Let's talk about tax writeoffs for brand new businesses, startups, and side hustles. Because before you even start or buy your business… You are likely going to need to spend some money.

Tax Services: https://bit.ly/3iC6FCI
Pay Yourself & Team w/ Gusto Payroll: https://bit.ly/3KsjBXg
Subscribe: https://bit.ly/2HJlq46

So in this video, I will cover:
Which business startup costs are deductible
How much you can deduct in total
How you can amortize these costs

Intro (0:00)
Quick Story (1:50)
Tax Write Off #1 (2:25)
Tax Write Off #2 (4:00)
Tax Write Off #3 (5:29)
Tax Write Off #4 (6:40)
Tax Write Off #5 (7:34)
Tax Write Off #6 (8:27)
Tax Write Off #7 (9:50)
Tax Write Off #8 (10:40)
Tax Write Off #9 (11:29)
How Much Startup Costs can you deduct? (12:18)
Amortizing Startup Costs (13:16)
How Tax Write Offs Work for Business( 14:18)
Important Note: (15:41)

Helpful tools I use:
Quickbooks (for Bookkeeping): https://bit.ly/3ATx1F3
ZenLedger (Crypto capital gains tax tool): https://bit.ly/3Lgabwf

More Popular Uploads:
How to Write Off Lifestyle Expenses:    • How Entrepreneurs Can Write Off Lifes...  
Single Member LLC, What You Must Know:    • Single Member LLC: What You Need to K...  
Tax Planning for Beginners:    • How to Build a Tax Plan (Tax Planning...  
Tax Secrets:    • Tax Secrets: What “They" Don’t Want Y...  
How to Start a Business:    • How to Start a Business in 2024: Your...  
How to File Your Taxes as an LLC:    • How to File Your Taxes as a LLC Owner...  

The cost of starting a business is estimated to be about $30,000 according to the minority business development agency.

But even though your business may not be officially open, you can still write off these types of expenses, or at least a portion of them, against your taxable income.

Which is going to be extremely helpful in reducing your overall tax burden. .

In fact, every year, more than 2 million taxpayers overpay their income taxes. And this isn’t just chump change. Taxpayers are overpaying by close to $1 BILLION dollars.

This could be due to poor tax planning, or because they’re missing some of the biggest business tax writeoffs.

Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!

#newbusiness #startup #sidehustles

///
Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).