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7 TOP Tax Deductions for Self-Employed in 2020 (Save Money!)
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In this video, I am going over 7 BEST tax deductions and write offs for self employed, sole proprietors, and small business owners. We'll go over the top tax strategies you should use to pay less taxes legally, and if you watch all the way through, I almost guarantee you can save thousands on your next tax filing.
I personally use these strategies in my own businesses and save tens of thousands of dollars each year.
Save 55% on QuickBooks:
^This is my favorite bookkeeping software that I use for my businesses. Bookkeeping is ESSENTIAL for any self employed person or entrepreneur who wants to take advantage of tax write offs.
Taxes are probably your businesses biggest expense. Paying the government up to 50% of you net income can seem unfair at times, but the good thing is that the IRS gives us the opportunity to offset our income through various strategies.
Did you know you can restructure your business as an S corp to potentially save on thousands in self employment taxes? Or pay your children, rent out your home to your business without paying taxes on the income, and write off the entire purchase price of a vehicle in one year? Although there are hundreds of tax strategies (I recommend talking to a tax strategist) these are some of the ones you can implement RIGHT NOW to save big. I'm all about helping you guys save as much money as possible :)
Like and subscribe for more videos like this! Have an amazing day and let's go save some money on taxes this year!
-Charlie
#TaxWriteOffs #SaveMoney #SelfEmployed
Disclaimer: Some of the links above may be affiliate links, which means that if you click on them I may receive a small commission. The commission is paid by the retailers, at no cost to you, and this helps to support our channel and keep our videos free. Thank you!
In addition, I am not a financial advisor. Charlie Chang does not provide tax, legal or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your own due diligence before making any financial decisions.
I personally use these strategies in my own businesses and save tens of thousands of dollars each year.
Save 55% on QuickBooks:
^This is my favorite bookkeeping software that I use for my businesses. Bookkeeping is ESSENTIAL for any self employed person or entrepreneur who wants to take advantage of tax write offs.
Taxes are probably your businesses biggest expense. Paying the government up to 50% of you net income can seem unfair at times, but the good thing is that the IRS gives us the opportunity to offset our income through various strategies.
Did you know you can restructure your business as an S corp to potentially save on thousands in self employment taxes? Or pay your children, rent out your home to your business without paying taxes on the income, and write off the entire purchase price of a vehicle in one year? Although there are hundreds of tax strategies (I recommend talking to a tax strategist) these are some of the ones you can implement RIGHT NOW to save big. I'm all about helping you guys save as much money as possible :)
Like and subscribe for more videos like this! Have an amazing day and let's go save some money on taxes this year!
-Charlie
#TaxWriteOffs #SaveMoney #SelfEmployed
Disclaimer: Some of the links above may be affiliate links, which means that if you click on them I may receive a small commission. The commission is paid by the retailers, at no cost to you, and this helps to support our channel and keep our videos free. Thank you!
In addition, I am not a financial advisor. Charlie Chang does not provide tax, legal or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your own due diligence before making any financial decisions.
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