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 here
https://www.youtube.com/c/HectorGarciaCPA
https://hectorgarcia.com/
00:00 – Start
00:39 – The difference between an Enroll Agent and CPA
01:38 – What does it take to be a CPA
2:40 – Who you are paying more doesn’t mean they’ll be always be more valuable
4:50 – Why Hector is the way he is
10:20 – 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 law
32:12 – DISCLAIMER
34:00 – Is there a finite way to reduce your tax liability?
36:07 – An example for being “rewarded” by writing off an expense
41:18 – Is everything I use to be on camera (skincare, clothing) deductible?
44:21 – Exotic dancer breast implants example
48:46 – How to decide what is a deduction
59:00 – Tax loopholes for the wealthy
1:04:00 – 3 things people can do right now to limit tax liability
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