Recently I discovered a way to deduct my family's vacation from my small business taxes. I started a home based travel business. This provides me with many tax deductions. As a tax accountant this immediately got my attention.
1. Videos And Pictures. While on vacation my family will make videos and take pictures of the places we visit. I will be able to hire my wife and children to perform services while we are on vacation.
2. Itinerary. I will ask my daughter Natalie (12) to find a fun family vacation spot that we can go to in the following year. She will be in charge of the trip itinerary. She is instructed to pick places that are not only fun and exciting but that will also offer valuable content for our videos and pictures.
3. Who Do You Call? After the trip itinerary is completed my wife puts a call into Travelencia. Here she makes all the arrangements. Our credit card stays in our wallets because Travelencia has 0% layaway financing.
4. Grips Anyone? Joseph (14) and Joshua (10) will be in charge of all the video and camera equipment. They will make sure it is in good working order with batteries charged. While traveling from place to place they are also responsible for setting up and taking down the equipment when we shoot videos and take pictures.
5. Video Timer. To save time editing I have Joseph stand behind the camera and lift a hand when the video he gone 3 minutes. This gives me about 30 seconds to a minute to wrap up. I have a tendency to lose track of time while I am trying not to look silly on YouTube so Joseph's services an invaluable.
6. Next YouTube. With simple software that we all have access to the videos and pictures will be prepared for the internet. YouTube is free and an excellent marketing tool. We will all work together to edit and add our contact information.
7. Internet Marketing. The Infinite Potential Forum is free to join with no monthly fees. Here I post a link in the "Support My Marketing Efforts" section.
Everyone should have a small business for no other reason than to have more deductions. Hiring your family and structuring takes planning but is not difficult. Tax planning in your personal life is so profitable that it can become a home based business by itself. Deductions ranging from home office, entertainment, and medical reimbursement plans are just a few methods that you can consider to lower your overall tax liability.
Author Resource:-
Zach Allred is a tax accountant with a passion for vacationing. At Travelenciato read more. Click Small Business Taxes for more free tax articles.
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