This episode is about tax deductions for businesses. I cover different deductions that firm owners should be aware of such as meals, home office, professional fees, furniture, computers, other equipment, the Augusta Rule, and vacation deductions. Furniture, computers, and other equipment are considered fixed assets, so they must be depreciated and not fully expensed in the year of purchase.
I also briefly cover the Augusta Rule and how it lets homeowners rent their home for up to 14 days without needing to report the rental income on their individual return. Finally, I describe how to turn a vacation into a tax deduction and how to hire children in accordance with the law. I also mentioned that time tracking everyone in the firm is recommended.
“Believe it or not, in the event of an audit, the bank statements will not suffice for backup. They will also require receipts – so I recommend all business owners save an electronic copy of all their receipts in their internal files.”
In this episode, you will learn the following:
- Did you know that you can turn a vacation into a tax deduction?
- Have you heard of the Augusta Rule, which allows homeowners to rent their home without needing to report the rental income?
- Did you know that you can hire your kids to work for your business, but it requires intricate planning to make it work?
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Jayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.
With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.
As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!
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