Creating Tax Deductions

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It’s a question I’ll hear every seminar: “How can I write off _________?” It’s a great question because it’s not an easy yes/no question, like “Can I write off ______?” would be. (Easy answer on that would be “no” because then your CPA doesn’t have to think anymore!)

The answer is my standard “It depends.” But, this time I took it a step further in a recent thread on the Tax Loopholes forum. If you haven’t already gone to the forum to see what’s new for the First Class Lounge (First Class Lounge Forum), you’re going to want to visit soon.

It started when one of our community members asked how he could write off his personal car that he used for his long commute. And with rising gas prices, the commute was turning into one of his biggest expenses. With some imagination, all via the thread you can view now, he walked away with a business idea that not only will give him an immediate tax deduction but a new way to make money.

Another community member wrote in about her expensive habit – shopping! With a slight nudge,she came up with some brilliant innovations and is now excitedly looking at a possible new business for herself as well.

Where do you spend money that you’d love to take as a tax write-off? What tax loopholes can you use to make yourself even more money?

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