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
Hotel and lodging
Rental cars and gas for rentals
Valets, taxis, trains, tolls
Travel deduction ideas to incorporate in your business
Hold the annual company meeting (board of advisors for LLC)
Visit a client to cultivate a relationship
Visit a vendor
Attend a conference or workshop
Check on your rental property
Can deduct expenses related to all vehicles as long as they have some business use (e.g. RV, van, motorcycle)
SUVs, Trucks and Vans – over 6,000 lbs and 6ft bed or greater or enclosed = 179 deduction
Leased Vehicles (actual expenses including lease payment)
Meals & Entertainment (ex Entertainment as of 2018)
Dining with a prospect or important client
50% except in 2021 its 100% at restaurants
Dining while traveling
Meals with employees, club meeting, food for employees
Year-end parties, marketing presentations
Technology and Telephone costs
Laptop, computers and printers
Ipads and reading devices
Cameras, video cameras, lighting and studio
Microphone, speakers and audio equip
Tvs monitors projectors and screens
Bluetooth devices, smart watches and google glasses
Coffee makers and appliances
Must show its critical to the business, not extravagant, separate phone for personal use
Home Office Deduction
Make sure you meet the requirements
Regular and exclusive use
Principal place of your business
New Administrative office tax court rulings allow for administrative tasks in home office to qualify for deduction**
Decide how to calculate the deduction
Regular – actual expenses
Paying family members in the business
Most underused tax strategy by small businesses
Paying children under 18 (no income or payroll taxes)
Paying under $12,950 in 2022
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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