Every year, I watch at least a few, slowacting, small business owners who wait
until the last minute, or the next year,
before they finally start saving thousands
of dollars on taxes. In some of those cases,
TENS OF THOUSANDS of dollars!
For many of you, these tips are urgent
because it might take at least a month or
so to get everything in order with your
business to get these tax deductions/
advantages.
In my experience, about 94% of small
business owners are unnecessarily paying
too much in taxes each year!
If you can picture overpaying by just
$5,000 a year (for many, it's more!) would
still cost you $100,000 in just 20 years!!!
So here are just a few tax-saving ideas
that my CPA will find with my clients
(Remember, I am not an accountant. I
am just giving you commonly missed tax
deductions that my accountants run into):
1.
Not tracking mileage or travel
costs - Did you know that you can write off
mileage, even if you have a side job? Also,
did you know that, if done legitimately,
you can write off family vacations?
Yes, even Disneyland can be used as a
legitimate business write-off!
2.
Not having the right business
entity - This is a big one! I just had
one of my clients save $10,000 a
few weeks ago because of this ONE
strategy! I have another client that
is a leader in a direct sales company
that I believe will save at least $25,000
this year because of this one thing!
jobs, such as marketing/advertising,
cleaning, and even modeling. It just has
to be a reasonable wage for the work.
Imagine paying your kids the same
amount of money to cover their sports,
hobbies, clothing, etc and it was all a
write-off!
4.
Home office - Some of you may
do something similar, but if you have the
right entity and structure in place, there
are ways you can write off over $10,000
per year without lowering your pay, and
not get taxed on it! That could be a tax
savings of $2,000 - $5,000 per year while
still taking home the same amount!!!
These are just a few ideas that could
work in your situation. My experience
has shown me that the more money
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