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We all want to pay less taxes, right? But how can you reduce your tax burden without completely changing your business plan? Well, most entrepreneurs have no clue that you can actually use your home to reduce your taxes.
It's true. If you operate a business that's generating revenue you can absolutely use your home to reduce your taxes, but it takes a bit of knowledge and insight.
Learn more about how to use your home to reduce your taxes from The Elevation Group CEO and investment expert Brian Fouts from his latest training call:
Hey everybody, Brian here with The Elevation Group. Now, one thing I know a lot of people want, they want to have more money, more cash available to invest or build wealth with. And if you have a business or an entity that's providing revenue, has cash flow coming in, there are really good strategies you can use to actually mitigate your taxes, which puts more money back into your pocket.
There's one strategy I want to share with you real quick, and that's called the home conference room, a rental deduction. Now check out your CPA on the strategy, but you can look it up online as well. But what this rule says is that if you have a business that has revenue coming in, you can rent out parts of your home to your business for a conference or a meeting. So if you do like maybe monthly meetings with your partner or if you're not, you should be doing those. But you can do this at your home essentially, instead of going somewhere else to have that meeting and you can rent your home back to your business.
Now, there are some things you have to be aware of on this. One is that you're only entitled to a $14,000 maximum. And what that does is it is tax-free income for the homeowner. So if it's you, it's you. If it's your spouse, your spouse, if it's an employee of your business, you can do the same thing and give them a tax-free bonus by doing the strategy, maybe a thousand bucks, whatever it is. And so you can do this for your home. And that, once again, is a tax-free income to your person, to the owner of the home.
Additionally, it's a deduction to your business or reducing your taxes for your business. And you get a tax-free income for your person, for your home that you can then use to pay down debt, invest whatever it is. But it's a phenomenal strategy that a lot of people aren't aware of.
So if you have that business with that revenue, this is a great strategy that you can use to reduce those taxes and your business and put money into your pocket as well. So once again, check with your CPA or do some research online to make sure you understand how it works. But it's a phenomenal strategy that I use and I know a lot of other of use as well.
So with that, take care. If you want to follow us here at The Elevation Group join us and I'll see you on the inside.