Video instructions and help with filling out and completing Can Form 1065 Schedule M 3 Accounting

Instructions and Help about Can Form 1065 Schedule M 3 Accounting

Welcome back to money and life TV my name is Mike the CPA you all know my sidekick chipper yes saya act you'll service what is up my YouTube family it is so good to see all of you once again I love hanging out with you guys on YouTube talking to you on YouTube answering your questions etc and at this moment in time this channel has officially broke 1800 subscribers thanks to all of you thank you for all of your support and the channel has now surpassed the total channel view mark of over 100,000 views so I just can't thank you guys enough for all of your support just for watching my videos and supporting this channel it means a lot to me because I put a lot of time and effort into the videos I produce here now today I'm really excited about this topic and this is actually a subscriber requested topic that's right you guys have requested it and the specific scriber who has requested it I need to give a shout out to her her name is Lena and she has a channel called stay true vlog and I would highly or strongly encourage you guys to go check out that channel Lena makes videos that cover money budgeting how'd it like teach your kids about money videos like that also videos that help teach us how to live more positive and happier life so I really enjoy watching her videos and I think you guys will as well so make sure when you get a chance head on over to her channel and check out some of her content and Lena thank you for suggesting this topic because we're gonna be talking about that I should say this is launching of series of videos about how to how taxes work for YouTube for most of us YouTube is just a hobby right some people just post a few videos here and there and that's yet they never really do anything with it however there's a portion of people and creators on YouTube who actually want to run YouTube like the business it can be and of course when you have a business there's tax implications right especially as we start as a channel start to make money there's income to report on our tax return there's expenses we may be able to deduct on our tax return to offset that come we're making from YouTube sponsorships product sells whatever I don't know about you guys but I've always learned best when things are broken down for me in small bite-size chunks and so I'm gonna be like I said I'll be producing a series of videos around this concept of YouTube and taxes and just so you guys know even if you don't have a YouTube channel and what you know if you have a other small business of some kind then these rules and law tax laws are gonna apply in pretty much the exact same way so whether you have a different kind of business or you have a YouTube channel the rules are pretty much the same and so in this video in particular we're gonna be talking about startup cost hey what better way to start a series then with startup cost yeah see what I did there you know these videos are meant to educate you and to help you better understand the tax laws and how they work so that when you sit down to do your own taxes or if you have somebody else doing your taxes such as an enrolled agent our CPA you're gonna have a broader and better understanding of what's going on because as you guys know it's a when it comes to money guys are in things related to money you truly are responsible for knowing that better than anybody that some nobody can treat your tax situation your money etc better than you can so it's very important that we're knowledgeable about this stuff before we start talking about startup cost in my hand I'm holding a word document that I've put together from various materials and resources and you're gonna be able to find this document in the description section of this video so make sure you go down there and check it out you can download it through Dropbox and if you have any trouble accessing this just let me know and I'll see if I can get it to you via email or another way I've taken a lot of time to really put this document together for you guys so I hope you hope you enjoy it I hope you get something out of it I really think you will and I do encourage you to watch this whole video from start to finish cuz I'll be showing some examples of amortization and other things later in this video let's go ahead and dive into startup cost folks the first thing is well what are startup cost what officially counts as startup cost well let me just read this off to you and then we'll look I'll show you guys on-screen so startup cost our expenses and cost you and I incur the process of opening a new business or the costs associated with acquiring an existing active business so if we think of you know think of a restaurant for example right think of like McDonald's so let's pretend what we're gonna open McDonald's well we have to have we have to buy the land or at least lease the property or construct the building we have to install tables into that restaurant we have all these things we have to do before we can ever open up that business to customers now let's relate this back to or to youtube channels because I'm making this video like I said this is all information for small businesses of any kind but I