income tax

What can you write off without raising a red flag with the IRS? Credits and deductions you are allowed and how to use them. In this interview, Chris talks with CPA Hector Garcia about tax related topics. Hector answers Chris’ questions on what can be deductible, if you can write off Pro-Bono work, and Hector shares what 3 things you can do to limit your tax liability.Hector is a CPA that shares everything he knows about QuickBooks and Accounting through videos. Check out Hector herehttps://www.youtube.com/c/HectorGarciaCPAhttps://hectorgarcia.com/00:00 – Start00:39 – The difference between an Enroll Agent and CPA01:38 – What does it take to be a CPA2:40 – Who you are paying more doesn’t mean they’ll be always be more valuable4:50 – Why Hector is the way he is10:20 – Can you write off Pro-Bono work on your taxes?14:19 – What’s the limit on how much you can write off for donating (in California)?17:35 – Will you be able to write off your donations off what you make? 21:30 – Can you write off a networking dinner? 28:10 – Are there tax benefits for pro bono work?29:52 – Can donations that are built into the business model be considered a marketing expense?31:24 – Why Hector agrees with the law32:12 – DISCLAIMER34:00 – Is there a finite way to reduce your tax liability?36:07 – An example for being “rewarded” by writing off an expense41:18 – Is everything I use to be on camera (skincare, clothing) deductible?44:21 – Exotic dancer breast implants example48:46 – How to decide what is a deduction59:00 – Tax loopholes for the wealthy1:04:00 – 3 things people can do right now to limit tax liability===👉Subscribe: https://goo.gl/F2AEbk👉See our Academy Channel: https://goo.gl/vB9zoP🎙 Futur Podcast: https://thefutur.com/podcast/✍️ Futur Blog: https://thefutur.com/blog/—Love the content? Become a sustaining member for $5/mo today.https://goo.gl/nwekfLBOOKLIST – Essential Reading for Creative Professionals: https://bit.ly/biz-booklistEssential Design Books: https://bit.ly/futur-design-booksKits & Proposals:https://goo.gl/mSjuWQVisit our website: https://www.thefutur.comFREE resources: https://goo.gl/Qh6gHr—We love getting your letters. Send it here:The Futurc/o Chris Do1702 Olympic Blvd.Santa Monica, CA 90404USA—AFFILIATE LINKS*🙏 Support The Futur by purchasing through our affiliate links:Amazon: http://bit.ly/thefuturishereWebflow: https://webflow.grsm.io/thefuturRetro Supply Co.: http://bit.ly/2GW8gzRCreative Market: https://goo.gl/g4jlTEDesign Cuts: http://bit.ly/2GSsAR3✍️ Sharpen your skills by taking a course, using our affiliate links:School of Motion: http://bit.ly/futur-somBring Your Own Laptop Tutorials: https://byol.me/thefuturSkillshare: https://skl.sh/34z8qVj🎧 Do you like the music? Check out the music libraries we use in our affiliate links below:Epidemic Sound: http://share.epidemicsound.com/thefuturArtlist: http://bit.ly/2uWdna7Get our FAVORITE notebook from Baron Fig: https://baronfig.com/?ref=zQoKL*By making a purchase through any of our affiliate links, we receive a very small commission at no extra cost to you. This helps us on our mission to provide quality education to you. Thank you.—Host: Chris DoProducers: Mark Contreras / Jona GarciaCinematographers/Editors: Stewart Schuster, Jona GarciaLive Editor: Jona GarciaFutur Theme Music: Adam Sanborne http://www.adamsanborne.comTypefaces: Futura, DIN, Helvetica Now, Calibre, Knockout, Champion Gothic