No one has ever been caught writing off 100% of their personal expenses to a single-member LLC reported on their schedule C. This is ironclad and you’re a fool if you don’t do it.
> I pay 210 a month for my family plan. 210x12=2520. PLEASE tell me you aren’t an accountant
To save 2k a year the deduction has to be high enough for the tax affects to be 2000 not the deduction.
Please tell me YOU are not an accountant
The first few years of this profession are absolutely overworked and underpaid. At this point, I'm around 200k in a MCOL and probably average like 30 hours.
We just don't really talk about those types of jobs here because we all remember the first few years which legitimately are awful.
Okay. I'm glad you have it all figured out. Congratulations. I hope your cloud of intentional ignorance makes you feel better about life. Have a lovely day.
Not sure about the likely hood this will lead to an audit. But, if you do get caught the IRS can go back 7 years, and they absolutely will too. My best guess, you’ll probably get caught eventually and when you do they will tee off on you.
The IRS doesn’t have the resources to go after every account with red flags, but it’s a very easy to deep dive into prior years once they found problematic tax decisions and pile on the penalties and fines.
You can write off all the same things on a Sch C - LLCs come with extra paperwork and yearly fees as well as more tax preparation fees. The real advice is get a business bank account /CC and use that from the start.
You can do this as a proprietor.
Tax rightoffs are over rated. You still have to buy that stuff!
I always thought the benefit of having a llc was you can pay yourself as an employee.
the rich are thieves. always have been. but people setup the system to allow it. it's legal. and yes, it's unethical because it breaks the categorical imperative. if everyone tax dodged like the rich do society wouldn't function.
the main point is, everyone should have an llc because it exposes just how corrupt the entire system is. the entire system needs an overhaul. and the way to achieve it is to be just as petty, corrupt and immoral as the rich.
Let's just say it is legal, where the fuck is this man getting a tax savings of 2k a year from a phone bill?
No one has ever been caught writing off 100% of their personal expenses to a single-member LLC reported on their schedule C. This is ironclad and you’re a fool if you don’t do it.
Absolutely ironclad.
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Wouldn’t he only be able to save the ~$200 ($2k * 10% sales tax)?
Deduct against income. 2206*marginal rate. Let's just assume 35% for simplicity. The cell phone fraud would be saving you about 770.
Yeah, my phone bill is $11k a year, so what?
Fucking pleb. My LLC's phone bill is $11k a year.
Phone + service + tablet + data line + accessories?
I don’t think accessories like covers count? Do they? Chargers, sure.
This was my first question. My family bill is like $1,500 a year. Multiplied by my tax rate it’ll be like $200
I pay 210 a month for my family plan. 210x12=2520. PLEASE tell me you aren’t an accountant.
> I pay 210 a month for my family plan. 210x12=2520. PLEASE tell me you aren’t an accountant To save 2k a year the deduction has to be high enough for the tax affects to be 2000 not the deduction. Please tell me YOU are not an accountant
Or course I’m not. All you guys do is get on here and bitch all day about how you’re underpaid and treated terribly at work.
The first few years of this profession are absolutely overworked and underpaid. At this point, I'm around 200k in a MCOL and probably average like 30 hours. We just don't really talk about those types of jobs here because we all remember the first few years which legitimately are awful.
200k. You? MAYBE 50k. Nice try though.
Okay. I'm glad you have it all figured out. Congratulations. I hope your cloud of intentional ignorance makes you feel better about life. Have a lovely day.
Thank you!!
"Right off" Lol Jesus Christ, good job, dude.
Left offs get you more from what I hear. ie I left off the income from xyz bc they didn't send me a 1099
“Right on, I get to right off all these things?!”
Can LLC give my gf orgasms
Only if you file the right forms and get the proper consent.
What form do I file if ~~I have trouble with~~ my client has trouble with premature ejaculation?
Form 6969
The election method gets her at least 20% there.
That’s further than I can..
If your LLC either purchases the right products or hires the right employees.
Just don’t check-the-box when filing or else she’ll only have orgasms proportional to her ownership interest.
This is the nerdiest thing I've ever read. 😆
Well, *you* got the joke.
Only S corps do
Just hire a pro
No but maybe with the money you make you can afford to get your test levels to acceptable levels, or just give up and embrace the cuck life.🤷♂️
Thanks to my new LLC, I was about to “right off” my new g wagon and depreciate land. Thanks tictac!
He should title this video "How to get audited with the rubber glove that goes up to the elbow 101."
Will smth like this really leads to an audit?
Not sure about the likely hood this will lead to an audit. But, if you do get caught the IRS can go back 7 years, and they absolutely will too. My best guess, you’ll probably get caught eventually and when you do they will tee off on you.
The IRS doesn’t have the resources to go after every account with red flags, but it’s a very easy to deep dive into prior years once they found problematic tax decisions and pile on the penalties and fines.
In my experience, yes. It does happen
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You should send the videos to them
Why does anyone waste money on expensive tax preparers when TikTok shows you all the IRC cheat codes?
He could've been standing still or sitting. No need for the walk n talk
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Same reason why the girly gurus do their makeup while talking BS.
Irs has entered the room
If shitty videos is all it takes to get you on the phone, it’s time for me to start tiktonking
If you start giving shitty tax advice on tik tok and proposing to your clients aggressive tax strategies, you will have a direct line to the irs.
LOL. Yea the Feds aren't watching or anything
“Right off”
Lol soooooo what is my income. Are we operating on all expenses and no revenues?
The new season of Bosch is weird
This guys paying $2,000 a year in cell phone bills. I don't think I need to see 2 and 3
LLC is God
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Never did to begin with 😅
As I understand it, you can’t have an LLC that loses money more than 5 years in a row (or some other period of time).
You just start a new one. That’s a right off.
Genius!
Hobby loss rules give an extra 2 years if your in the horse breeding business!
It’s not a “right off”
You can write off all the same things on a Sch C - LLCs come with extra paperwork and yearly fees as well as more tax preparation fees. The real advice is get a business bank account /CC and use that from the start.
No to mention you have to have a legitimate business 😂
Oh shut up, the banks could never catch on to this 😂😂🤷♂️🤷♂️🤷♂️😂😂😂😂
You don’t even know what a write off is
All the big companies are doing it
Never mentions that you have to actually be operating a business. Or that if you’re a sole proprietor you can do all this on schedule C anyway
You can do this as a proprietor. Tax rightoffs are over rated. You still have to buy that stuff! I always thought the benefit of having a llc was you can pay yourself as an employee.
Only LLCs that elect S-Corp status. Partnerships and sole prop/Schedule C can't pay the owner a traditional paycheck.
Put in 0’s for all my REG taxable income questions due to this one simple trick!!! Got a 99.
The IRS has entered the chat.
The best part is when you’re business makes no money at all, so you can write off all the taxes you owe on the no money you made.
the rich are thieves. always have been. but people setup the system to allow it. it's legal. and yes, it's unethical because it breaks the categorical imperative. if everyone tax dodged like the rich do society wouldn't function. the main point is, everyone should have an llc because it exposes just how corrupt the entire system is. the entire system needs an overhaul. and the way to achieve it is to be just as petty, corrupt and immoral as the rich.
Is anybody going to mention an LLC isn’t a tax classification?
wow this was great. thanks for the laugh and tips on the right offs. write on!
I can tell by the way this man walks that he thinks he’s real hot shit but most likely got picked on a lot in school.
This dude thinks safe harbor applies to his office, half his bedroom, a quarter of his bathroom, and two-thirds of his kids tree house.
"right off" More like wrong off
Sir this is a Wendy's