How I Turned Every Expense into a Tax Write-off for 24 Hours

💡As a business owner, you have the power to write off almost anything, as long as it is ordinary and necessary for the business.

💼Business meals can be partially deducted (50-100%) if they are directly related to the business or meet certain criteria.

🚗You can write off mileage between your primary and secondary office locations, as long as your home office is your primary office.

🖥️Technology purchases, such as laptops, can be fully deducted in the year they are placed in service using IRS code section 179.

🏋️Gym memberships are generally not tax-deductible, but using a co-working space with an on-site gym can make them deductible.

Can I deduct meals with friends or family as a business expense?

—No, meals with friends or family are considered personal expenses and cannot be deducted.

Can I deduct my gym membership?

—Gym memberships are generally not tax-deductible, unless you are a professional trainer or athlete and it is necessary for your career.

How do I substantiate business meals for tax purposes?

—It's important to keep proper documentation, such as receipts and notes about the business discussion, to substantiate business meals.

Can I write off technology purchases for personal use?

—No, technology purchases can only be fully deducted if they are necessary for your business and used primarily for business purposes.

What are the requirements for deducting vehicle mileage?

—To deduct vehicle mileage, your home office must be your primary office, and the travel must be for business purposes.

00:00Join me on a 24-hour challenge to make everything I do a tax write-off.

02:19Learn about the rules and requirements for tax write-offs as a business owner.

09:27Discover how I wrote off my gym membership by using a co-working space with on-site gym facilities.

10:31Wrap up the challenge with final thoughts and emphasize the benefits of becoming an entrepreneur.