Top 5 Most Overlooked Tax Write Offs for 2023

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Certified Enrolled Agent Karlton Dennis has seen everything in the game, using his knowledge to take advantage of his tax-return every year to write-off some quite luxurious items. The thing is, ANYBODY can do this! How? Find out on today's Taxes Made Simple!

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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

[ajt]

At 4:20, this is incorrect. You absolutely cannot take both mileage and depreciation for a deduction. It is one or the other. Depreciation gets taken ONLY if you use actual expenses, not when taking the mileage allowance deduction.

[farahonaa]

I like how you explain is a very clear and professional way 😊 Blessings 👋

[danbudiman]

Just want to say Thank you for the video, opens up my eyes about the entire tax strategy.

[TaxFiduciaryUS]

Yall make the best videos. Just post your tax bill from last year. How much did you pay the US Treasury?

[rob.b]

Just found the channel. I’m loving it. So much GAME!!! Are you still playing golf? Golf is life! 😂. I’m looking to make golf shirts and could use a business partner with your knowledge and expertise. This is a game changer nobody is making the shirts I want to make. In any case I’ll be using your free consultation soon. Thanks for the videos.

[Brian-vekv]

Caution on the Augusta rule which allows you to rent your primary residence to an unrelated third party up to 14 days tax free. Per IRS Pub 538 "Related Persons:
Business expenses and interest owed to a related person
who uses the cash method of accounting are not deductible until you make the payment and the corresponding
amount is includible in the related person's gross income."

[Luxelifestylerealtygroup]

Do you offer classes for other tax professionals

[dilanratnayake]

Thanks for the amazing video! You are explaining really well. I am planning to buy a Tesla under my business so that I can write it off. Can I still get the $7500 tax credit for my personal tax return?

[tjmartin]

Are you suggesting taking depreciation with the mileage rate?

[joedebug]

Do I need to purchase the car in that year for depreciation deduction? Or I can use my current car too?

[BlACKfemaleDONN]

Is there a way to get things written off as you go, like say if I wanted to take care of it monthly instead of yearly is that an option?

[jedwardkim]

If you use the Augusta rule and collect money from the corporation for renting out the property, is there any tax consequence for you as the property owner when you later sell the property?

[celli]

If I live in my home but on paper is a business property that I will conduct as a short term rental, can I still use the Augusta rule?

[BuiltAboveAllFitness]

so can you do a SEP if you have a pension for another career?

[mplscarsales]

Can you do more videos of how to qualify to be a Realestate professional wife work’s husband watches kids and would like to qualify have only 40k to invest in single family homes that are valued at 50k a piece

[caribbeangirltv]

Can you start an LLC and use your home as an air BNB and then rent the air BnB to your LLC for the 14 day then apply the Agusta rules

[aronrodrigues]

How can you justify a Lamborghini for business use?

[carpedeim]

What if I didn't file for an extension yet?

[oqemuhi]

Thank you for all the information your providing. I did have one question my tax preparer told me I cannot add depreciation with the car loan payment in actual method or add depreciation with mileage, States it is double dipping. Can you explain this a little bit more to me and do you work with business in PA because I would be interested in a tax strategist?

[rob.b]

Here’s a scenario: I’m 1099 and I run my check through my business. Where I’m working at I’m allotted $200 a day paid in per diem. The per diem will pay all my bills so I don’t need a payroll check. How should I go about