As we dive into today’s topic, “how to save a shit ton during tax time”, I will be sharing some resources with you that I have used and I’ll be sharing my TOP 4 favorite business expenses I look forward to investing in every year ?
Before I get started, you must know that this email is for informational purposes only and is in NO way advice or tax strategy. I am just sharing my own personal experience with you.
Whenever you receive tax and money information, it is ALWAYS 1 million % YOUR personal responsibility to make sure it is in alignment with your values and that you also seek out professionals to support your decision making.
Now that that’s out of the way…
If you own your business, whether you are a sole proprietor, a LLC or a S/C Corp each business owner needs to become FULLY aware and have an understanding of not just what YOU can “claim” as tax deductions, but also how to make the IRS actually work FOR you in the sense of taking full advantage of the Tax code!
The greatest resource I have found that has supported me in regards to using successful tax strategy is a book by Sandy Botkin called “Lower Your Taxes Big Time”.
I have every copy since 2016!
“Sandy Botkin is a CPA and former Attorney for the IRS who has taught hundreds of thousands of taxpayers how to save on their taxes with his Tax Reduction Institute seminars. One of the most well-known national lecturers in the field of tax reduction and audit proofing techniques.”
You can grab his 2019/2020 book here on Amazon – https://amzn.to/2XK15PY
I spend several hours each year combing through his books as I prepare for the year ahead and plan for how to best invest in my business and lower my tax liability.
Before I go into more detail about the strategies I have chosen to implement based on his teachings in the book, I want to share with you some of the top deductible expenses as a business owner.
Many of these you may already be aware of, and some may be new to you…
But even if you “think you know everything” ?, I encourage you to do some further research and see how you can BEST use tax “strategy” as a way to save yourself thousands and tens of thousands ( depending on where you are in the lifecycle of your business ) of dollars that you can SAVE and then REINVEST in yourself and your business.
According to Bench Co…
Each of the following expenses are quoted as being “100 percent tax-deductible”.
You can read the entire article here:
But before you hop over to read the full article, stay here and finish reading first ?
Ok, so now that I’ve given you some additional resources, I would love to share with you some of the tax strategies I have implemented into my business over the past 3 years and perhaps some of them will serve you??
Yup – All 3 of my kids are legit on payroll. They think it’s funny when they have to log in their time! But my kids are all assigned tasks and duties within the business ( like filing, organizing the supply closet, stuffing envelopes, scheduling appointments and shipping books out … like all you folks who bought The Concierge Life ? those are hand prepared for you by my lovely Emma ? )
I’m not going to try to explain the specifics around this one, because there’s some weird shit… like if the car is this BIG you can claim that much, but if your car is THAT size, you only get this – as I said before – hook up with a tax specialist!
I heard a podcast several months back that talked about the greatest investment you could EVER make, is that in your OWN MIND! And what a powerful statement that really is.
You can invest your money in stocks and maybe get what a few % back? Maybe? But take that same few thousand and invest it in personal growth and knowledge. And you’ll learn the skills and mindset needed that will actually give you a far greater return on investment.
This I took directly from Sandy’s book. I learned how to maximize business travel with family and travel fun. There’s an entire chapter in his book devoted to this concept. I pretty much highlighted in bright yellow this entire chapter!
When you can combine business growth and development with travel and then roll in a few personal days…. That right there folks is called a MEGA Strategy!!
So, my friend, as this fiscal year winds down, make sure you’re taking full advantage of tax strategies and the tax law that can be USED to support you.
Reinvest profit into the things that will give you the greatest ROI ( your brain ) or long-term assets that will give your business a boost over the long term.
PLAN how you’ll maximize your ability to decrease your tax liability based on the tax code.
Be sure to use tax “stagey” above and beyond that of just hiring an accountant to DO your taxes for you ? This is what rich folks do my friend, and all the same resources are available TO you. You just need to know they exist…
Here’s to closing 2019 with a BANG and not a Boing!!
CALive2020 happens April 21 – 23 in Bucks County, PA.
Dozens of people fly in from all over the world, every year, to attend this life-changing event!
Don’t miss out on the opportunity to connect with others in the industry, build relationships, grow your business and leaving inspired to tackle the world!