Team Dawn Vaughan
5. Travel for business or combine business and pleasure as long as the main purpose of the trip is to build your business. Expenses like air travel, hotels, meals, parking, dry cleaning, telephone calls, and tips are all deductible.
6. If you move from your home to grow your business, as long as your new residence is 50 miles away, you can deduct all moving expenses.
7. Donate money to your favorite charity from the business and write it off. Taxes incurred in operating your business are usually deductible.
8. Your home office is all deductible as is a percentage of your home utilities, wi-fi, cell bill, and storage areas. Promotional garb to wear at public events is also deductible.
9. If you use credit to finance business purchases, interest and carrying charges are fully deductible.
10. Product sold but not paid for, can be deducted. Bad debt, bad checks and theft can all be deducted. Any casualty can be deducted.
11. If you have less than 25 employees, including yourself and your family, in your small business and have to pay for health care, you can deduct the premiums and all health care costs.
Structuring your life to own a small business or distributorship is easy. Your Plexus business will legally allow you to take advantage of the many business tax breaks offered by the IRS. Your business, if handled correctly will shelter much of your “full time job” income and allow you to legally deduct routine expenses that fall under IRS guidelines as “business expenses”.
1. The first year you start your Plexus business, you can legally deduct up to $5,000.00. This deduction includes business cards, website fees, all advertising expenses, office supplies, utilities, yellow page advertising, newspaper ads, home office set up costs, etc. If you renovate a space that’s at least three years old for an office or warehouse, you can deduct the entire amount.
2. If you use your car for business, or if you buy a separate car for business purpose, all expenses to operate and maintain the car are deductible. You can keep track of business related mileage and expenses such as brakes, tires, and routine maintenance and deduct it all at the end of year.
3. Conventions, trade shows, team building events, educational expenses as related to your business, payments made to attorneys, consultants, or tax professionals are all deductible in the year they occur.
4. The expenses for any type of entertainment, or function for prospective customers, or down lines such as dinner and drinks, festivals or fairs…Receptions or get together are all deductible as long as your business is discussed at the event or get together.