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Can you get a tax deduction for paying a prostitute?In 2004 and 2005, a tax lawyer named deducted more than $100,000 he had paid to prostitutes for services rendered. He categorized this as a medical expense per § 213 of the tax code. He described it as “sex therapy”Now, § 213(a) does allow a deduction for medical/dental expenses. But the Treasury Regulations say you can’t get a deduction for illegal medical treatments. Since prostitution was illegal in the taxpayer’s state of New York, the Tax Court disallowed the deductionThe taxpayer also tried to deduct several thousand dollars for pornographic materials, but the Tax Court said that didn’t count as a medical expense either. The materials weren’t prescribed by a doctor, and were thus a personal expense. And the tax code doesn’t give many deductions for personal expensesSo, if you want to deduct the cost of sex therapy:• It needs to be legal in your state• It needs to be prescribed by a doctor— Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING• A 44-PAGE GUIDE TO U.S. TAXATION• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS• MANY MORE FREE PDF GUIDES* http://eepurl.com/dIaa5z— HIRE MICHAEL MCLAUGHLIN, PHD, CPA * https://michaelmclaughlin.com/hire-me — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/

This video provides an overview of the tax rules for S corporations in the United States. An S corporation is a business entity type that provides the limited liability of a corporation but is taxed as a flow-through entity (no double taxation like C corporations). Profits (or losses) of the S corporation flow through to shareholders and are taxed at the shareholder (but not corporate) level. An S corporation must be organized in a U.S. state. After creating a corporation, shareholders must file Form 2553 with the IRS to elect for the company to be treated as an S corporation. Not all corporations be an S corporation, and there are requirements based on the type of corporation, the number of shareholders, and types of shareholders. Income and deductions of an S corporation are allocated to an S corporation on a pro rata basis. In contrast to partnerships, special allocations (non pro rata) are not allowed. Distributions to shareholders are generally nontaxable to the extent the shareholder has basis, although distributions can be taxable if they exceed the shareholder's basis or if the distributions pertain to earnings and profits (E&P) accumulated by the corporation prior to its election to become an S corporation. A shareholder's basis is increased by capital contributions, share purchases, and the shareholder's pro rata share of income items, while the shareholder's basis is decreased by nontaxable distributions to the shareholder and the shareholder's pro rata share of deductions and losses (although the shareholder's basis can never go below zero). In contrast to partnerships, a shareholder's basis is not increased when the S corporation borrows money (unless the shareholder loans money to the S corporation). While S corporations are flow-through entities and are thus not subject to income tax, S corporations may be subject to taxes in certain situations. 0:00 Overview 0:33 What is an S corporation? 2:51 How to create an S corporation 3:40 Requirements to be an S corporation 8:01 Allocating income and deductions 11:19 Tax consequences of distributions 14:53 Calculating a shareholder's basis 17:13 Taxes on S corporations — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com

In this video, you will learn about money laundering, the Introduction to money laundering and the Stages of it. #moneylaundering #dirtymoney #wallstreetmojo #taxhavens #financialcrime Chapters: 00:00 – Introduction 00:31 – What is money laundering? 00:46 – Dirty money 01:27 – Cleaning of dirty money 01:27 – What is Clean money 01:59 – Why is money laundering is bad? 02:06 – No. 1 – Encourages criminals to keep going 02:32 – No. 2 – Harms the society 02:56 – No. 3 – Harms the Economy 03:33 – Stages of money laundering 03:50 – No. 1 – Placement 04:24 – No. 2 – Layering 05:06 – No. 3 – Integration 05:46 – Conclusion What is money laundering? Criminals like Pablo Escobar and ElChapo earn their money through crimes and get their money put into the system through money laundering. So, money laundering is getting dirty money cleaned and put into the system, making it seem like clean money. Dirty money Dirty money is something acquired through illegal means. People who get dirty money cannot show it to the authorities, or they will catch them. Cleaning of dirty money To get dirty money in the bank accounts, they must make it seem clean or legally acquired. Hence, the dirty money gets cleaned. Clean money There are many ways through which one can clean such dirty money. Once cleaned, the money is clean and can be put back into the system without tracing its origins. (Explained in detail in the video) Why is money laundering is bad? Encourages criminals to keep going Once criminals know that their dirty money can be cleaned and put back into the system as clean money, they realize there are no consequences to what they do. Hence, they continue their crimes. Harms the society These criminal activities are only harming society and putting loads of money into the pockets of the criminals. Harms the economy Any harm to society will directly harm the economy. Money laundering covers tax frauds, embezzlements, theft, and other illegal economic activities. (Explained in detail in the video) Stages of money laundering Placement The dirty money is first transferred into a bank account, mostly abroad, in those banks with very strict privacy policies. Layering The money is then divided into chunks and sent into accounts in various countries to make it hard to track by authorities. Integration The money must be brought back into the system and shown as legal. This is done by setting up a business with high cash flow on paper, and the money can be made legal through such tactics. (Explained in detail in the video) So, in this video we covered introduction and stages of money laundering. We hope you have learned much from this video. If you think you did, show it to us by liking the video, commenting, and sharing it with others. We are having another video on Money Laundering: Examples and Prevention . So do subscribe to our channel if you have not yet! We post videos on such topics regularly, so if you don’t want to miss out, subscribe to the channel. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo Hashtags: #moneylaundering #taxevasion #taxhavens #taxfrauds #financialcrime #druglords #dirtymoney #drugmoney #illegalmoney #shellcompanies

Embarking on the journey of starting a business is an exhilarating prospect, filled with potential and opportunities. However, with the multitude of options available, selecting the ideal business venture can seem daunting. Yet, by employing a strategic approach that encompasses self-reflection, market analysis, feasibility assessment, and growth considerations, you can navigate the landscape with confidence and increase your chances of establishing a successful enterprise.