Transcript

We want to talk to you today about common tax deductions. You know you're wearing both hats now, right? You're the employee, you're the employer. This used to be all taken care of through withholdings, which you may and I'm sure everyone has an employee saw them come out of their paychecks, but there really was no impact on their on their tax return in any way. When you're W2 employee, you can take those unreimbursed business expenses. That's not something that you can claim on your tax return. But now as a self-employed individual, you can take those unreimbursed business expenses. Those are three areas that people take deductions for. You have the option to go into an office, you then can't then also then take an A deduction for that Home Office expense. Well, that's the kind of stuff the IRS is looking for. And as long as you can then show that to the IRS auditor checks that box and you show that it's not extravagant and it's necessary in order to generate that income, it checks those other boxes. What's a personal expense versus a business expense?