How to Make Any Expense Tax-Deductible!
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How to Make Any Expense Tax-Deductible!

Learn How to Maximize Tax Deductions and Save Thousands in Taxes Safely This Year and Every Year!
4.6 (8 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
39 students enrolled
Last updated 12/2016
English
Current price: $17 Original price: $50 Discount: 66% off
30-Day Money-Back Guarantee
Includes:
  • 1 hour on-demand video
  • 12 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Safely increase tax savings and deductions with guidance and resources from the IRS
  • At the end of my course students will learn how to keep more of their money by maximizing their tax deductions.
View Curriculum
Requirements
  • For all taxpayers that want to keep more of the fruits of their labor
  • Students will learn how to decrease their taxes by maximizing business-related deductions
Description

Can you take donuts, meals or vacations as tax deductions?

How about a trip to the mall or a meal at your favorite restaurant?

How about writing off toys, electronics or other personal items?

Payments to your kids or other family members?!

If you do it right...YES...you can write these off!


... and see your taxes go down drastically (or see your tax refund get much bigger). Tax savvy folks work the tax code to gain maximum tax benefits...and you should too! (Hint: a home business helps!!)


You see, properly and legally deducting something isn't just what you deduct...it is also about HOW you do it. It is more than just keeping a receipt...it is about understanding some very important tax principles and more.


The great thing about these deductions (and many more) is that the IRS will help you do it! This is what I want you to keep in mind...you are not taking my word for it...


You will be able to take these deductions with the full blessings and guidance of the IRS!


This course takes it a step beyond just keeping thousands more in your pocket...it is also about how to use your tax savings to build long-term wealth!


The bottom line is that if you manage your taxes...you build wealth and future financial independence.

(and yes...a tax class can be tax-deductible!)

Who is the target audience?
  • taxpayers that also aspire to have their own home-based business
  • My target student is one that is currently paying taxes but desires to learn how to decrease the taxes they pay by utilizing more business deductions.
Curriculum For This Course
18 Lectures
01:08:46
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Important Tax Ideas & Principles
5 Lectures 19:03

It is indeed safe and easy to take tax deductions...but don't take my word for it! In the first video, I give you a brief guided tour to the important areas of the IRS's website (www.irs.gov) that will give you the guidance you need to take your deductions confidently and understand that virtually everything mentioned in this course does indeed come straight from the IRS through their publicly available reports, forms and publications.

Preview 04:28

One of the most important terms for you to understand to guide your year-round tax savings strategy is one that you will have difficulty finding in the tax laws...Context! It helps you understand above and beyond the common response you will get to the question "Is this expense tax-deductible?" which is typically "It depends". Please make sure you peruse the accompanying publication (# 535) on business expenses straight from the IRS.

Remember the word "Context"...
03:22

Knowing how to keep good records is essential and the IRS tells you in  advance what records you should maintain so you are in compliance. This screencast gives a brief tour regarding this matter (Pub. 583). Other publications get more specific. Meal and Entertainment expenses, for example, are covered in greater detail in Pub. 463.

Record-keeping...The secret sauce of good tax strategies
04:29

A tax deduction has the power to save you on multiple taxes so that you can truly accumulate tax benefits. This screencast lays out the case for how cumulative tax deductions can save you significantly on your taxes.

Preview 04:35

Before you actually start a business, you may encounter costs for researching and related expenses in your "pre-launch". Given that, speak to your tax person about something called "Stat-up amortization". This is usually covered in the same publication as depreciation (Pub. 946) and reported on Form 4562.

Can you Deduct Expenses...even if they were BEFORE you started a business?!
02:09
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From Apples to Zippers...How to Deduct Specific Expenses
9 Lectures 39:39

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.

Deducting Meals
03:10

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.

Vacations
02:54

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.

Payments to Kids
04:51

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.

Auto Expenses
07:31

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...

Entertainment & Gifts
06:27

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.

Deducting a Cruise
02:25

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.

Home Office expense
04:05

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.

Assets vs. Expenses
03:59

Personal Expenses (Sch. A)
04:17
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Turning your Tax Savings into Long-term Wealth...
4 Lectures 10:04

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).


Can you get a tax refund...of taxes you didn't pay?! Yes...here's how
03:48

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.

Preview 02:58

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.

Small Business Pensions
02:33

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!

Conclusion
00:45
About the Instructor
Paul Mladjenovic CFP
4.6 Average rating
29 Reviews
592 Students
7 Courses
Author & Speaker

Paul is an author, CFP and national seminar leader. He is the author of...

* High-Level Investing For Dummies

* Stock Investing For Dummies

* Zero-Cost Marketing

* Micro-Entrepreneurship For Dummies

* Precious Metals Investing For Dummies

* The Job Hunter's Encyclopedia

He has been teaching nationally about investing, tax and business start-up issues since 1983...over 2,500 seminars and workshops!

He calls himself a "raving capitalist" because he believes that everyone should adopt the 2-pronged approach to wealth-building and personal prosperity. The first prong is "passive wealth-building" which is to deploy investing and speculative strategies through stocks, ETFs, options and other vehicles.

The 2nd prong is "active wealth-building"...have a home business (part-time or full-time" to enact business strategies to build wealth in your spare time. A home business is a great way to be diversified (apart from your job) and it has powerful benefits (build wealth, save on taxes, etc).

Having this holistic approach means optimizing your prosperity and building long-term financial security for you and your loved ones!