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Episode #305

5 Most Underutilized Business Deductions that Can Save You $$ with CPA & Founder of BluePeak Financial Sean Pfalzgraf

Keep More of The $$ You Make!

Show Notes

Do you want to learn the five most common deductions overlooked by small businesses?

In this episode of the Happy Hustle Podcast, I have once again Sean Pfalzgraf on our monthly tax tips discussing about 5 most underutilized business deductions.

Sean is a certified public accountant and founder of BluePeak Financial with 10 years of experience, specializing in serving clients with wealth building proactive tax planning strategies, outsourced accounting and finance operations to save you time and energy, and scaling businesses with agile project management consulting services.

He has built a strong accounting and tax foundation with a background working for KPMG (Big4 Firm) serving Fortune 100 companies. He is an agile project management consultant that helps growing businesses bridge strategy to execution in mobilizing teams and measuring leading and lagging indicators that drive results.

Sean serves as Treasurer and CFO of Adventure for All, a non-profit organization that expands inclusive opportunities for individuals with intellectual and/or developmental exceptionalities through interactive adventure programs.  Additionally, he sits on a committee dedicated to cultivating and growing Benefit Corporations in the state of Florida.

Minimize your taxes with these 5 most underutilized business write-offs

Travel Deduction

  1. Airfare, baggage

  2. Hotel and lodging

  3. Rental cars and gas for rentals

  4. Valets, taxis, trains, tolls

Travel deduction ideas to incorporate in your business

  1. Hold the annual company meeting (board of advisors for LLC)

  2. Visit a client to cultivate a relationship

  3. Visit a vendor

  4. Attend a conference or workshop

  5. Check on your rental property

Auto Expenses

  1. Can deduct expenses related to all vehicles as long as they have some business use (e.g. RV, van, motorcycle)

  2. Mileage

  3. Actual expenses

  4. SUVs, Trucks and Vans – over 6,000 lbs and 6ft bed or greater or enclosed = 179 deduction

  5. Leased Vehicles (actual expenses including lease payment)

Meals & Entertainment (ex Entertainment as of 2018)

  1. Dining with a prospect or important client

  2. 50% except in 2021 its 100% at restaurants

  3. Dining while traveling

  4. Meals with employees, club meeting, food for employees

  5. Year-end parties, marketing presentations

  6. 100% deductible

Technology and Telephone costs

  1. Laptop, computers and printers

  2. Ipads and reading devices

  3. Cameras, video cameras, lighting and studio

  4. Microphone, speakers and audio equip

  5. Tvs monitors projectors and screens

  6. Bluetooth devices, smart watches and google glasses

  7. Coffee makers and appliances

  8. Internet services

  9. Cell phone

  10. Must show its critical to the business, not extravagant, separate phone for personal use

Home Office Deduction

  1. Make sure you meet the requirements

  2. Regular and exclusive use

  3. Principal place of your business

  4. New Administrative office tax court rulings allow for administrative tasks in home office to qualify for deduction**

  5. Decide how to calculate the deduction

  6. Simplified

  7. Regular – actual expenses

Paying family members in the business

  1. Most underused tax strategy by small businesses

  2. Paying children under 18 (no income or payroll taxes)

  3. Paying under $12,950 in 2022

  4. Make sure its legitimate, they need to actually work on your business this is not a sham operation, pay them a reasonable wage

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