Hey there, studio owners, entrepreneurs, and fierce women making waves in the business world! Ready for the ultimate life hack that won’t just keep Uncle Sam off your back, but might just make you his favorite relative? Buckle up because we're diving into the art of legally paying zero taxes. Yes, you heard that right—zero, zilch, nada!
Ever wish your car could do more than just get you from point A to point B? Well, it can! If you own your vehicle and your business doesn't, you can reimburse yourself for business mileage. Currently, the rate is about 56 cents a mile. That means every 100 miles driven for business purposes gets you $50 in write-offs. Trips to the bank, post office, or events all count, so start logging those miles with an app like MileIQ. It’s a small investment for big savings!
Working from home? Perfect! You can deduct home office expenses if you don't have a fixed business location outside. Use the simplified method: less than 300 square feet gets you $5 per square foot. For larger spaces, calculate the percentage of your home used for business against your home's operational costs. Remember, your space must be exclusively for business—no sharing with your kitchen table or couch!
Here's a clever one—deduct your medical expenses through a medical expense reimbursement plan. If you're a sole proprietor and married, your spouse can be reimbursed for medical expenses instead of taking a salary. This includes everything from dental appointments to over-the-counter medications. Just ensure these expenses are paid and reimbursed before December 31st. Look up Section 105 plan or MERP (Medical Expense Reimbursement Plan) for specific details.
Yes, it's possible to pay zero taxes legally, but why stop there? Paying more taxes means you're making even more money. With pyop accounting as your partner, we ensure smooth financial management, a clear path to profitability, and a thriving studio that supports you as much as you support it. Ready for a life of financial ease and high returns on your big energy? Let’s make those tax woes disappear together!
Stay tuned for more tips and tricks, and head over to pyopaccounting.com to subscribe for the latest financial strategies that make your business work harder for you. Got questions or thoughts on tax strategies? Drop a comment below and let’s keep the conversation going while Uncle Sam watches in awe.
Stay savvy, stay informed, and let’s conquer those taxes together!
Please follow us on Facebook and Instagram. Please make sure to check out our blog and our website link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. You can email me at donna@pyopaccounting.com.
Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
