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7 Popular Tax Write Offs That Could Trigger an IRS Audit

LYFE Accounting 155 views

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I could swear the spinning logo thing in the window started changing directions!)
Comment from : @LoafDodo

Great video super informative! brbrHad a quick question for mileage deduction brbrCan I write off the return trip mileage back home from my photoshoot back to home office? brbrI know I can write off the mileage to the jon site but what about when I am returning back to office home?
Comment from : @Joechungphotography

Great channel
Comment from : @scottwright4330

Thanks!
Comment from : @christianlorenz843

If I'm a mechanic and I'm buying tools, is that considered a work related expense? My shop requires me to provide my own tools
Comment from : @mathewshapovalov9754

I'm a 20 year accountant Most of these types of videos list out basic tik-tok style tax advice I was surprised and pleased to hear a thorough end excellent description in here, and you included "exaggeration" in number one which is so accurate 😅 The IRS knows when people exaggerate (trust me) so that a sure fire way to find a letter in your mailbox Great video!!!! I enjoyed it
Comment from : @ismarttaxes7524

IRS not chasing anybody who makes less than 400k a year If they do, you clearly are over exaggerating your taxes
Comment from : @RealOscar954

Shut down IRS
Comment from : @soccersprint

Be honest Don't report things you can't defend well
Comment from : @gameplayer1980

Yes question, can you refer me to someone to answer tax questions ASAP please Working for one that doesn’t take taxes out & says it’s my responsibility to tax care of the tax end What form do I need etc
Comment from : @EstherJohnson-m1q

Is this on a 1099 form?
Comment from : @eternalnjem

Do you offer CPA services for small business Tax planning, rental property expertise?
Comment from : @Tony-zt8vz

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them
Comment from : @NatalieHannahq3g

They gone ask what breed i have? This miniature poodle i got is hella defensive He would definitely fight you 😂
Comment from : @vespaman101

You do NOT need a dedicated room to claim home office deduction Case law back this up
Comment from : @swb3248

Excellent video People need to hear this
Comment from : @denovo09

My 2 cents: If you do get audited, hire an Enrolled Agent to advise you and communicate FOR you with the IRS Worth every penny
Comment from : @oldrrocr

I like your videos
Comment from : @giovannagaldos6215

What about digital receipts? Do they apply the same as physical receipts, given we are in the age of technology? I keep an excel log of all applicable business expenses and have files with the relevant receipts
Comment from : @Cincinnatighoul

The a women on youtuber alica Dougherty dozen she spend a lot Money over spend on food about two thousand on food Christmas present clothes try write it off her youtube content are dropped over feed her kids junk food her garage is grocery store she write off her cars van sons jeep adopted eight kids
Comment from : @kerricollins3838

I want to be like you when I grow up Great video man!
Comment from : @GGlock54

Also just common sense works outside of this video
Comment from : @crossingthemountain

Good advice, good information Thank you
Comment from : @ramblinralph7609

Govt is lying to American citizens Americans were never suppose to even pay taxes Taxes were meant for Washington DC according to the Constutution We just never read the Constitution But yet American pay taxes and our govt send American tax dollars to other countries Food for thought They have been lying to the US citizens for years and we need to come together and stop them dead in their criminal activities Too many of them are committing crimes but never be penalized for any of them
Comment from : @LaCa-q4m

should my 1040 schedule c match my companies financial statement for self employed exactly? Like once I enter everything, there are differences like car/truck expenses, meals and entertainment, depreciation Am i supposed to go back and enter journal entries to make them both match?
Comment from : @kmarsh65km

Printed receipts fade & disappear
Comment from : @nccrchurchunusual

Are you serious I could get a dog and write off all his expenses of food and vet and all for a tax write off? I’ve never heard a better reason to get a dog
Comment from : @PlayRoom44

Bruce is my guard dog Protection 🎉
Comment from : @brookecrowell6130

Can you make a video on Accountable Plans for S Corp?
Comment from : @Goddess8888-Winner

How would they know tho ? lol
Comment from : @ancconsultant8667

Love this!
Comment from : @blancagavina818

I probably don't write off enough I started mobile food business last year and didn't even have to buy any expensive equipment I already had a flat top griddle, pop up tent and other supplies from the house I only have inventory, liability insurance, supplies, licenses, propane and cellphone for accepting credit cards I couldn't write off any vehicle expenses because I drive from my house to my location and back home I have my food inventory delivered to my house
Comment from : @ilc-nl3yy

how much more of the blanket does the IRS have to pull before people start realizing that they're laying in the cold? It's like the frog in the boiling water experiment
Comment from : @yaboiavery5986

This was great, thank you!
Comment from : @CaliRoseCo

Can travel for an investment property can that be a write off?
Comment from : @SelinaSherise

F the irs
Comment from : @pervysage6969

I took one of my best customers to a strip club and paid for multiple lap dances, can I can write that off??
Comment from : @realfire6883

Basically, just be honest If it's a gray area, stay on the safe side and consult a CPA Thanks for the video, it has good information The summary in my mind is use honesty and diligence
Comment from : @kyz4473

What if I have an LLC and I do taxes with my husband?
Comment from : @nicollepolanco9349

Very helpful information
Comment from : @datluvlyfem

In 2022 there is this thing called the credit cards keep tract of the transactions there for receipts are pretty obsolete
Comment from : @briandeluca6908

Pretty much most of these things are not applicable to passive real estate
Comment from : @briandeluca6908

Thank you 😊 💓 I hope I can apply this knowledge, 🙏
Comment from : @rochill2537

Sean, you're very intelligent, so STOP the corny jokes!
Comment from : @dardrierozzelle8197

Clever subscribe technique, I am already subbed, but I like it!
Comment from : @michaelmcbride9551

How can you do my taxes ? My current person is not as knowledgeable as you are
Comment from : @patrickjoyner2176

Epic thanks
Comment from : @josielancaster7095

I started a sound production/DJ business Can and how do you write off equipments that will be use in the businese that you already own before starting your business? I will be buying more equipment too
Comment from : @fusionsoundproductions

LYFE Accounting, what about a Youtuber who reviews business class flights?
Comment from : @kam5333

Mag?
Comment from : @Iddragon

my llc started in december 2021brI am not filing taxes and not showing startup expenses for the year 2021 as there is no business activity brso can I show start up expenses in my next year tax filing in 2022 taxes?
Comment from : @vineelp

This was so helpful! Filing my first year's business taxes and this was so great!! THANK YOU!
Comment from : @midwestmutineer7675

Thanks for all your help My accountant was impressed that I knew about the solo 401K Question when they say up to 23 in taxes you have to pay does that include the 153 for social security ? Or you don't have to pay it?
Comment from : @tylucien9015

Glad I did this search! You have a new subscriber Quick questionwhat if you don't own a home yet, and are renting and have a work space?? Does this still apply?
Comment from : @tac1013

Love your videos! Keep them coming
Comment from : @abbeypierre3136

Or you could just write off 100 of your cell phone expense because procedurally, the IRS does not require you to allocate this expense (and they haven't for more than a decade)
Comment from : @gellopudding

Thanks for this informative video
Comment from : @FinancialFreedomMadeSimple

Everything is pretty much a red flag Lol
Comment from : @johnerickp

Excellent vídeo Thanks
Comment from : @calwianka

If you pay for something on your business credit card are the payments you make to pay back the card tax deductible
Comment from : @asmoov

Thank you for the info, and thank you, Algorithm, for feeding this to me I’m doing taxes right now for my wife’s at-home daycare business and my W2 income, filing jointly
Comment from : @nolandionne1262

Everything is ok, nothing to see here lmao 🤣
Comment from : @taylorrobeug2044

I already have computer desk which I bought beginning for $1000 of 2021 and I opened business at the end of 2021 for 2021 taxes can I claim that $1000 as startup cost?
Comment from : @vineelp

thanks for the informative video my business need sofa and refrigerator but it doesn’t fit in the small dedicated office room if i put in living area can I write off portion of it?
Comment from : @vineelp

Hey, what's that in the sky! LOL
Comment from : @MoneyMelJr

Are you all accepting new clients yet?
Comment from : @Hi-jx5oe

Great video! I have a quick question, if you have a tax due amount (line 16 of 1040) of $10k and you have a nonrefundable tax credit of 5k, and you’ve withheld $15k from your paychecks throughout the year, how much will you receive (or pay) after filing your tax return?
Comment from : @eleutherae

Amazing content! Thank you #subscribed
Comment from : @thejmz

What movie are these clips from ?
Comment from : @amandacarter497

If I have a plan that has 5 phones and I use one phone strictly for my new business can I write off 1/5 of the bill and the cost of that phone?
Comment from : @lounap8658

And is scanning the receipts to your app an acceptable form of tracking your expenses or so I need the actual receipt
Comment from : @sweeteime

What’s a good app to use to track mileage and receipts?
Comment from : @sweeteime

TEACH!!
Comment from : @S_Kane

When I did NY taxes and it said I was getting a refund but now it's saying I am not getting a refund I don't know why but I'm trying to get in touch with someone because I don't know why it did this I did my own taxes the last 3 year and I went to a pro to check and make sure I did it right so what can I do to find out
Comment from : @lashawnyasnead1156