Personal to Business Expenses

by Minority Fortune

Did you know that you pay more in taxes than the wealthy do? While most of middle class gets socked for about 30% in taxes, the upper class strives to contribute as little as possible.

Tax write-offs can be so powerful. They’re the wealthy’s bread-and-butter. If you’re not tax savvy, it’s pivotal to learn or get a great accountant and tax attorney. You’re leaving money on the table.

Get incorporated. All these purchases could be under your company’s dime*:

• Home Costs = Home Office/ Business Rental
• Furniture = Business Furniture
• Seminars = Education
• Tuition = Education expense
• Vacation = Business Trips
• Gym = Physical Fitness Facility
• Dry Cleaning = Out-of-town expenses
• Art Work = Office Art
• Magazines = Subscriptions

Business Week provides an article regarding self-employed tax deductions. A tax consultant drops the knowledge on how to go about deducting expenses.

An additional list of business deductions can be found here.

*Information provided by Robert Kiyosaki.
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