Tax Deductions for Firm Owners: Wine-Dine Clients, Travel, Home Office Expenses, and More
December 6, 2022
Tax Deductions for Firm Owners: Wine-Dine Clients, Travel, Home Office Expenses, and More

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:

  1. Did you know that you can turn a vacation into a tax deduction?
  2. Have you heard of the Augusta Rule, which allows homeowners to rent their home without needing to report the rental income?
  3. Did you know that you can hire your kids to work for your business, but it requires intricate planning to make it work?

To get your free Law Firm Owner Profit Toolkit, sign up below!

About Jayden

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!

Jayden’s Website/Links

Latest Episodes

Targeting Big Fish: How to Find Your Law Firm’s Niche Market

Targeting Big Fish: How to Find Your Law Firm’s Niche Market

In a saturated marketplace, a seasoned lawyer must strategically target a specific niche market and craft a tailored marketing plan to stand out, find their big fish, and convert leads into clients. This episode focuses on targeting a niche market through narrowing...

Revenue Goal Setting: SMART Strategies to Maximize Profits

Revenue Goal Setting: SMART Strategies to Maximize Profits

Learn how to set target revenue goals that are both achievable and realistic for your business. Today I discuss revenue goal setting and explain how to set SMART goals for increasing revenue. This includes being specific, measurable, attainable, relevant, and time...

Cash Flow Management: 4+ Bank Accounts to Maximize Profits

Cash Flow Management: 4+ Bank Accounts to Maximize Profits

Discover how to maximize your cash flow and never worry about money management again! Learn about Cash Flow Management with this podcast episode which discusses a new cash flow method that could help improve your firm's profitability. This method involves having four...

Subscribe/Follow

Good Life Stories on Apple Podcasts
Listen to Good Life Stories on Spotify
Get Your FREE Law Firm Owner PROFIT Toolkit!

Get Your FREE Law Firm Owner PROFIT Toolkit!

~

Your email is safe and secure.