Small businesses are at the heart of America. According to the Small Business Administration, there are over 29 million small businesses in this great country of ours, and that number is projected to grow to over 40 million by 2028.
Small businesses are displacing the traditional employer/employee relationship at a staggering rate.
It just so happens that the holy grail of tax deductions is also a small business. A small business can transform personal spending into legitimate business deductions simply by knowing the rules of the road and then executing them with intent.
With the right (and not too difficult) conditions, a small business can take a vacation and turn it into a business trip, a family meal into business a dinner and a portion of the home into an office deduction. Small businesses can transform football tickets with friends into an entertainment deduction if your friends also happen to be customers (or potential customers) of yours.
Small businesses are also a way to shift income from higher earning family members to lower earning family members and at the same time provide for their security by teaching them the family trade.
Cars can become deductible if used in business. Your children’s education costs could become an deductible employee expense if the education relates to the job, and with the right type of corporate entity, you become far less susceptible to lawsuits because you own nothing, and everything, at the same time.
It is no wonder that a very large part of this site is dedicated to small business tax deductions because this, my friends, is where the five-percenters – those that drive extremely favorable tax outcomes in their lives – really, really, shine.
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Of Special Note:
Deductions.TAX uses the case study method, bringing life to examples (and dare we say – making them fun?!?) that address the tax question or idea being discussed. Look for these on complicated issues and decisions.