Self Employment Tax Deductions to Take Advantage of in 2023!

Don't overlook these important tax deductions for self employed and small business owners.

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#AllUpInYoBiz #taxdeductions #smallbusiness

00:00 Intro
01:08 How tax deductions affect your tax payment
02:21 Tax deductions vs tax credits
03:29 Startup costs
04:40 Home office expenses
05:51 Mileage deduction
07:18 Medical expenses
07:41 Education expenses
08:10 Insurance costs
08:34 Meals and entertainment
09:03 Employee expenses
09:15 Office supplies and software
09:56 Outro

[Viviko]

Great video. Didn’t even know education could be written off.

[strohmeyerlawpllc]

Great summary of the things that are available as deductions. And the single member LLC is not required to take these--the active business it's related to is. So, track your expenses and run things by your CPA/EA to get the right answer for you.

[sarahsselflovelifestyle]

Thanks for the video, I appreciate it!

[MarketYour-Luv]

Great wisdom, thank you. Awesome chair!

[donnapierce]

Thank you so much for sharing your knowledge. I am a small business owner who won’t even open my door for the first time until November 1, 2023. I have been wondering about the tax deductions that I could use where tax season is upon us.
Thank You Thank You 😃

[waynecmontgomery]

Great video can you do a video on the end of the tax cut and jobs act or tcja and what that will do to personal taxes

[chipleach]

I always wince when you say you’re not MY lawyer. 😅

[kaycali]

What about self-storage units? What category does that go under? If it goes under "rent" or "lease" category, does IRS go by square feet or all covered?

[jmorgan]

Ugh I hate this. I am new to this and not even sure if our accountant was able to do our taxes to our “advantage”

[DemonViewLLC]

Thank you so much for posting these great videos, they are very encouraging. I haven't taken a single tax deduction yet, however I think it was mentioned before that you can still take business startup cost deductions up to 5 years after the fact? Also if I already own a piece of equipment, but now I use it specifically for my business, is there any way to claim that as an expense or do I have to "Sell" the equipment to my business? And finally (I swear its my last one), I'm still slowly increasing business, my "profits" are miniscule and haven't exceeded 3 digits. Can I actually end up getting more in tax deductions from my costs than I make in actual profit every year?

[tolevelup]

Love your videos! I am a new fan, Aiden! Question. How much revenue do I need to earn my YouTube channel before I can write off expenses? Not sure if this would make things different but I live in Canada. Would you wait until you are monetized before writing off your first start up expenses?

[benjiebarker]

So when i order starbucks from doordash just for myself that would not be tax deductible?