How to Make Any Expense Tax-Deductible!

We all eat everyday...meals are part of life but usually they can't be deducted. However, business meals are deductible (with some limits) and the more meals you can legitimately deduct...the better for you tax-wise. More details are in Pub. 463.

Personal trips (such as vacations) are usually not deductible. Business trips, however, usually are. Find out how to deduct business-related travel expenses (even if you enjoyed the trip!). More details are in Pub. 463.

Usually, payments to kids (such as an allowance) is not a deductible expense. But what if they are doing legitimate work for legitimate compensation in your business (even at home?)...then yes! The IRS provides guidelines on how to do it right and this screencast shows you where that information is at their site.

Business-related auto expenses are definitely deductible for your business and you should check out how to do it with this screencast. More details on auto expenses are provided in Pub. 463.

Yes...you can deduct business-related entertainment and gift expense but you must do it right. Full details are provided in Pub. 463 and this screencast will give you the tour...

Can you deduct a cruise?! Believe it or not...a cruise can be deducted if it is business-related. The IRS provides guidelines on how to do it right in Pub. 463 and this screencast helps you find that info.

The home office expense is a powerful deduction and it can be worth thousands...but you need to do it right and also get very familiar with Pub. 587 which provides the critical details.

Business Expenses can be deducted readily in a given period (such as a tax year) but assets are treated differently...they are usually "depreciated" which is like deducting it on an "installment plan" by deducting a portion each year over multiple years. Depreciation is covered in Pub. 946.

If you are low-income (and a few other requirements), you may qualify for the Earned Income Tax Credit which is a refundable tax credit. It is a way that many low-income folks (even those that run a business) can get money from the IRS...even if it is not money from what you paid (federal taxes). Check it out and this screencast will tell you where to get more details (along with the IRS publication about it).

Don't just get back more money due to your tax deductions strategy...use the money to build long-term wealth! This screencast will give you an idea about how your annual tax deductions could turn into six-figures added to your future nest egg.

As you are building your long-term wealth (derived partly from your annual tax savings), consider gaining even more tax advantages by utilizing some great tax-advantaged tax plans approved by the IRS. This screencast will give you a brief tour of the publication that provides the relevant details.

I hope this tax course has whetted your appetite and given you encouragement to explore the tremendous opportunities to increase your net income from tax deductions and strategies you can implement. I think that a Home business is a important part of your overall wealth-building strategy and that includes tax benefits too! At this point it is time to review key videos and IRS publications and get that discussion going with your tax person!

THANK YOU! For taking this course...as you can see, a home business (even one in your spare time) can be a valuable part of your wealth-building and tax-saving strategies! I invite you to check out my home business course entitled "Home Business Goldmine" here on Udemy!