Benefits of Starting an LLC in 2024 | Top Write-Offs for New LLC Owners

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Chapters:
0:00 Intro
0:31 Startup and Organizational Costs
2:11 Vehicle Expenses
4:03 Marketing and Advertising
5:27 Home Office Deductions
7:58 Office Space Rent
9:15 Outro

If you own an LLC, then it is critical to know the best write-offs that you are eligible for. This is because the more write-offs you can take, and the more powerful these write-offs are, the more money you can save in taxes. When you save money in taxes, it gives you more capital to reinvest into your business, keep in your bank account, spend on your family, etc.

In this video, tax expert Karlton Dennis explains 5 of the best write-offs that new business owners can take advantage of in 2023. These write-offs include startup and organizational costs, vehicle expenses, and more.

Many new business owners are unaware of all of the tax deductions that they are eligible for. Part of the reason why this is the case is because there are many write-offs that business owners can take that are not available to employees. If you are a new business owner, then you might be eligible for some of the deductions mentioned in this video.

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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.

#taxstrategy #llc #taxplanning

[karltondennis]

Which of these write-offs for LLC owners do you think are the best?

[stevenbingham]

A distinction should be made that:
1. STARTUP COSTS are the costs incurred in starting a business BEFORE the business has been formally created.
2. Whereas ORGANIZATIONAL COSTS are the costs incurred AFTER the business has been formally created.
Per the IRS, a business is considered as being formally created on the data that the business is officially registered with the state that it is formed within Often referred to as the Incorporation Date.
This distinction matters when filing your taxes, because you may have expenses that YOU consider as STARTUP COSTS, because they were incurred after the business was registered, but before you started selling your products or services. However, the IRS may not consider them as STARTUP COSTS if incurred AFTER the business was registered.
Buy hey, I'm just a random guy on YouTube, verify your situation with a Tax Specialist or CPA before you get started.

[asiam]

Your team is great smart people. Keep helping us. I just got my LLc and I know nothing! I'm learning from yall n Google. Peace n Thanks.

[mike]

Another great video.
2016 Formed LLC partnered with wife
2019 formed another LLC with wife for purchase of the real estate of property the restaurant is in with 5 other tenants.
2023 Elected to have restaurant taxed as a Scorp.
To much profit in 2023 so restaurant LLC loaned holding LLC money to fund another real estate purchases.
2024 have 40 rentals. Forming another LLC management company with 2 employees wife and I. Solo 401K time!

[efreinshtick]

Great vid like always Karlton. Thanks for the information

[jolleystudioz]

Hi Mr. Dennis, this is the best video ever. Thank you so much for being so helpful.

[NettaMathis]

Thank you so much for this information!!!

[g.a.m.]

You are phenomenal 🎉I am just taking baby step # one. This video was Sooo helpful! Thank you for sharing. Truly you simplified a few things. Praying for you. Thx sgain🎉❤🎉❤

[djfattdaddi]

Thank you for your Knowledge. You explained this very well. Well enough for an old Marine to understand... OOORAH!!!

[TyospvstheWorld]

Great video per usual..very informative a lot of game in under 10 minutes

[craigmbertrand]

Dude, thank you. I must set this up as a real estate agent

[sidehustlemagic]

This is awesome, I'm going to recommend people to take a look at this video for sure

[curtiseli]

Good video Thanks a lot for the information

[mike]

Receipts. Always a sore subject when I hear it.
Does anyone think Walmart. Keeps all their receipts? Like when something as simple as a local contractor doing their grass cutting.
The answer is no. They don’t. The same tax rules apply if your gross is 100K a year or 500m a year.
Statements. Credit card statements. Good enough.
Audited, so here you are Mr IRS. Here’s last year’s credit card statements. 750 pages worth. And it’s a business only card. So don’t ask me if there’s a personal expense on there for a box of screws at Home Depot. There isn’t.
Are you coming over to count the screws, and see if one is missing?
My point people is get setup correctly. Do everything on a business card that flows into QB. And when you get questioned don’t fear. Don’t get nervous Walmart doesn’t have trailers of receipts.

[ccagle]

If you are starting a business and anything in this video is new to you, you need a CPA now. Don't rely on this type of video for tax advice, almost everyone's situation is different.

[TugraEbru]

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[Donkor]

This content is priceless! I can’t even imagine how good your paid services are. I’ll be calling once I get established and looking to level up! 🙏🏾

[TheFeist]

I am going to be taking over my fathers business and opening a nonprofit side business. Main is billboard advertising, what type should I use for each.

[lexxrides]

Hi. Question: Can you still claim the home office expense if you are using a virtual address for you business. For example say I running a Shopify store and I have a virtual address for the store, but I technically run the store online from my home office, do I still qualify for the home expenses tax write off.

[TayyarEsra]

I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in Cynext solution and I must say, I am loving it thus far.I’m doubling it up with