November 22, 2020

Federal Per Diem Rates 2020

Federal Per Diem Rates 2020 is your online business taking advantage of these tax deductions stick around because today we're going to review seven of the most commonly missed tax deductions that you can use in your online business starting today let's do this where we. Help online businesses and small business owners to. Get their legal house in order so they can focus on what they do best building something that truly matters in the world and today we're gonna talk about seven of the, most commonly missed tax deductions that you can use in your online business but before you go any further I, would just want to take him in and ask you to, go ahead and click the Bell thingy down below subscribe if, you like what I'm talking about like the video comment all the things would really appreciate it let's jump into this all right shall we first of all it, is hot in here I know you don't really care but it is really freaking hot in that, I gotta turn the heat down I'll be right back all right people let's do this seven deductions you can use in your online business, let's start with number one and that is optics expenses technology. Supplies all those things so next time you run out to Staples to buy paper for your printer or pens to take notes with or notebooks or anything like that or you're approaching Sisson. Technology all those apps that you're spending 50 bucks a month on the operating agreement that I have for sale down, in the description plug for that anything like that that. You're using technology wise or anything like that in your business those are all deductible expenses so you want to make sure you're tracking that and the tool that I. Use to do that now there's a couple tools what I use is QuickBooks Online I'll include a link down, below or for you to sign up for that other people use Xero com is another popular.

Choice other people use fresh books I don't, particularly like fresh books because it's really just invoicing it's not a full accounting solution for your business but QuickBooks Online they're making it easier, easier and easier for everyday people to use if you get it, set up correct it's a fantastic tool it's got great great reporting and it makes it really easy to capture all the the things that you're doing in, your business but you even have a function now that you can use to capture receipts, so you can go online you go to you go to Staples you're buying office supplies. You take a picture of the receipt it automatically uploads into your account syncs with your bank statements it's awesome I use it every day and for, the 30 or 40 bucks a month that I pay for the.

Subscription it is a phenomenal tool probably the most often used tool that I use in my law practice all right number two cell phone and cell phone service. So this is actually two deductions wrapped into one you can deduct the cost of your cell phone and you can also deduct the service the service plan that you. Use so whether you're with Verizon or Sprint or AT&T or.

Somewhere else or something else you can you you can deduct the cost of purchasing and. Using your cell phone in your business and this is a great little deduction because if you do a most of your work with a cell phone for business you, can deduct that and now you have to be careful because you have to you can only deduct the percentage of use. For your business so let's say you use it 90% for business and, 10% for personal then the 90% you use for business is what you can deduct and you can't deduct the other 10% but what a lot of. People will do is they'll buy one cell phone for business use. And one for personal use that's a great way to do it that is a great deduction that you can use to save you money right, away and you get the cell phone out. Of deal so that's kind of nice okay this third one is a huge deduction that you can use it's travel now I know a lot of you are out there going to conferences you're. Going to events you're going to different things for your business, if you own rental properties you might be going to visit your rental properties I would encourage you to purchase rental properties. Places that you want to visit because it gives you an excuse to go there and, visit right so anytime you go to any of these things you can deduct the day that the travel expenses from the day you you travel to. That place the travel expenses for the day that you return from that place and any travel expenses in between on days when you're, doing business so if you go.

On a 10-day vacation and you wrap it around a biz this trip that's two days you can deduct those two days in the middle that you were doing business the, rest of the.

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