Top 12 Tax Write Offs for New LLC Owners

Top 5 write-offs for LLC owners in 2022. Tax Write-offs, also known as tax deductions, reduce your taxable income. These apply to both single-member LLCs and multi-member LLCs.

Outline:

(0:00) - Intro
(0:45) - Tax Write-off #1
(2:12) - Tax Write-off #2
(2:53) - Tax Write-off #3
(4:04) - Tax Write-off #4
(5:14) - Tax Write-off #5
(5:56) - Tax Write-off #6
(7:28) - Tax Write-off #7
(8:00) - Tax Write-off #8
(8:52) - Tax Write-off #9
(11:12) - Tax Write-off #10
(11:56) - Tax Write-off #11
(12:25) - Tax Write-off #12

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[mja]

This is so easy to follow and understand thank you I'm getting ready to start my LLC and your channel is helping so much!

[CamilleTheCancer]

Thank you so much you and your other members have been great informants I greatly appreciate it! Thank you!

[melomelo]

Thank for you and your channel you are a blessing💪💯🙏

[XYRN]

Again… GREAT INFO FROM LYFE ACCOUNTING…

[qcpjwfj]

Hello, I started a cargo van transportation business 2month ago by buying a new van. and however, i learned in one of your videos that I need to register my business in the state where i live. but my question is what should I do for the time I work with out registaring my business ???? and when i register The LLC which Tax filing status is good for the time being.please help me or guide me on how to fix this???
Thank you for all your wonderful and very informative video. Is their a way I can contact you to get a consultation?

[NickMast]

What happens if my startup expenses and organization expenses are less than $5, 000 a piece and I made no income in my first year of business?

[scottiemullins]

Should I start my business now, in 2022 or wait until next year?

[amywantz]

If I use an accountant to do my business and personal taxes, can I deduct their fee?

[brandonchristopher]

Thank you for this!

I’ve been on the edge about forming an LLC, but have been working on researching and wanted to see if I could get some insight or pointed in a direction on which professional I could consult with.

I’m in the early stage of launching my vending machine business. I currently have 3 machines which I bought used and have been operating for 3 months now grossing about ~$100/mo. I’m looking to scale, but don’t want to come completely out of pocket as I’ve done so thus far.

Cost is definitely a limiting factor as it stands as a 22 year old trying to be very calculated in how much I’m willing to risk. I also live in California where it’s $800/yr franchise tax (which I believe is waived until December 2023). Working on the timing for everything. My current costs are the following:

Startup costs
-Business cards, brochures

Organizational costs
-CA LLC franchise tax(?)

Office expenses/tech
-iPad (I was under the assumption only up to 50% can be deducted for business use)
-Money counter

COGS
-3 vending machines ($1800)
-$15/mo commission paid to 1 location (Qualify as a commission/affiliate cost?)
-The snacks/drinks I vend

[vasilestana]

You said: "Meals with a client" Here is my daily experience: I'm a home care nurse. Every day I go to work I buy a client a meal and we eat together. Well, ... I buy 2 meals (one for me one for her). If I don't bring her a meal she's angry and won't let me do my job (trach care, suction, cough assist, bathing, ROM, ambulation). Basically, if I don't give her a meal as soon as I get there at 2:00 PM, she will tell "Don't touch me" so I can't do my job. Moreover, she keeps mentioning that she's looking for another home care nurse/agency. I'm spending about $25/day for her part of the meal. But I don't get receipts because I buy my meal (and hers) with cash from a food truck that doesn't give receipts. I know that I can't deduct my meals, but can I deduct her meals ($25/day for 365 days)? Thank You.

[iamrachelrach]

How does Invisalign/dental 🪥 deductions work for business?