5 Personal Expenses To LOWER Your Taxes
Looking for ways to lower your taxes for 2022?
I don't really like the idea of buying things that you do NOT need...
...just to lower your taxes!
So unless something is needed for the business, I think its often a waste of money.
However, if there are things you are using for the business and you might be paying personally...
...let's make sure we use those to lower taxes for your business!
Below are 5 expenses that you might be paying personally...
...that can be legitimate business expenses:
Home Office - MUST be a separate room in your house or apartment
Cell Phone - Can NOT deduct the whole payment, only the percentage used for work
Laptop - Can NOT deduct the whole expense, just the percentage of work use
Gym clothes - IF your business logo is prominently shown on the clothes
Vacations - IF you are traveling for work (meeting with client, education/credentials, conference, etc)
Important Note: For all of these deductions, there are detailed rules, guidelines and documentation requirements. So please consult your accountant on how to properly make these deductions!
Recap...
These expenses can help lower your tax bill...
...WITHOUT requiring you to just spend more of your profits on unnecessary expenses...just to lower the taxes.
If you would like my help to strategize how these expenses and more could help lower your tax bill, please schedule a call with me.
I can walk your through the process of how I can help your fitness business.
Best
Pat
Disclaimer: This is meant for educational purposes only. This is NOT advice for your specific situation. Please consult a qualified tax professional before making any changes to your tax strategy.