December 19, 2020

Per Diem Rates 2020

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 days are gonna be personal but then you also can deduct the expenses related to getting to and going. From the. Destination of your choice so that is a really great way to deduct a lot of expenses protip here if you want to deduct your meals which is the next deduction I'm, going to talk about the meals and entertainment deduction which is actually really only the meals deduction, now because they did away with entertainment back in 2018 hopefully that will come back in a couple years from now but for right now it's, only meals you can deduct protip if you go to a little link down below to the government website that you. Can use to figure out what the per diem is in some of the cities, that you might visit you can deduct the per diem cost for the meals and then if you. Eat on the cheap like let's say you go out and buy ramen and don't do anything fun so you can, capture the difference between that and you can deduct the, per diem for the city where you're at as opposed to your actual costs now if your actual cost is significantly more than per diem then you want to, do that you can do a 50% deduction on all your meals while you're traveling and along with that you can also. Do a 50% deduction on all meals that you do while you're you're talking business so if you take referral sources out to lunch or coffee or, happy hour whatever and you're talking business then those are meals that you, can that will qualify for the 50% deduction for meals and entertainment even though entertainment doesn't really count now, I think I need a quick coffee break and then we're. Gonna get into a really big.

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