Drew Miles’ Tax Strategy for BIG Savings Through Better Business Tax Deductions
Filed Under: Tax Deductions
Filed Under: Tax Deductions
Pathfinder Business Strategies uses a powerful tax strategy process to identify both personal and business tax deductions that can save its clients thousands of dollars in unused or underutilized deductions. Be wary of tax tips or scams to buy something just to reduce your taxes.
Instead, Pathfinder Business Strategies will look at where your hard-earned money is currently going. We want you to make more of those purchases with pre-tax dollars instead of after-tax dollars. This is the cornerstone of lasting tax savings.
Our tax strategy resource contains over 400 tax deductions available to business owners in a simplified checklist of the IRS tax code. Pathfinder Business Strategies teaches clients how to take advantage of the list without eliminating items they think are not available and get the most out of possible business tax deductions.
Most clients are already claiming some deductions but our brains are wired to scan over things we think are not business tax deductions. For example, many business owners take tax deductions on auto business use. Many use the IRS standard rate deduction (50.5 cents for every business mile you drive) but there is also the actual cost method.
The actual cost method would take the car payment of $500 each month plus gas, oil changes, tires, car washes, tune-ups, etc. and add another $500 for a total of $1,000. If your car is used for 80% of business, you have a business tax deduction of $800 per month or $9,600 annually. That is an additional tax write-off of $6,960.
A written medical reimbursement plan allows you a tax write-off 100% of your documented medical expenses. Most people think only about health insurance and deductibles. This is correct but there are many other items to include. Items that sustain or enhance your emotional, physical and mental energy toward your business are other potentials for business tax deductions.
Take for example a client that is worth around $70 million. He started each day with swim laps and a soak in his hot tub to counteract fifteen physical injuries and surgeries over several years. His daily routine was important to his job performance. His doctor was willing to write a note on his behalf and additionally, the inclusion of $125,000 in equipment for business tax deductions. Pathfinder Business Strategies saved this investor about $60,000 in tax deductions simply by reading through the list and applying the unused items in his home gym.
Items such as your children’s daycare expenses, annual vacations and even the family motor home are possibilities of business tax deductions depending upon your circumstances. Meals are a prime example. A meal with an old friend is 0% tax deductible but if the same person is a business potential, the meal is 50% deductible. If you are working on a business deadline during the meal, that is a 100% business tax deduction.
Pathfinder Business Strategies works with our clients through their previous tax returns, a list of assets and their twenty largest personal expenses. We are more interested in what you are spending money on (actual expenditures) than what you may purchase. We teach clients to take advantage of unknown business tax deductions and to caution them on taking a tax deduction that they should not have.
Pathfinder Business Strategies can be found at http://www.pfbs.com and welcomes you to consult our online coaching programs and videos for more information on business tax deductions, tax tips and strategies.
Drew Miles is an author, teacher, and international speaker. He worked as an attorney for 18 years before retiring in 2006 to concentrate solely on his commitment to serve his clients and expand Pathfinder Business Strategies’ scope of programs. His highly acclaimed book, Zero to Success, chronicles the steps every new business owner must take to ensure success. He has been featured in Forbes, the Dallas Morning News, American Banker and Yahoo Finance. To date, he has helped 4000 business owners save over $50 Million dollars in taxes. That’s why he’s known throughout the United States and Canada as The Tax Saving Attorney™.
