Can You Deduct Business Losses/Start-Up Costs From Regular Salary?!

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Title	:	Can You Deduct Business Losses/Start-Up Costs From Regular Salary?!
Lasting	:	16.16
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Views	:	14 rb

How about real estate business expenses for s corp for the first year of its creation
Comment from : Akshit Dhadwal

Love your videos Would you be willing to do one on R&D credits for startups/SMBs? It's a little confusing as to how much can be credited for startups with no revenues
Comment from : Logan Powell

OK, Now the question is what kinda small business is everyone starting?!
Comment from : Ryan Hester

Yessssssssssssssss, Exactly what I was looking for A TAX EXAMPLE THANK YOUUUUUUUUUUUUUUUUUUUUUUUUUU
Comment from : Dinorah Gamez

Great job explaining how this works!
Comment from : Patrick Reddy

This is a very informative lesson and highly underrated video
Comment from : Crunch The Numbers

Do you need to be a sole proprietorship or does this work with partnerships as well?
Comment from : Clay West

Great video I have a bit of a slanted question on the matter I've started a smllc business in May '22 and work a full time job and spending a lot of money from my salary to finish and rehab the basement of my home as a work area The business is a mixing and mastering recording studio that also repairs studio equipment (including but notlimited computers) That being said due to space needed, the entire 100 of the space is going to be used exclusively for the business In your professional opinion would this be considered as an eligible business expense?
Comment from : Adam Smith

Great explanation thanks so much!!!
Comment from : Alyshia DeAngelis

Thank you If I use standard milage deduction on my turo car rental business and have a huge lost of about 30k Can I deduct all that amount from my W2 income?
Comment from : Ochicoloto

What is the correct way to write off start up expenses before the business starts?
Comment from : Alesha Dotson

Can you take this deduction in addition to the standard deduction? (dumb question, I know) 🤭
Comment from : T Chims

Thank you! As someone who pays a shitload in taxes at my day job I am so much more excited about my LLC I am starting in 2023 This knowledge has obliterated any hesitation I had My business plan has me profitable by end of 2023 and definitely all of 2024 so knowing Uncle Sam will fund my measly 5K startup costs in 2023, I can move foreword without fear
Comment from : Novus Stream

man get to the point more than half of the video info we not here for
Comment from : Papi Shampoo

A video like this is gold Thanks
Comment from : Hunter

So even if it gets classified as a hobby because it's consistently making losses, but has some marginal income, you can write off the losses up to the amount of that income?brbrSo if I'm a travel vlogger, but have tremendous expenses and only bring in a couple hundred bucks from youtube revenue a year I could at least essentially not have to pay any taxes on the youtube income?
Comment from : J

Thanks Alex - excellent and to the point video! A question for you - if I'm getting started by buying some equipment to get my business process in place before it has become an active business, when I set up my LLC can I have my business buy the equipment from me to incur it as a business startup expense?
Comment from : Alex Stern

How would this be reflected if you have an LLC that is taxed as an S-Corp?
Comment from : Soothing Background Noise

I will be calling your office Monday morning I need you as my accountant I'm in Florida I hope you will work with me
Comment from : Shelton Coach Smith

Great information I appreciate that you included credible sources instead of just stating the information
Comment from : Emanuel Rouse

I'm a new business owner on FL This video was heaven sent Thanks bro! 🤜🏾🤛🏻
Comment from : Carrington Kelleys

Very nice informational video! I do have a question though about before and after active business We got a corporation approved by the state in Nov 2021 and EIN immediately after that Now we leased an office for next year and paid security deposit and January rent this year in Dec 2021 Technically the first couple of months we will setup and there will be barely any business activity So can we claim the lease expense we incurred this year in 2021 in our personal tax return? Most likely the business will actively start in Feb 2022, but again in the 2553 we stated the business start date as Jan 1st 2022
Comment from : S N