Top 5 Tax Deductions
“If you don’t build your dream, someone else will hire you to help them build theirs,”
1. Mileage and vehicle maintenance: Any time you go to a prospect’s house or you are running errands for the business, all that is tax deductions. Once you leave your primary work to go to someone’s house or business to work on your home based business, that’s a tax deduction. Keep track of all your mileage, but at the same time, keep track of your maintenance. Now, sometimes you have to choose one or the other. Now, I personally use mileage, mainly because of the areas I go to trying to spread out to as many people as possible. Also because we have our “Super Saturday” we have our events, that’s a ways off, mileage adds up. The IRS has pretty good mileage rates so definitely go with mileage, in my opinion.
2. Travel related expenditures: Not just mileage. For example, I went to the Eric Wory’s Go-Pro Network Mastery event. Of course, I flew out there, that’s travel, I got to stay at Bali’s that’s travel, the event itself counts also. All of those travel expenditures count as tax deductions. Now, you’ve also got food, 50% of food counts, if you are paying for somebody else’s, if you are doing a business expense, that counts also, so if you are going for work, if you are going for that secondary home based business, then, that’s a tax deduction. Now, they don’t say but you had fun on the side. No, no, they say if you are going somewhere for a business, you get to pay or you get to use that as a tax deduction. So, keep that in mind as one of my favorite ones because I love to travel and I love spreading my ideas and savings I can get other people.
3. Personal insurance: If you are able to go through and keep your home based business as your primary business use of health care and your personal insurance, then you can work with the IRS and use that as a tax deduction. This also works for social security.
4. Computers and other electronics: If you are buying programs just for your home office, if you are buying a computer, if you are purchasing laptops, if you are getting special projectors, whatever, if that falls into it, again, tax deduction. If you’ve got a special program that you are a member of, then you want to use that as a tax deduction. You want to be able to say, “I spend this much on my business’ laptop, or ipad or iphone or whatever it is. Now, also, thrown in there, your telephone bill can be thrown in there also as a tax deduction.
5. Training and training materials: Warren Buffet was asked, “What’s the major investment that people need to make?” Without hesitation, the main investment should be in yourself. If you invest in yourself you will reap benefits and rewards for yourself for years to come.
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