Mark Kohler shows how S-Corporation owners can form a family board of directors and deduct travel, meals, and tech expenses when board members discuss business together. Regular meetings during trips or dinners turn personal spending into legitimate business write-offs.
Business is family and family's business. So let's take our S Corporation and do what all the big companies do. Build a board of directors. We're going to build a board, and we're going to put my mom and dad on the board. We're going to put my best friend on the board. We're going to put my spouse on the board, my teenage kids on the board, whoever I hang out with, whoever I travel with, I want to collaborate with, I want to meet with, I want to talk about the business, I want to explain what I'm doing and grow the business with their advice and support and insights. So with an S Corporation, this board of directors is going to support the operations to increase sales, increase profitability, and help me design a system to build wealth. Now, the beauty of the board is that whenever you travel, you get a tax deduction together, whenever you have meals together, because you're going to be talking business. You may be providing laptops, you might be providing iPads, you might be providing cell phones. Because this board is supporting the operations of your business, the S Corporation unlocks that strategy.
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