Three tax deductions for small-business owners: rent your home to your business for board meetings, deduct vehicle costs either by actual expenses or IRS mileage rate, and write off education that maintains skills for your current job.
Let's talk about some tax deductions. What we love is a strategy we call corporate rent. The way that it works, your business can rent your house from you to have a company board meeting once a month, for example. Another tax deduction we can talk about is your car. The IRS has 2 ways in which you are able to write off vehicle use, either actual expenses. Actual expenses will include the gas, vehicle registration, car loan. All of that would be actual expenses. Or a mileage deduction. You take the miles you drove and multiply that by the IRS mileage rate. Third one we can talk about is education. The IRS defines for businesses, an education expense is anything that maintains or improves a skill that's needed in your present work. The IRS, not your friend. Stop giving them your free money. Let's keep more of it in your pocket.
