460Fred
Well-Known Member
Do you guys really understand how a business is able to write something off? First off you need to be a profitable business, at least you need to be profitable within a couple years.I'm pretty sure these YT'ers that buy cars get to write them off as an expense against the income they're earning on their tax returns.
The car is just the tool they use to earn income from YT videos. Any expense that's incurred in earning that same income can be written off. That's how it generally works in the tax system and I'd be surprised if it isn't the same here.
In the case with SF, Iāll guarantee heās not making enough from utube currently to show any profit. Heāll need to soon if he wants to keep going. Maybe he rolls all this into his other business/businesses, I donāt know.
Writing something off does not mean itās free to the business owner, it just means you donāt pay as much tax because your income is lower.
Sponsored