Coaching & Training - 5-8-23 How having a home based business can save you money on taxes

All right, everyone. We are going to go ahead and get started. So my name is Laurie Delk Radecki, and we do training each week here. And so tonight i'm going to talk about one of the biggest things for having benefits for having an at home based Business is all the things that you can write off, all the things that you can save on your taxes. And so i'm just going to go over a few different points of ideas of what you can write off, what you can keep track of, and the type of money you can save. So if you don't have a home based business, you're missing out on all these tax deductions. So that's one huge thing. Reason and benefit of why you want to start a any type of home based business. the first one, of course, is keep track of everything. For example, if you're buying paper for your office, save the receipt I use, quicken to keep track of all my transactions, and I can put them in different categories, and I can organize them. You can put them for, if you drive to the store for your meetings, you want to save those. If you're buying lunches with your team or having lunches with prospects or hotels, anything that can be used in your business. You can keep track of it. You can use it as a deduction and claim it off your taxes, so you don't have to pay as much in taxes. So another thing is to write off your workspace - so like here you can see i'm in my office here, so I have a dedicated workspace, but I don't have to sit in my office all the time right because I have a laptop. I can sit wherever I want, and a lot of people Don't have a dedicated workspace, and that's fine, too. You can still write off a percent of your home, even if it's not a dedicated workspace. You just have to figure out what that percentage is compared to your house, and you want to save that. whatever that is, it can be up to 300 square feet, so it can't be more than that. But and of course always i'm not a tax accountant, so you always check with your tax accountant it for you know the rules for your State or your area, or whatever. But you can also write off that same amount of percentage for utilities & insurance & your mortgage. All those things you can write off. You can write off those for utilities and for any other type of deductions and your office space. The next one is for updating your equipment. So you always want to update your equipment like you could think about a lot of times. People say I don't want to spend the money on a new laptop or whatever your office furniture, software for your computer anything can be a 100% deduction the year it's acquired. And so there's no reason to not update things. You want to get things updated and have them because you can write them off on your business. another thing you can do to write off on your taxes is to save for retirement, so you can save money towards your retirement. You can write off the contributions to to your to your retirement. You can write those off also, as you're saving them and saving for your retirement. Another thing is talking to clients. So when you're talking to clients you can write off a percent of your phone. If you talk to clients on it. So i'm on my phone almost all day with clients. And so you can write off a percent of that to your clients as well. So then also like your Internet, if you use it in your business, you can also write your Internet off..... Like, Comment, Subscribe, Review and see full transcription: See more at https://www.LaurieDelk.me for speaking engagements or corporate sales training Follow me on all social https://facebook.com/LaurieSueDelk https://instagram.com/lauriedelk https://linkedin.com/in/lauriedelk https://tiktok.com/lauriedelk https://twitter.com/lauriedelk https://youtube.com/lauriedelk https://www.amazon.com/shop/lauriesuedelk Follow me on your favorite podcast - subscribe and if you got value, leave me an awesome review and share w a friend that can use the training too :)