Well, hopefully, the title of this video intrigued you if you're a business owner if you own rental real estate
Sell online you're a multi-level marketing affiliate marketing
I've got some business deductions that I don't want you to miss out on those that are the most underutilized
Most forgotten I got him here and I want to break him down and try to save you some money
Now before I break down for arias if I think the most underutilized or most forgotten
I want to make an important point guys. You could be your own worst enemy
You've got to have these right offs at the top of your mind. It's not about just making money. It's saving money
It's the yin and the yang I want you to find ways to make these things are right off when you're out in a battle
Is a business owner your accountant your lawyer your banker your insurance agent. They can't pull these write offs out of a hat
You've got to help them. So I want you to keep these
Deductions these right offs at the top of your mind and have a good reporting system or accounting software system or some method
So that we don't miss him number one technology and supplies now. I know that sounds a little broad
So let me give you a few ideas of what I'm talking about everything you buy at Best Buy Apple Store
staples anything that you buy for your home office you're
Traveling around and you're buying cameras. You're buying drones. You're buying an Apple watch
You're buying PDAs laptops computers
All of those types of Technology devices are gonna help you and your business, right? That's the mentality you want you to think about
Ooh, can I use this set of pens or pencils or paper or printer or fax do fax machines really exist anymore?
Did I really say that?
anyway, the point is
When you're out shopping think how can I use this in my business?
Write it down now at the end of the year your accountant might say well, this is a big enough ticket item
We're gonna go 80% business 20 personal
I'm not saying you can write off a hundred percent of that drone
but if you're taking pictures in your business some aerial photos of your real estate or
Something where that drone comes in handy, then I want a write-off part of it
So think outside the box on anything technology or supplies for your business to operate or smoothly and make money
Number two cell phone an Internet now, some of you may say well mark that's technology
I say otherwise I'm talking about your monthly service. Not just the acquiring of the device
your cell phone is a hundred percent right off as long as you can show a
Dedicated home line or another cell phone for your personal line
Then if you have a business that cell phones 100 percent, maybe even your spouse your kids your parents
Anybody on your board of advisers or board of directors?
I want you to think big picture here all of those services for Internet and cell phone you need for your business
Make sure you talk to your accountant and your aggressive and making sure that are right off number three travel
What am I favorite? I want to make sure every trip I take as a tax write-off
It drives my family crazy because I've got to think how are we gonna have a business meeting?
Meet with a vendor meet with a customer go to a workshop go check on a rental property make an offer on a property
all of those are great reasons that your travel could be a write-off because you're gonna take a trip and
Meet someone sell something check on property by property
Lots of options there your day of travels to write off your day back
so write off and every day you do business as a write-off and
If you book into weekend with business on a Friday and a Monday
The weekend becomes a write-off lots of technical rules here. I've got a chapter on this in my book. I love it
I write about it. There's other videos of mine on YouTube when it comes to travel check it out
maximize your travel every trip
The airfare the hotel the uber the valet the subway the ferry though
All the stuff is a hundred percent right off. This is not your auto. This is not your meals
It's your travel finally meals and entertainment
Now this is why I set a hundred percent back on the travel item because those expenses if business are a hundred percent
Deductible meals are generally going to be fifty percent because the IRS knows you've got to eat anyway
So when you're talking with someone over a meal for business
even if you
Pay for your own meal and they pay for theirs
That's a 50% write off if you buy someone the meal that's fine fifty percent of the bill and we're talking
The food the tip the alcohol the bar tab
Everything is included. Now, if you go on the cheap and you want to take a per diem, which is the
Kind of the average rate in that city for a breakfast lunch or dinner
You can go to the gsa website to find out what those per diems are
I have some clients to just rely on that and then eat cheap
You can take the per diem or your actual whichever is higher
so anyway, the point is when you're doing business and having a business conversation or even
traveling for business by yourself
That meal is a 50% deduction now one little new rule that you got to be aware of when I say entertainment
I bring it up because
We grew up all of us for the last 50 years knowing the entertainment was a write-off, even if it was limited by fifty percent
Right now it is not under the new tax cuts and Jobs Act passed January 1st 2018
we've got about four or five years here until 2023 and then it's gonna come back we hope but there is no
Deduction for entertainment and finally if you own a brick-and-mortar business with lots of employees some meals and entertainment
For team-building with your employees can still be a hundred percent right off
But you've got to look at the rules carefully and talked with your accountant bottom line meals
Travel technology cell phones internet. All those things can get
understated on a tax return make sure you're tracking them talking to your accountant and
maximizing those write-offs keep living the dream
Thanks so much for watching that video and I want to be your source for tax and legal strategies
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Probably 70 plus videos 30 plus hours of content that has saved you thousands