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hey what's up everybody this is attorney dan nguyen and today i want to talk about trademarks and whether trademark costs are tax deductible so i don't profess to be a tax attorney or cpa or an enroll agent or a tax professional but i do have being a business owner and having dealt with taxes um on a tangential basis i think i can do my best to answer this question but first you gotta understand what what the irs uses as a standard for what can be tax deductible now generally speaking and this is what i found on the irs website you know it has to be ordinary and necessary okay and so then you get to ask hey what's ordinary and necessary that is common and acceptable in your particular industry in my opinion and i think most most accountants uh tax professionals agree that legal fees and trademark costs are tax deductible okay and so uh it is a furtherance of your business it is something that you are protecting for your business and so i think certainly it is ordinary and necessary for your business and are tax deductible so uh you know if you are a business owner looking to um protect your business name your logo or slogan and uh you know get want to get a tax deduction as a bonus feel free to reach out to us and we can see um you know how we can help you okay this is dan talk to you soon bye
Thanks for your comment Glennis Prier, have a nice day.
- Lashon Fugo, Staff Member
how our viewers today I will talk about income tax rates for individuals so what is income tax for individuals when you are self-employed or so turner you pay tax an individual with a partition business you just to be profit to the partners you pay tax that's an individual when you form a company and in distribute profit to the shoulders you pay tax every individual likewise if you work as an employee you protects as an individual but looking at this rate by looking at this text some people might get good feels they might thing if income is hundred thousand dollars I got to pay thirty three percent tax on hundred thousand dollars which is completely wrong so how it works well if your income is hundred thousand dollars for first fourteen thousand dollars your tax rate would be ten point five percent for fourteen thousand to forty eight thousand which is thirty four thousand your tax rate would be seventeen point five percent and then from forty-eight thousand to thirty thousand which is twenty two thousand your tax rate would be thirty percent and the remaining seventy thousand two hundred thousand which is thirty thousand your tax rate would be thirty three percent then if you add up all the tax your total tax would be twenty three thousand nine hundred twenty so that means you don't have to be three percent tax on hundred thousand dollars if you have to pay only twenty three thousand nine hundred twenty dollars if your income is have a thousand dollars over here we can see two different scenarios let's start with scenario what David is a full time taxi driver even though he drives taxi full-time still his net income is only sixteen thousand or why's that well the reason is well the main reason is last year he bought expensive car and he claimed large amount of depreciation expense he got some other expenses to claim as well and at the end his net income is only sixteen thousand dollars the first fourteen thousand dollars his tax is ten point five percent and the remaining two thousand dollars his tax is 70.5% and then his total tax is only eighteen hundred twenty dollars so David is a happy client he's very happy with his tax accountant because it's not paying much tax so there is no issue so let's jump into scenario two in scenario two Adam is unhappy client he's not very happy with his next accountant why's that let's find out Adam has full time job from his job he are fifteen which is his main source of income suppose Adam drives uber it's he didn't drive much and he didn't buy car in the last financial year as well he bought a car long time ago therefore he can't play much depreciation expense as well therefore his gross income is not much and his net income is also not much which is only five thousand dollars out of five thousand dollars one thousand dollars will be under distress for 30 percent and for forty four thousand dollars his tax rate would be thirty three percent and total he got to pay sixteen hundred twenty dollars according to him it's very high and he's not happy with his text accountant so what's the solution actually there is no solution and you can see his text accountant actually didn't make any mistake so he has to pay this much of tax but good news is through proper tax planning and forming different business entity he can pay less tax in the future but it depends of situation through proper tax planning he can actually reduce his tax by 10 to 20 percent but it depends on situation therefore the solution is if Adam wants to be less tax in the future legally with proper compliance he needs to get tax advice from professional tax accountant just like me thanks for watching
Thanks Bryan your participation is very much appreciated
- Lashon Fugo
About the author
I've studied archaeomythology at Marymount Manhattan College in New York City and I am an expert in cognitive anthropology. I usually feel confused. My previous job was tax preparer I held this position for 9 years, I love talking about radio-controlled model playing and yard games. Huge fan of Warren Buffet I practice skateboarding and collect sports memorabilia.
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