What are Write Offs? Explained. #taxes #writeoff #explained

What are Write Offs? Explained. #taxes #writeoff #explained

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[neko]

Note that writing off a home office and 401k is only applicable to the self-employed

[PhoenixFlight]

Well for many people the standard deduction is more efficient

[marcozuniga]

This scenario is not for everyone, this is tailored to self employed/business owner

[jbenk]

Thank you for not saying “I bought a new car.”
Also, something perhaps add to this, don’t buy something JUST because it is a tax right off. Sometimes it is better saving to pay the taxes than to buy something you don’t need.

[brandonbriseno]

Do you have a video explaining how to buy a house/apartments for renting purposes?

[pavankumard]

Thanks for this finally some clarity ❤

[hughjassol]

Sad part is, school teaches you how to work a job, but nothing about how to live a life.

[JASN_MRE]

So if you made 100k and put 65k back into the business and 15k to charity would that mean you only pay taxes on 20k

[creativecraving]

How do you write off 5k? That is less than the standard deduction for a single person

[mathnerdm]

This only applies to those not taking the standard deduction, which isn't the majority. Still useful information, just worth mentioning the average viewer here would probably be taxed more if they tried itemizing

[MrBigwat]

I’ve been enjoying you videos. I use them for myself and to explain things simply to my kids. Thank you!
Q: can you explain Life insurance? I understand health insurance cause not everyone is going to get sick at the same time. But everyone is going to die. So how can they afford to pay out 1M when I only pay $168 a month?

[BussyConnoisseur]

So the government already knows how much you owe or should get back, right? If you don't pay then back enough or get paid back too much, you go to jail? But, if you screw yourself over by paying them too much back or receiving too little in return, you're shit outta luck?

[whatwhatinthewhat]

Is this for specific people? Isnt the standard deduction like 23K so 10K in itemised expenses is less than the 23K standard deduction, right?

[justsaying]

1099 correct me if I’m mistaken is not self employed which is what this video applies to

[beccalynn]

What if I have a full time job as a W2 employee and then want to also work as 1099 employee for another company? I then want to upgrade my office equipment since I work remotely from both jobs. Can I write off these expenses through the self employed 1099 job that I only work 2-4 hours at each week? Thanks!

[adamllen]

Charity donations don’t change tax outcomes for like 99% of people

[EspianCeej]

I hear about this writing off thing all the time. But where do I write it?

[katrinacrisostomo]

How did u come up with $2986? Thank u!

[pavankumard]

I have a student loan and I just paid $1000 the previous year how much can I write off. Sorry for the dumb question but I’m a noob and if someone can point me to a good resource to learn that’d be great

[jamvank]

None of this applies if you are getting a Tax refund, only if you owe taxes.