Top 5 Tax Write-Offs For W-2 Employees (2020)

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #taxfreeliving #taxexpert #taxreduction #llc

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I work a lot with business owners and so many times I get asked how W-2 employees can leverage their taxes and save money, here's how...
As a W-2 employee, whether you are filing single or joint you ALWAYS get to take the standard deduction, but you can also do itemized deductions,

These include:
Medical and Dental Expenses
State and Local Tax INCLUDING Property Tax
Mortgage Interest
Any gifts that you give to charity or a qualified organization
Be sure to subscribe to my channel and follow me on social media @karltondennis

Be sure to subscribe to my channel and follow me on social media @karltondennis

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

[dgwear]

So standard deduction is why when i tell an accountant i spent 300$ on parking for the year she looks at me like im wasting her time. I would need more than 12, 400$ of expenses

[robertguirguisdo]

You have such a thorough yet straight to the point way of explaining. Perfect!

[lovelife]

Great video, simple clear and to the point. Thank you

[brandonclarke]

great video... added a lot of value!! thanks Karlton

[lilio]

Thank you. Helpful. Would love to see a mre specific video on itemized deductions.

[blueg]

Homeboy knows where the money resides. Great video👍

[foff]

Under rated video. This guy speaks clearly and makes sense.

[gemini]

Very well done video. I just subscribed.

[gracejohnston]

Super helpful and explained so clearly!!

[keslerfretty]

Great information
I will be reaching out shortly

[jdm]

My insurance won’t cover my dental expenses. So I have to pay it out of pocket. Can I use that as a itemized deduction ?

[wavygoods]

Do tax deductions have an impact on your tax return?

[platicascontony]

Finally! someone that speaks clearly 👍

[Radstreetdaily]

hey would like to know how to file for the right offs the right way

[JAmes-noyk]

What about mileage? I’m a w2 salesman that drives up to 300 miles per day going to in home appointments

[DaabFinance]

Great easy to understand video. Can I get a traditional IRA on my own? I do a lot of contract work with no benefits

[huseyintaskiran]

As a W2 employee; can I depreciate my own house and/or my personal rental house that I get cash income. Do I have to establish a business to be able to utilize those tax strategies you explained. (like cost segregation study etc.) Thanks Karlton, you inspired me on this road.

[jetizon]

can you do a section 179 deduction tax write off as a w-2 employee? just got a used car over 6000 lbs

[Jahguaar]

I am committed to self-development and thriving.

[EvasiveEvo]

My wife and I are both physicians, one of are salaries accrued 170, 000 is taxes this year as w2. It’s ridiculous.