Women Entrepreneurs hire me to build wealth and keep more of the money they make.
I’m not a CPA but I do geek out on how all this works and my clients learn some amazing things they should be asking their CPA. It’s like learning another language and I love it so I want to share it with you.
We have a ton of excuses as to “why we don’t”. Let’s turn that table to “why we do”!
Well, most small business owners don’t take tax/wealth planning seriously enough. I get it, it can be over whelming, complex and not very fun. Most just put their head in the sand to avoid at all cost. The main reason this is so true for many is, you just don’t know where to start, it can be frustrating and it’s also one of the largest payables in your business. Because we typically visit our tax situation only one time a year, we never learn, we only dread. That is the #1 mistake entrepreneurs make, ignorance is NOT bliss.
Business is not just about making money anymore, it’s about keeping more of the money you make.
If you don’t take this seriously, this could be the collapse of your business. Finances are the #1 reason for divorce so don’t think your business will love you if you ignore it either.
So many people don’t even take these basic deductions. Start thinking out side of the box, these can all add up and it’s a way to KEEP more of the money you make.
When you make tax planning fun (gamify it), you no longer dread it. So make excuses to DO your taxes and wealth building plan so you have more money. Take these few here.
1. Cell phone – All the new gadgets are for your business…so write them off.
2. Dining – Eliminated (2018) for most reasons and available for some so ask your CPA.
3. Entertainment – Eliminated (2018) – sorry, no buying box tickets to schmooze your prospects.
4. Home Office – We all know you can write off a percentage of your home but should you lease from yourself as a better option, what is the best plan for you?
5. Laptop – This is your mobile business so write it off.
6. Travel – any where you go you should create a business meeting. Your company can have annual corporate meetings in Cancun or the very place you have been wanting to go but couldn’t afford it. This is how we have the government pay for our travel.
HOT TIP: Ask your CPA about the 199 pass through. You have to plan this one and not all apply but it’s the hottest write off for 2018 for small business, (you can include your rental income too).
My clients use this strategy to start a wealth account and then use this to purchase assets (real estate).
I hope you enjoyed this, I look forward to helping you learn more and see how just a small amount of money can make a big difference.
Making it happen