by Zach Allred
Small business taxes can be substantially decreased with proper planning. For example, I have started a home based travel business. As a tax accountant I know that, through proper structuring, I can now deduct our family vacations.
1. Videos And Pictures While on vacation my family will make videos and take pictures of the places we visit. Since I have a home based travel business through Travelencia 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. We Need A Grip. A grip is the name given to the individuals on a movie set who are in charge of the equipment. I will hire Joseph (14) and Joshua (10) for this job. They will be in charge of the video and camera equipment. They will need to make sure the batteries are charged and everything is in good working order.
5. Marketing. After the trip is over we will all help with the videos and pictures. We upload them to YouTube.com for free. This is usually quite easy. Sometimes we will add a soundtrack to our pictures or videos. We will add our contact information so others can start making money from home like we are.
6. Marketing Support. Infinite Potential is a new free to join forum. Here I post a link for our pictures and or videos in the “Support My Marketing Efforts” section. This will create traffic to our website where other people can learn to do the same.
Bill Gates understands how to create wealth. In an interview he credited a working knowledge of the IRS tax code as the single most important ingredient for his success.
