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

Instructions and Help about Form 1065 Schedule M 3 Arent

Oh everyone this is Andrew from Los Angeles so today I'm going to share some useful tips on how you can match my tax refund for this tax season this year so if you are self-employed entrepreneur or working in the home-based business you can't actually use these tips to be able to get tax refund from it so for me like I've been an entrepreneur for less than a year so I've been like figuring out how I can get tax refunds and all the tax procedures because I like got these tips from from the people who's been in the small business so I just want to share it today to able to help you guys if you're on the stage with me so so you got up first you must understand the difference between a credit and a write-off the credit is a dollar-for-dollar deduction from your taxable income an exemption will qualify will be a percentage so here's the following useful tips that you can apply to able to maximize your tax return so the first thing is auto repairs and mileage so you can actually like report like all the mileage that you used to driving to meet your clients and network picking up your supplies so unless if you're in like hundred percent working online from or home but if you actually meet clients able to do a build your business and you can't actually report that on your tax statements and then try to get the tax return and you can also report that the gasoline money that you you purchased like for your business though so you can either stand a rate of fifty five point five cents per business driven mile so that is not a not although if you use a newer vehicle you can write off the additional depreciation related to your business expenses of course if you use a car for both business and pleasure you're a la fully allowed to write up the business miles so the second tip is but you can't actually make get a tax refund then the deduction for the new business extension so if you're starting up a small business you're allowed to deduct up to $5,000 for the first year that you're in business so if this deduction is for things like something like purchasing supplies utilities and repairs though this is for startups to leave and all the applies to the first year about first year of your new business so I apply in this category to since I've been an entrepreneur for less than a year so you know when I first heard this I thought it was really amazing so I'm trying to get the deduction so you can either take the $5,000 in a lump deduction or you you can deduct it in equal amounts over up here of five years so either that you get the like special deal for that like if you're a first year in this small business so the third thing is bad debts if a customer stiffs you over a certain amount you can claim it as a bad debt and write it off so this bad debt deduction is only for cause not for services so the first thing is interest most businesses do not start thought without a little bit of financing if you have a loan or credit card that you use the interest on loans are completely tax-deductible so keep all your receipts in the event you get audited so you can't prove the charges or business rule a so so I've been like saving all the receipts and also like credit cards thing you're like pretty much like in January or February like most credit card companies tend york the yearly statement that you use for like travel category or food category or or like for utility categories all sorts that you can actually use that to able to get the tax return to get the give tax deductable so always keep in handy for your receipts in like those statements so the last and fifth thing is advertising promotions so of course this means big things like commercials but it also means small things like business cards and stationery so it's the iodine is used to promote your business that is tax deductible the expenses of networking like attending conferences talking like taking taking out your clients to lunch or dinner aren't also deductible so if you're doing it to grow your business then it's totally deductible expense so it here so here just think so if you're starting a new business been getting ready to file your small business tax your best bet is to talk to your CPA so I'm also in the same booth but as I mentioned before I've been an entrepreneur for less than a year so I mean I keep in touch with my CPA like how the procedure works out since like I never like been in this situation because I was working as a full-time employee at a company so like back then I just need to report my w-2 form and like all these expenses are not taxes of deductible so the cool thing is that the first earth it sounds a lot of hassle to report all these things but if you like here you can manage and able to track down like all your these these basements all the expenses that you use and categorize based on the fist let that be used for the business you can't definitely like get a lot of tax return from it like so you don't want to like Laser laser pup like lays up gold like onion on the table like you just have to like maximize their tax much as possible like what the government took from you so so these are very useful tips that you can apply to your small business to be