How to Make Any Expense Tax-Deductible!

It is indeed safe and easy to take tax deductions...but don't take my word for it! In the first video, I give you a brief guided tour to the important areas of the IRS's website (www.irs.gov) that will give you the guidance you need to take your deductions confidently and understand that virtually everything mentioned in this course does indeed come straight from the IRS through their publicly available reports, forms and publications.

One of the most important terms for you to understand to guide your year-round tax savings strategy is one that you will have difficulty finding in the tax laws...Context! It helps you understand above and beyond the common response you will get to the question "Is this expense tax-deductible?" which is typically "It depends". Please make sure you peruse the accompanying publication (# 535) on business expenses straight from the IRS.

Knowing how to keep good records is essential and the IRS tells you in  advance what records you should maintain so you are in compliance. This screencast gives a brief tour regarding this matter (Pub. 583). Other publications get more specific. Meal and Entertainment expenses, for example, are covered in greater detail in Pub. 463.

A tax deduction has the power to save you on multiple taxes so that you can truly accumulate tax benefits. This screencast lays out the case for how cumulative tax deductions can save you significantly on your taxes.

Before you actually start a business, you may encounter costs for researching and related expenses in your "pre-launch". Given that, speak to your tax person about something called "Stat-up amortization". This is usually covered in the same publication as depreciation (Pub. 946) and reported on Form 4562.

We all eat everyday...meals are part of life but usually they can't be deducted. However, business meals are deductible (with some limits) and the more meals you can legitimately deduct...the better for you tax-wise. More details are in Pub. 463.

Personal trips (such as vacations) are usually not deductible. Business trips, however, usually are. Find out how to deduct business-related travel expenses (even if you enjoyed the trip!). More details are in Pub. 463.

Usually, payments to kids (such as an allowance) is not a deductible expense. But what if they are doing legitimate work for legitimate compensation in your business (even at home?)...then yes! The IRS provides guidelines on how to do it right and this screencast shows you where that information is at their site.

Business-related auto expenses are definitely deductible for your business and you should check out how to do it with this screencast. More details on auto expenses are provided in Pub. 463.

Yes...you can deduct business-related entertainment and gift expense but you must do it right. Full details are provided in Pub. 463 and this screencast will give you the tour...

Can you deduct a cruise?! Believe it or not...a cruise can be deducted if it is business-related. The IRS provides guidelines on how to do it right in Pub. 463 and this screencast helps you find that info.

The home office expense is a powerful deduction and it can be worth thousands...but you need to do it right and also get very familiar with Pub. 587 which provides the critical details.

Business Expenses can be deducted readily in a given period (such as a tax year) but assets are treated differently...they are usually "depreciated" which is like deducting it on an "installment plan" by deducting a portion each year over multiple years. Depreciation is covered in Pub. 946.