Self Employment Tax Deductions | W2 vs 1099 | Self Employed vs Employee taxes

A lot of people tell you a business is the best way to avoid taxes.. but rarely do they show you. In this video we will talk about the TOP tax write offs/ deductions that business owners (yes that includes independent contractors as well) can take full advantage of when filing their business tax return in 2021 and beyond. Self employment tax benefits are much more advantageous than w2 employees because you can deduct almost anything related to your business. there are better tax planning strategies and ways to invest in yourself and also reduce your tax liability. Even though business owners and independent contracts do have to pay the self employment tax, half of it is deductible and it pales in comparison to the tax savings you will receive once taking these write-offs. Don't delay! Start a business and invest in yourself, leave a legacy for you and your family, and keep more of your money in your pocket because you deserve! Instagram: @thecashcompass Business e-mail: thecashcompass@gmail.com For donations: PO Box 814954 Hollywood, FL 33081 Cashapp: $KrystalTodd Venmo: @KrystalTodd My Youtube Set up: www.amazon.com/shop/thecashcompass *Please be sure to do your own due diligence before making ANY financial decisions. On my channel I share with you my research but please verify everything for yourself! I do not give investment advice, just share my thoughts any my choices!* *Some of the links on this page are affiliate links, meaning, I may earn a commission if you click through and make a purchase, at absolutely no cost to you. Affiliate commissions help keep my channel going so thanks for your support!*