Mr. Write-Off ✍🏾🥸

👑 | Mr. Write-Off 👨🏿‍🏫 | Helping you escape the Tax Matrix 💰 | Want to save 20k in 2022? 🔗 | DM me “20K” or book a call below👇🏾

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

Single parents with children may be eligible for the Earned Income Tax Credit (EITC) of up to $3,733 per child, based on their earned income from sources such as wages or self-employment 👶💼. Unemployment benefits (1099G) do not qualify as earned income for the EITC.

#Taxes 🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

Income from day-trading is classified as unearned income… even though it may involve investing your time to get that $💰$

#Taxes 🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

Uber & Lyft track your mileage… but only for customer trips 🚘. You need to track your mileage OUTSIDE of that. Mileage from your home & the airport to find potential clients to drive for example… is deductible!

#Taxes 🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

If you receive a 1099-NEC, you are considered an independent contractor. Anything you do to get that money is a tax write-off ✍🏾; including your car expenses. But be careful - you have to choose your deduction methods, and choose wisely…

So: Gas ⛽️, or mileage 🚗💨?

#Taxes 🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

#3.Don’t include bonds in these accounts because it will become subject to income tax. Please speak to your financial advisor to ensure you include the assets best suit your needs.🤓

-TaxMan🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

🚨Tax Hack: Dynasty Trusts👨‍👩‍👧‍👦

Families looking to preserve wealth for multiple GENERATIONS, should consider setting up Dynasty Trusts. Follow the thread to see how you are able to set these type of accounts up➡️

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

#1.Set up Dynasty Trust in a state that allows for these types of accounts to exist in “perpetuity.”

#2.Set up an irrevocable trust. This is to insure, you no longer have “control” of these funds so you won't be subject to the estate tax.🗣️

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

They are scheduled to go back to a 50% deduction after that period‼️The reason behind it currently being 100% is to help restaurants recover from COVID-19.😷

-TaxMan🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

🚨Tax Hack: Conferences✍🏾

The cost of conducting or attending business conferences is deductible, including travel and meals. 🍽️

Meals are 100% deductible from
Jan 1, 2021 to December 31, 2022.

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

If more than 80% of the company is owned by the C-Corp, the allowable deduction for these dividends rise up to 100%‼️

-TaxMan🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

🚨Tax Hack: C-Corp Advantages✍🏾

When it comes to C-Corporations, you are actually able to shelter taxes on dividends. Follow the thread for more➡️

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

C-Corps are allowed to deduct up to 70% of any dividend payment that comes from any company owned by the C-Corp. 🗣️If the C-Corp owns more than 20% of the company they are allowed to deduct up to 80% of dividend payments.🤓

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

#2. Prominent Corporations using Coli are able to HEDGE AGAINST future benefit payments.💰Note, reallocating assets in COLI will not trigger any tax event‼️

-TaxMan🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

🚨Tax Hack: Corporate Owned Life Insurance🏢

A COLI infuses companies w/cash💸in order for it to stay secure until family members are able to take over or in some cases sell.

Follow the thread to see advantages/benefits of having a COLI➡️

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

#1. COLI’s are useful for small businesses who want to protect the stability of a company if an unexpected loss of a KEY EMPLOYEE occurs.⚰️

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

Cash basis businesses can’t claim this deduction because they never record accounts receivables as
income.💰

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

🚨Tax Hack: Uncollectible Account Receivables🤓

If the uncollectible accounts was recorded as revenue when you made the sale, then it can be
deducted as bad debt.📉Those who use the accrual method of accounting would use this.

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

Advantage #2➡️

There are no contribution or investment limits for traditional brokerage accounts. You are able to put every single penny you have into these accounts without facing penalties. Unlike a 401(k), plans usually have a “pre-selected” set of MUTUAL FUNDS.📈

-TaxMan🥸

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

🚨Tax Hack: Traditional Brokerage Accounts🏦

There are numerous tax advantages that come along with having traditional brokerage accounts.🤓

[Mr. Write-Off ✍🏾🥸 @mr_writeoff]

Advantage #1➡️

Since tax is paid on any money made going into a brokerage account, income tax is paid on any $$ made. Unlike 401(k)’s, you are always allowed to withdraw from these accounts. In a 401(k) , you would face a 10% distribution penalty for withdrawing.💰