As an independent contractor it's critical that you understand your tax liabilities and the potential to include tax deductions when filing your taxes. In this video I speak with guest Stephanie McElheny (CFP, EA, ChSNC), President of Financial Planning at Aspen Wealth Strategies as we target the best tax deductions available to you.
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🖥Video Timecodes🖥
0:00 - Intro
0:47 - Meet Stephanie
2:26 - What Is A Tax Deduction?
2:45 - What Qualifies As A Tax Deduction?
3:35 - Are There Restrictions On My Tax Deductions?
5:26 - Is There A Limit To How Many Deductions I Can Take?
6:28 - What Are The Best Deductions For Independent Contractors?
7:34 - Actual Expense Method vs Standard Mileage (Vehicle Deductions)
9:26 - Commonly Missed Deduction Opportunities
12:03 - What Happens If I Show A Financial Loss When Filing?
14:01 - Net Operating Loss (NOL)
15:45 - Continued Annual Losses When Filing (Hobby Classification?)
18:01 - Have Questions? Contact Stephanie
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QUESTION - Have more questions for Stephanie? Let us know in the comments section of this video.
Email for business: hello@yourdrivermike.com
Instagram | Twitter: @YourDriverMike
#yourdrivermike #taxes #taxdeductions
Disclaimer: This video does not purport to be investment advice nor meant to be taken as such. Prior to investing, you should consult with a Certified Financial Planner to ensure that you are making the best decisions for your personal situation after a complete review of your entire financial picture. Any opinions are those of Stephanie McElheny and not necessarily those of Aspen Wealth Strategies. Expressions of opinion are as of this date and are subject to change without notice. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to herein. We do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including through diversification and asset allocation.
Affiliate Disclaimer: This video and/or description contains affiliate links, when shopping or signing up for apps using these links I’ll receive a small commission.
