What is a Tax Write-Off and Tax Deduction for Small Businesses?

Everyone had good credit score until later in life, people’s financial mistakes and college school loans ditching people’s credit score, mistakes of applying for credit cards and carrying balances month-to-month, only making minimum payments, missing payments, neglecting to review your billing statement, not knowing your APR or applicable fees, taking out cash advance etc and not even talking about the United States crazy medical bills that's putting people's credit in the trough.

I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 732 and I’m still going up with 850FINANCIAL ASSESSMENT . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.

Credit scores are just a form of control, so if you want to continue living a good life, it’s important to have a high score. My house and vehicles are paid off, I have one Visa card for all purchases, which gives me air miles, and I pay it off monthly, but my score bounces between 800 and 820 without changing any of my patterns, so it’s manipulated for some reason. Linux tech corps made it stay at that range and getting it up

Credit score is not something used in all countries though. In France, they determine if you are eligible to get a loan (e.g., to buy a house) based on the ratio between your salary, your expenses and your savings. Basically, if every month you 'burn' all your money, you're perceived as riskier than someone earning less but consistently making deposits to a saving account. I feel in the US people tend to buy things they don't need with money they don't have... The only times I feel one should need a credit is when buying 'big' things (house, car, etc.). Not for a TV. I’m 26 with over 800 credit score, time was put into that to build it up by 850financial assessment

I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in 850Financial assessment and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but Linux tech corps info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

I keep reading that you can only write off taxes upon starting an llc in the first year or after 180 months, is this true? Does this video only apply for the first year or for always?

Started a small business inside a fitness center as massage therapists and my husband to but then I’m wondering about maybe everything should just go under me or should everything under him he has a better credit score and doesn’t have as much tax debt from previous years? We are married file, single I believe.

When trying to get late payments removed on an active account, if it cannot be verified by the bureaus, do they remove that late payment and show on time payment for that month, show no information available for that month, or delete that account off the credit report? I want to get my late payment history corrected but not sure how disputing with the credit bureaus affects the active account if they cannot verify the information to be accurate, I wouldn't have been able to take them off if not me meeting Linux Tech Corps

at 11:35 appears to have a mix up between W2 employee vs self employed business man . On that example we have a W2 employed person. He owns roughly 10K to the government. That W2 employee cannot deduct (write off) his cell phone off of taxable salary, since he is not a self employed business man. Unless he has a side personal business (aside of his W2 job). Am I missing something here?? right???

If I started a business while being a W-2 worker, but I did not make any money from my business that year would I still be eligible for business related tax deductions?

Starting a small business in lawn care and pressure washing. How can I hire you lol. Love the vids but seriously, I want you as my tax guy.

Very true

If I do not currently have a registered business but work as a contractor for companies like amazon flex and grub hub can i still qualify for these deductions since i use almost all of these for my work? Specifically phone, internet, and my car

karltondennisofficial What if I work a full-time job, so ill receive a W2, but I also have an LLC? When deductions are concerned, is my marginal tax rate the combined income for them both, or just the income from the LLC? Can I take Standard Deductions on the W2 and Tax Deductions on the 1099?

I recently purchased my first home in June I was working on it since 12/2019 until 6/2021 I build it up from mid 4’s to high 6’s for some reason I get denied for everything and now I’ve lost so many points so fast until Linux tech corps made me look superior to the lenders lol

Thanks

Thank you!!!!

Coach KD !!

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