thank you so much - wondering if I should be doing write-offs each quarter or is this just an April thing? Thanks.

Locked and loaded

Hi I have a regular job and I'm also starting my business as self employed. I have a candle business and I do work from home can I include my rent as a write off? Also how to I file my regular taxes while also being self employed.

These are so well made, thank you so very much!

im fully loaded

So I just started my freelance video and photo business. Since I am not making a ton of money right now (2022 expected earnings to be $1k-$2k) and I were to write off a camera I bought, or a computer for editing, and it was equal or more than my earnings, would the IRS just not see my earnings as taxable income? (Note: I am a total noob when it comes to taxes)

First time doing contract work. I was so nervous before watching this video! I’m trying to make sure I don’t go to jail 😂 thank you so much!!!

Wonderful video. Thank you!! You’re an awesome teacher !

I really would like more info on purchasing equipment to start a business and being able to write it off.