Untaxedconfidential

Buying something for your business just because it's a write-off isn't the crazy tax hack it's hyped up to be! 💸

Let's say you have a perfectly good laptop, but you see a new $2,000 laptop that you justify as ordinary + necessary for your business.

If you're taxed at 20%, you're getting $400 in tax savings... but here's the catch:

You just spent $1,600 that you didn't necessarily need to spend! 📉

When I work on tax planning strategies with my clients, the goal is to look at the BIGGER picture to make tax moves that align with their overall financial goals.

If a new purchase moves the needle in your business, amazing! Write it off and celebrate the perks of being a business owner. 🥳

❌ But, don't get caught up in playing the write-off game for things your business doesn't actually need.

🐾 Your dog is 100% a part of your family, but unfortunately, the IRS doesn't recognize them as a dependent...

So, how can you legitimately write off some of those pet expenses? Swipe to learn a few ways! ➡️

Ok, so what isn't deductible?

Claiming that your Chihuahua is a “guard dog” for your Etsy biz and trying to write off all of their food and vet bills... not okay! ❌

If you’re paying for childcare this summer so you can work (or job hunt), read up on the Child & Dependent Care Credit!

You may be eligible for a tax credit of 35% on qualifying costs (up to $3,000 or $6,000, depending on the number of qualifying dependents you have).

📲 Send this post to a parent who needs to know this info!

Please consult with your tax accountant to determine if your childcare costs qualify for this credit.