I generally do 1 or 2 live seminars a year and during them I’ll ask the audience for things they currently spend after tax money on. After tax money means you’re paying for things out of your own pocket. If you can shift that to before tax money, you’ll pay a lot less in taxes.
Of course, a business deduction needs to be ordinary and necessary to the production of income. Here are some of the things we talked about at a seminar a few months back:
- Movie tickets. If you are a screenwriter, video producer or otherwise involved in the film industry, you probably have a deduction here.
- iTunes cards. If you’re involved in the music industry in some way, you’ve got a deduction. Or, if you’re like me, you need the music for a live event. Make sure you get appropriate permission before you use music commercially. Or maybe you want to use the music for your office ambiance.
- Wine. Okay, we had to throw this one in there. If you have a party for your clients, vendors, prospects, staff or just about anyone that you can prove has a legitimate business purpose, you’ve got a deduction.
- Tips. This is a tough one. If you travel for business a lot, chances are you know there is a lot of money that you end up having to spend in cash.
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