How I will Write Off My Vacations On My Small Business Taxes
Small business taxes can be substantially decreased with proper planning. For example, I have started a home based travel business. As a tax accountant I know that, through proper structuring, I can now deduct our family vacations.
1. Pictures and Videos While visiting a travel destination my family and I will take pictures and make videos. Since I have an unincorporated home based travel business through Travelencia I can hire my family while we are on vacation.
2. Hire Your Child For An Itinerary. Natalie is 12 and loves to make arrangements. Hence, I will hire her to do the vacation itinerary. My only instructions are to choose places that are fun and that will provide an excellent back drop to our pictures and videos. Since she is almost a teenager fun is her middle name.
3. Who Do You Call? After the trip itinerary is completed my wife puts a call into Travelencia. Here she makes all the arrangements. Our credit card stays in our wallets because Travelencia has 0% layaway financing.
4. Grips Anyone? Joseph (14) and Joshua (10) will be in charge of all the video and camera equipment. They will make sure it is in good working order with batteries charged. While traveling from place to place they are also responsible for setting up and taking down the equipment when we shoot videos and take pictures.
5. Where To Market? From our home computer we will prepare the pictures and videos from our vacation to be uploaded to YouTube.com. This will be enjoyable for my children to get a taste of advanced marketing techniques.
6. Marketing Support. Infinite Potential is a new free to join forum. Here I post a link for our pictures and or videos in the “Support My Marketing Efforts” section. This will create traffic to our website where other people can learn to do the same.
Everyone should have a small business for no other reason than to have more deductions. Hiring your family and structuring taking planning but is not difficult.
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