Wealth Advice & Tips

3 Ways You Can Cheat on Your Taxes, and Not Know It

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The IRS made headlines when it announced that that the agency would conduct fewer audits this year because of budget cuts. 

While some may worry that more scofflaws will get away with tax fraud, the truth is there is a bigger problem in the American tax system. 

Too often small business owners cheat themselves by not taking out all the deductions they are eligible for.  

In fact, owning a small business is one of the best ways to lower your tax bill legally.

Here are a few little-known ways to reduce your tax bill:

1.    Driving your car: There are two ways you can save on taxes because of the expenses you incur while driving.  The government offers you gas millage rate of 56.5 cents per mile. Or you can take the “actual use” car deduction, which takes into account the costs of gas, repairs and insurance as well as the amount the vehicle was used for business purposes.

2.    Eating with family and friends: Who are your potential clients and who can give you a referral? Everyone. So you can deduct the cost of 50 percent of meals and entertainment if you talk business in the same 24-hour day.

3.    Working from home; People who don’t take a tax deduction for their home offices are missing out on significant savings. You can take a deduction of a percentage of your costs of things like utilities, maid services, and rent as long as you regularly and to the extent that you use it for business purposes.

These deductions are just the tip of the iceberg. You can write off the equivalent of the cost of your child’s education and wedding, deduct 100 percent of your medical expenses and turn your vacations into tax deductible events.

I explore all these tax tips and more in my third Generational Wealth class.  So this tax season, don’t cheat yourself out of major savings. Take my class, and start your own journey towards achieving financial freedom.


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