How to Turn Your Vacation into a Legit Business Deduction
|
Hello Wealth Builders! Summer is here! While many are taking well-deserved vacations, tax savvy business owners are also looking for ways to save personal cash and maximize legitimate business deductions. Let's talk about how to do it the right way - and the wrong way: THE WRONG WAY I recently heard someone say: "Any time I go out of town - vacation or whatever - I just meet people, exchange business cards, and deduct it as a business expense". I hate to be the bearer of bad news, but that's not how it works. If you're audited, those deductions will likely be disallowed. THE RIGHT WAY You can choose any destination you like - as long as the primary purpose of the trip is business. Key rules to keep in mind:
Here's an example: Say you live on the East Coast and a business conference is happening on the West Coast Wednesday through Friday. You also have a client in the same area and schedule a visit on Monday. Since it would not be reasonable reasonable to return home just to go back for your client on Monday, your entire trip can qualify as a tax deduction. Yes, the weekend is yours to enjoy. MAJOR KEY Simply exchanging business cards isn't enough. Proper documentation is what matters. You need proof that the primary purpose of your trip was business. Examples include:
It's not just what you do, it's how you do it - and what you can prove in case of an audit. That's just one example. The tax code is full of laws and regulations designed to help you save. What you need is a Tax Strategist to help you implement for your business. If you are an established or rapidly growing business, let's connect. I can help you legally redirect your money from the IRS back to your wealth building goals.
DEADLINES September 15th -
September 25th -
October 15th -
January 15th of the new year -
We are always accepting new clients. Please feel free to schedule an appointment by clicking the button below:
Look forward. Plan smarter. Build wealth. |
Welcome to the KNK Tax & Accounting Blog
Hello Wealth Builders! High earners excel at building their business and bringing in revenue. That's your superpower. The downside is many don't think about taxes until March, or even September/October. If that's you, you could be leaving thousands on the table, or worse, in the IRS treasury. Smart high earners review, adjust, and take action in Q4 to redirect money from the IRS back to their bank accounts. Here's what you need to do: Review your financial reports - Accurate, up-to-date...
Hello Wealth Builders! After three long years of studying and testing, three months completing all the application requirements, I am proud to share that I am officially a Certified Public Accountant (CPA)! What's Changing? Several people asked, "Now that you're a CPA, what's changing?" The truth is nothing much about the quality of my work is changing. Even though I'm a newly licensed CPA, I've been in business and doing the work almost a decade. This coming January will mark 10 years. For...
Hello Wealth Builders! I promise I've heard this hundreds of times, "Just set up an LLC or S Corp and write everything off". The complaint I hear from taxpayers and new clients is, "I just need some more write-offs". Of course you want to accurately report your income and expenses, but that's not always enough. The truth is real tax strategy isn't about write-offs. That's the bare minimum. Real tax strategy is about wealth building. Wealthy people don't lower their taxes by spending...