Tip:
Highlight text to annotate it
X
hi folks Paul Charron the internet marketing locomotive here
and I'm going to do a quick video for you today on
my top five home based business deductions now this is the first time
ever done a white board thing and
really wasn't into it when I first came online I thought I was had cheesy but I
thought
you know what that's good enough for Ray Higdon it's get enough me
Damn you Ray Higdon. Let's get started guys the top five who
at least my top five home based business deductions I think they're huge and I
think it's something they should be taken advantage of iraq
number one is the home office deduction your home office deduction covers
your home office in your home all the office supplies that you use for your
home
stuff like your video cameras I'm sharing this with are sound equipment
lighting
all that kinda stuff as part of your home base business deduction just
quicker
so you know how to use it if you have a thousand-square-foot
office in a thousand are thousand-square-foot home that s and a
hundred square foot office
basically get a 10 percent right so if your pan
2000 bucks a month for for rent or mortgage works either way guys does
matter where the own home or you're renting it could be an apartment
I doesn't matter if I 2000 bucks a month and
I you have ten percent of your home that you're using for office
just that space alone is a two hundred dollar deduction
each in every month pretty powerful stuff guys
it's something that you should be using number two your
automobile expense your automobile mileage
so how does that work let's say you're going to visit a client you're driving
down the street to go
pitch your business Talk about your primary company
whatever it is that you're going for they could be just going down to get
office place you're going to get office supplies
let's say you travel ten miles down 10 miles back about 20 miles total
fifty five and a half cents a mile guys as a 2013 anyways
55 1/2 cents per mile eleven dollars 11 dollar write-off for going down to the
office supply strong backer down to meet a client back
I will be on my house is huge I recently did a %ah
went down to California for the North uses workshop in with the magnetic
sponsoring guys what mr. way I'm at Crystal
are a man thong and for some miles haircut now on
rameriz lie all the guys that big the whole budget
for a great group all my miles down a California and back
all written off at fifty-five have some smile huge gas
gotta take advantage that number three year children you thought
that they weren't good for anything I've got news for you
that's horrible children can be hired
in your business any *** any child over the age of six can be hired in your
business to do filing to do
a database work to do or you know
design your website whatever you want to do you know your seven-year-old better
other computer then you are anyways
so get them to do your website for your you can't pay them
its tax-deductible to you they do not have to claim it
as income and I believe that's up to five thousand four hundred fifty dollars
and if they're under 18 there is actually no payroll deductions as well
so it's a huge huge deduction guys you should use your
your children and your business if at all possible that can be taken out the
garbage clean the room do not cast a clean out the garage that's not
one talk about here they have to be legitimately involved in your business
so make use of your kids for more
and It'll teach them some good skills anyways right It'll teach 'em.
it'll be good for number for your health care costs now this the something has to
restructure my professional guys
but Harper center health care costs can be written off
in your home base business die believe you have to be a C corporation I'm not
sure on that but I believe you have to be /c corporation but it is a huge huge
deduction guys
if I you hire your spouse for example
partner benefits is paying her health care costs
i 100 percent %uh that is written off and you're part of a family so you get
to have all your health care costs right not to
huge huge deduction so I highly recommend that you that even
to get next set up by professionals well worth it number five is your meals and
entertainment for going down to meet a client
If you're going down to up
to you hire a contractor or whatever it is
and your meeting up for lunch fifty percent that meal
is written off now the entertaining part of it let's say you're taking a client
out to
you take in a movie and you're in you're pitching your business during the
during the Movie hopefully it's before after or not one of those annoying
people pitching
during a movie but 50 percent at entertainment is
I'll write off as well now I have a a company outside of the online marketing
and I have eight employees if I take them all out to dinner
or we go bowling or whatever that is an Employee Benefit
and that is a hundred percent right of so again
great deduction meals and entertainment deduction it can can run into lots of
that's my top five home based business tax deduction guys I'm gonna give you
one marks I think it's really powerful little bonus
and that is on business trips it's really kind apart other
its altogether part of the home meals and entertainment
and the mileage but business trip if it's structured properly
you can slide it together with the family vacation and write off the whole
100 percent
and again the recent trip that I took to California all the miles down and back
was right of Harper center the hotel's while I was there going to the
conference was a write-off
and my wife was with me I got to spend some time with my wife we also
I want to the conference we got to spend some time and do a little bit
sightseeing while we're there but the majority of my time
on that trip was spent doing business so 100 percent on that trip
was written off now you'll be careful with meals and stuff like that obviously
my wife's meals are not written off
I can hear enough but everything that I do there
because it's part of my business is a hundred percent right off she gets a
tagalong enjoy it gets spent some time together so
that's my little bonus if you do it right guys family trips and business
trips can be done one in the same
and you can get to you know a huge huge tax benefit out of that so
make sure you that as always guys
always always always no matter what kind of advice you find anywhere online or
anywhere always seek the advice a tax professional or accountant
or somebody who's that's their job is to do this that &
make sure that it's alright most the stuff you can find on the IRS dot gov
website
but I still highly recommend that you use a tax professional to set the stuff
up to structure and to make sure it's all rights they don't get any trouble
I get hit in the gray areas is okay but you don't wanna II
cross a line, bend the rules okay but don't break
so that's it got my top five home based business deductions
make sure you use 'em it all make your business
you know truck along to your profitable and then it'll help keep your
I your actual tax all income down as long the and so
that's it my name's Paul Charron the internet marketing locomotive see you in another
video thanks for watching guys if this helped out make sure you
shared around write comment below Gary questions let me know thanks have a
great day