Budgeting Sucks: LIVE FREE, RETIRE WEALTHY: How to keep more of what you make without Sacrificing, Scrimping, or becoming Scrooge

by Garrett Gunderson

Home Office Deduction: If you make phone calls or use a computer, you can create a dedicated workspace in your home and deduct it as a home office expense. • Phone, Internet, and Utilities: With a home office, you can also deduct your phone, fax, and internet expenses associated with your business, as well as a percentage of utilities. • Car: Any time you drive for business purposes you can deduct your expenses, including gas, mileage, and service expenses. Having a home office may even justify writing off a higher percentage of your vehicle. • Travel: You can deduct any travel for business purposes, including annual corporate meetings. • Education: Education costs related to maintaining or improving your skills for your business are tax deductible. • Hire Your Kids: IRS rules allow you to pay your kids for specific tasks and deduct what you pay them. • Use of Your Home/AKA August Rule: You can rent your home to your business for fourteen days or less to host functions for employees or vendors, and take the tax deduction for the business without claiming it as personal income.