Business Freedom Conversation Newsletter #7 - Cut Your Taxes

Cut Your Taxes

• Reduce your taxable income by 20%
• Write off Capital Assets 100%
• Home Office Deduction
• LIFO Inventory
• Live Stream Wednesday July 13 12PM Pacific

Qualified Business Income - QBI

-Income limit single $164,900? tax benefit $7,915

-Income limit married $329,800 tax benefit $15,831

-Over income limit benefit = 50% of W-2 payroll

-Not available for C Corp.’s

-Not available for Professions

Section 179 Depreciation

-Tangible equipment

-Purchased not leased

-Your net income is the maximum amount

-$11,160 for cars and trucks

-Used for business more than 50%

-Limited to $1Million phased out at $2,5 million

HOME OFFICE DEDUCTION

- Simplified $5 sq ft max $1,500

- Custom

- Dedicated Space

- limited to income from home office activity.

-Mortgage, taxes, insurance, utilities, repairs, and depreciation.

LIFO Inventory

• Last In First Out
• Higher Cost of Goods Sold - Lower Taxes
• Change In Accounting
• Inflation hedge

Live Stream Wednesday July 13 12PM Pacific

-Corporate Culture

-Employee and Candidate Assessments

-Cut Your Taxes

-Sales Methods

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