Do you want to learn the five most common deductions overlooked by small businesses?

In this episode of the Happy Hustle Podcast, I have once again Sean Pfalzgraf on our monthly tax tips discussing about 5 most underutilized business deductions.

Sean is a certified public accountant and founder of BluePeak Financial with 10 years of experience, specializing in serving clients with wealth building proactive tax planning strategies, outsourced accounting and finance operations to save you time and energy, and scaling businesses with agile project management consulting services.

He has built a strong accounting and tax foundation with a background working for KPMG (Big4 Firm) serving Fortune 100 companies. He is an agile project management consultant that helps growing businesses bridge strategy to execution in mobilizing teams and measuring leading and lagging indicators that drive results.

Sean serves as Treasurer and CFO of Adventure for All, a non-profit organization that expands inclusive opportunities for individuals with intellectual and/or developmental exceptionalities through interactive adventure programs.  Additionally, he sits on a committee dedicated to cultivating and growing Benefit Corporations in the state of Florida.

Minimize your taxes with these 5 most underutilized business write-offs

Travel Deduction

Airfare, baggage

Hotel and lodging

Rental cars and gas for rentals

Valets, taxis, trains, tolls

Travel deduction ideas to incorporate in your business

Hold the annual company meeting (board of advisors for LLC)

Visit a client to cultivate a relationship

Visit a vendor

Attend a conference or workshop

Check on your rental property

Auto Expenses

Can deduct expenses related to all vehicles as long as they have some business use (e.g. RV, van, motorcycle)

Mileage

Actual expenses

SUVs, Trucks and Vans - over 6,000 lbs and 6ft bed or greater or enclosed = 179 deduction

Leased Vehicles (actual expenses including lease payment)

Meals & Entertainment (ex Entertainment as of 2018)

Dining with a prospect or important client

50% except in 2021 its 100% at restaurants

Dining while traveling

Meals with employees, club meeting, food for employees

Year-end parties, marketing presentations

100% deductible

Technology and Telephone costs

Laptop, computers and printers

Ipads and reading devices

Cameras, video cameras, lighting and studio

Microphone, speakers and audio equip

Tvs monitors projectors and screens

Bluetooth devices, smart watches and google glasses

Coffee makers and appliances

Internet services

Cell phone

Must show its critical to the business, not extravagant, separate phone for personal use

Home Office Deduction

Make sure you meet the requirements

Regular and exclusive use

Principal place of your business

New Administrative office tax court rulings allow for administrative tasks in home office to qualify for deduction**

Decide how to calculate the deduction

Simplified

Regular - actual expenses

Paying family members in the business

Most underused tax strategy by small businesses

Paying children under 18 (no income or payroll taxes)

Paying under $12,950 in 2022

Make sure its legitimate, they need to actually work on your business this is not a sham operation, pay them a reasonable wage

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