Videos

 

11 30 2016

11 30 2016

Identify Tax Deductible Business Expenses

Is That Tax Deductible? National Funding is committed to helping small business owners expand their businesses. This video will introduce you to the fundamentals of small business taxes. Through case-by-case scenarios, you’ll learn how to identify deductible expenses for your own business.

>> HOST: Welcome to “Is That Deductible?”

[Game show music]

>> HOST: A game where one small business owner faces off against their CPA to try and lower their business taxable income by claiming expenses on their return!
>> HOST: Let’s meet today’s players: Jack, owner of Jack-of-all-Trades Handyman service.

[Light applause]

>> HOST: …and his super CPA Lori.
>> HOST: All right, let’s start the game with round one. Jack brings his dog, Barkley, with him to work everyday. Are Barkley’s toys, treats and vet bills deductible?

>> LORI: No!

[Ding]

>> JACK: Yes!

[Buzzer]

[Cheering and applause]

>> HOST: Sorry Jack, even though Barkley is your company’s mascot, he’s not on the payroll, nor does he qualify as an employee.
>> HOST: Moving on to round two. Jack bought a new truck to haul equipment, tools and materials to and from job sites. But, he also uses it as his personal vehicle, is his new truck deductible?

>> LORI: …Yes!

[Ding]

>> JACK: Yes!

[Ding]

[Cheering and applause]

>> HOST: That’s right! Because Jack uses his truck for work, it’s considered an “ordinary and necessary” capital expense that is deductible.
>> HOST: With Jack on the board, let’s see how he does in round three.
>> HOST: Hoping to lock in a big contract, Jack took the execs out for a fancy lunch. He ended up winning the bid—but the lunch cost $350! Is that deductible?

>> LORI: Yes!

[Ding]

>> Jack: Yes!

[Ding]

[Cheering and applause]

>> HOST: That’s right! Because this was an “all-business” lunch that helped Jack win the bid, it’s deductible!
>> HOST: Looks like Jack’s got the hang of this—can he keep it up in round four?
>> HOST: Jack and his work friends go on a weekend fishing trip. Because he went with people from work…is that deductible?

>> LORI: No!

[Ding]

>> JACK: Yes!

[Buzzer]

[Cheering and applause]

>> HOST: Ooh, sorry Jack! Just because people from work were there, the trip wasn’t a necessary part of doing business.
>> HOST: All right folks, let’s see if Jack can bounce back in today’s final round: office furniture and décor.
>> HOST: Winning that big contract meant hiring more staff, moving to a bigger office and buying nicer furniture and décor. Is that deductible?

>> LORI: Yes!

[Ding]

>> JACK: Yes!

[Ding]

[Cheering and applause]
>> HOST: Yup, Jack can claim all those business-related relocation costs and office furniture expenses on his return!
>> HOST: Congratulations, Jack! You’ve lowered your taxable income! Thanks for playing!
>> HOST: Learn more about Section 179 Business Taxes, or call 888.733.2383.

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

  
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.