Working from home - tax benefits with @humphrey

[Ray]

Ask a pro, not someone on You Tube. Never trust You Tube.

[JAlexanderCurtis]

What I love about this video is that I think this girl just paid her accountant for this years' taxes and he probably asked for receipts of stuff she bought. So she is explaining how she THINKS something works to the internet, without really understanding what the accountant is ACTUALLY doing. For those that are following:
1) no you can not take the same deduction multiple times
2) taxes and deductions are filed annually - even if you are self employed and make quarterly payments, you only file and analyze deductions annually. The monthly nonsense she is talking about doesn't really make any sense. You can't take the same deduction multiple months.
3) Most of the time it makes more sense to amortize a large expense unless you are replacing it every year. So you split the cost of a desk or computer across 3-5 years depending on how long you expect to have it so your deductions (and taxes owed) are more stable year to year. You can only ever deduct up to the maximum amount you paid for it.
4) You can't deduct everything - it can get pretty complicated and you probably should work with an accountant and not trust youtube shorts
5) For most people you are better off with the standard deduction unless you are spending more than $6-12k per year (depending on single or married status) on your business expenses. So if you just make a few hundred bucks a month from youtube or something then this information doesn't apply. You are better off taking the standard deduction that everyone gets no-questions-asked.

[JQ-leey]

If she deducts by using those FF&E, then she might need to pay business personal property tax every year, depending on the state law. So there are pros and cons of using deductions. The question is how much she is paying business personal tax?

[Connor-oh]

Yeah sorry I’m an accountant and this is not how business expenses work.

[patrickle]

Isn’t this fraud? Don’t one have to amortize the expense across the year and NOT 1 month. Put it this way, you made 120k year but asking Uncle Sam for a 72k deduction this year. Something is either f-ed or you need a new tax guy

[prashant-and-sharma]

When you can easily buy it.... People starts to gift it.

[rajaraman-pjbg]

I am from india .will you show the shopping market in silicon valley

[Ambrosha]

doesn't seem right. How can that work repeatedly every month when these were only a one- time purchase?

[brettmason]

Take this advice at face value she is not a license CPA. In fact I don't really think she's a licensed anything. She might be a licensed pain in

[obsoleteprofessor]

I regularly drive Silicon Valley streets, especially on big item trash days. I find these items thrown out on the curb quite often. I help stock 2 second hand stores in the Central Valley. Silicon Valley has been good to me. Thank you all who don't buy IKEA trash. Heirloom stuff only please. Its better for the environment.