The information below was provided to us from Bradford Tax Institute, we pride ourselves on providing you not only with information on what tax-saving strategies to use, but also with the knowledge as to how to implement them.
With the resource in this article, we go one step further—we show you where in the tax return you should record these tax breaks.we provide you with 10 tax-saving strategies that put money in your pocket. We then show you how these strategies work for you and where to record them on your Schedule C.
Use this information below to learn how to implement the following 10 Schedule C strategies today:
1. Use the Section 105 plan to make your health insurance a tax-favored business deduction.
2. Employ your under-age-18 child to make taxable income disappear.
3. Employ your spouse without paying him or her a W-2 wage.
4. Rent your office, even your home office, from your spouse to save self-employment taxes.
5. Establish that an office in your home is your principal office, to increase your vehicle deductions and
also turn personal home expenses into business expenses.
6. Give yourself flowers, fruit, and books as tax-deductible fringe benefits.
7. Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab big deductions
8. Design a business trip that includes some personal days—days you treat as 100 percent business
even though you don’t work on those days
9. Use the seven-day tax deduction travel rule to create a business trip that is 87 percent personal
10.Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits.
December 16, 2021 | DWHuff Consulting
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