Think you need an LLC to write off business expenses? You don't — and the formation services pushing that idea aren't telling you the whole story.
In this video, I'll show you exactly what makes a business expense deductible (it's not the LLC), why a sole proprietor on Schedule C has the same write-off access as an LLC, and the two real reasons to form an entity when the time is right.
Would you like to learn more about writing off business expenses and talk to someone? Schedule a free consultation here 👉 https://aba.link/1jhl
I'll walk through a real-world example of a business owner who believed everything could become a deduction once he started running expenses through his LLC — from his car and meals to clothing and gym memberships. The reality was much different, and it led to a frustrating surprise when tax season arrived.
Throughout this video, I’ll explain what actually makes an expense deductible according to IRS rules, why your business entity doesn’t determine whether something qualifies as a write-off, and the three-part test the IRS uses to evaluate deductions.
If you've ever been told you need an LLC just to claim business expenses, this video will help clear up the confusion and show you how legitimate tax deductions really work — so you can avoid costly mistakes and make smarter decisions as a business owner.
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Show Notes: 0:00 Introduction 1:13 The LLC Tax Write-Off Myth 2:20 What Expenses Are Actually Deductible? 3:18 The IRS 3-Part Test For Deductions 5:37 Why Documentation Matters 6:23 What IRS Code 162 Really Says 7:02 You Don’t Need An LLC For Write-Offs 8:17 The Real Reason To Form An LLC 10:33 How LLC Liability Protection Works 12:03 LLCs and S Corporation Tax Savings 14:13 Why Smart Business Owners Use LLCs --------------------------------------------------------------------------------------------------------- FREE TAX & ASSET PROTECTION WORKSHOP Register for an upcoming workshop today to protect your business and personal assets from snoopy lawyers, creditors, or even greedy people out to make a quick buck who want to take advantage of YOU. 👉 Save Your Seat: https://aba.link/ef8d
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FINANCIAL PLANNING & RESOURCES
Download your free copy of Un-Tax Yourself eBook and discover the secret to real estate wealth is in the tax deductions. https://aba.link/untaxebook
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For financial strategies, podcasts, articles, and details on upcoming workshops, visit https://aba.link/clintaba
Here’s a little about me and my book Asset Protection for Real Estate Investors https://aba.link/clintbio
CONTACT US Phone: 800.706.4741 Email: [email protected] Fax: 702.664.0545
ABOUT CLINT COONS
Clint Coons, Esq. has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
--------------------------------------------------------------------------------------------------------- The information provided in this video should not be construed or relied on as financial, investment, or legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
