Did you know that, as an employee you pay taxes in the highest tax bracket? In other words, you make it and they take it. As an employee you are leaving money laying on the table simply because you have no write offs.
What if a lot of your normal cost of living expenses such as your cell phone, your printer, paper for the printer, ink for the printer, lunches with friends, party supplies, repairs on your car or education and seminars suddenly were all free? Take a breath, because when you own a business they are all free. They’re called “write offs” and they save boat loads of money. Of course you are required to file the long form for your taxes but who cares? You made more than enough money to cover the cost of an accountant, which I certainly recommend, just in savings through your “write offs”.
Keep your receipts for everything. No, not in a shoe box. Put a new envelope in your car visor at the beginning of each month. Write the name of the month and year on the front and put every receipt into the envelope the minute you get in the car. By the end of the year you’ll have 12 envelopes with neatly organized receipts and you won’t miss any “write offs.”
There is no better tax advantage than writing off expenses for your own business.