Eye-Opening Business Taxes Tips: The Best Secrets For Deductions

Hey Icons,

It’s tax season! My most dreaded season but as a small business owner, it must be done. Small business taxes isn’t as complicated as I’m making it out to be. I’m being a tad dramatic, especially if you follow the small business tax tips I’ve provided. There are a ton of self employed tax deductions out there that will also make tax season a little more enjoyable. So that’s mainly what I’m focusing on in this video, self employed tax deductions. I will start out with talking about what is a tax deduction. Then, I’ll list some self employed tax deductions you will want to use. Next, I’ll provide bookkeeping software and app like QuickBooks self employed. I’ll finish it off with the small business tax tips! Time cards are all below.

-Iconic Fashion Figure

––––––––––––––––––––––––––––––

Time Cards:

00:00 - Introduction
Tax season is here—essential tips for small business owners to navigate federal taxes.

00:05 - Federal Taxes vs. State Taxes
Clarifying the difference between annual federal taxes and other state taxes.

00:20 - Filing Methods Based on Business Entity
Discussing Schedule C and separate filings depending on your business structure.

01:12 - What Are Tax Deductions?
Explaining deductions and how they reduce your taxable income to save money.

02:01 - Deduction 1: Home Office Expenses
How to claim a home office, calculate square footage, and carry forward deductions.

03:13 - Deduction 2: Advertising and Promotion
Logos, business cards, websites, and industry events can be deducted as expenses.

03:37 - Deduction 3: Business Travel Costs
Airfare, hotel stays, meals, and transport during business trips are deductible.

04:18 - Deduction 4: Using a Personal Vehicle for Business
Tracking mileage and gas expenses for business use with helpful apps.

05:01 - Deduction 5: Legal and Professional Services
Lawyers, tax preparers, and accountants’ fees qualify as deductions.

05:27 - Deduction 6: Phone and Internet Services
Claiming a portion of personal phone and internet costs used for business purposes.

05:55 - Deduction 7: Large Equipment Purchases
Expenses like computers and machinery can be fully or partially deducted.

06:48 - Deduction 8: Business Meals
Deductions for client meetings or meals with models during photo shoots.

07:44 - Deduction 9: Insurance Expenses
Insurance for vehicles, electronics, and workers’ compensation is deductible.

09:04 - Deduction 10: Employee Salaries and Freelance Work
Deducting payments to contractors and employees, including 1099 requirements.

10:20 - Deduction 11: Education and Training Costs
Classes, training, and courses directly related to growing your business.

11:00 - Keeping Records and Tracking Expenses
Using software like QuickBooks, Wave, or FreshBooks for receipts and mileage.

12:22 - Final Tax Tips for Business Owners
Advice to hire accountants if overwhelmed, leverage donations, and maximize deductions.

13:36 - Conclusion
Emphasizing the importance of tracking receipts and staying organized for tax season.

––––––––––––––––––––––––––––––

Check Out These Other Videos:

––––––––––––––––––––––––––––––

Iconic Fashion Figure / Nouveau Riche Wholesale Apparel Social Media

Clubhouse: @fashionicon

#smallbusinesstaxes #selfemployedtaxdeductions #howtodotaxesforsmallbusinesses #Taxesforsmallbusiness #selfemploymenttaxdeductions #taxdeductions #selfemploymenttax #smallbusinesstaxdeductions #businesstaxes #howtofilebusinesstaxes #taxtipsforsmallbusiness #taxdeductionsforsmallbusiness #smallbusinesstaxtips #taxdeductionsforselfemployed

[IconicFashionFigure]

I'm not a financial advisor or an accountant, but you know I'll share what I know from my experience! 😘 (timestamps are in the description box)

[jamesjefferson]

Your Voice is Nice to Listen Too. Another Awesome Video Thank You.

[olatorera]

Are these deductions work for dba or llc business