How Business Owners Write Off Their Lifestyle Expenses (Tax Hacks)

Discover the tax hacks that business owners use to save a lot of money, legally! In this video we will dig into write-offs, also known as tax deductions, and we will discover why they can be your best friend when it comes to saving money in taxes.

#taxhacks #taxdeduction #entrepreneurs

Timestamp
(03:00) Part 1
(06:04) Part 2
(07:20) Example 1
(08:06) Example 2
(08:48) Example 3

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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.
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[miriamstrauss]

*As I build my own business, I'll be re-watching this video multiple times over as a reminder!! Hahah* 😆

[jaybhati]

Thanks for posting such quality content for free on youtube.

[actuallybusiness]

*Do something today that your future self will thank you for!!*

[DiscoveringHub]

Most people do not have a clue that you don't have to wait to be extremely rich before you start writing things off for tax purposes. One can start with basic things like charitable contributions. You can even donate your old stuff and use it as a tax write off.

[miriamstrauss]

*Such an important lesson for young business owners to learn! Thank you for sharing!*

[Saint_Ale]

Wish I could like a video 2x, so much I could've had by now. Knowledge is amazing.

[justacinnamonbun]

I can't wait to hear how Monopoly played a role in this 😆.

[desmonddorta]

I see all this stuff but is their a limit on deductions?!

[billyvon]

Can I write off a new car I bought to stay in business? about 20 Grand.

[sammillsworth]

you said $1, 000 not $100 on the bakery example...

[jeffgenitempo]

You forgot to include the cost of labor to bake the cake which is also tax deductible!

[embknight]

Started with a 1000 USD cake and you only got 100 USD. That is a 90% discount. Find another editor.

[davolu]

The whole lesson for me... Take 20 mins everyday to write your business expenses..

[JoeySavage]

Men stay focus thoes spanish girls know you’re rich don’t try it fellas back on your business eyes off the long hair and eyelash’s hey you eyes off Rihanna yea that is the singer rhi rhi over there on the beach in the Bahamas your not at the Bahamas to try to bag Rihanna you at the Bahamas to WORK WORK WORK WORK WORK GOT IT CEOS YA HEAR ME MEN

[cahnrad]

As a real estate agent I came a little