This is the fun part.
You know how you read about executives in John Grisham novels, casually making extravagant purchases and shrugging it off with the line, “don’t worry, it’s a business deduction.”
Presumably, the executive employs shady business practices because he possesses a wizard of an accountant, capable of moving debits and credits like Scouts across the Stratego board.
Turns out, you don’t need Itzhak Stern to get the deductions you deserve. What you need is:
- A kick ass spreadsheet
- A method to capture receipts
- A list of deductions
Optional: find an accountant to help you file — an option I’d recommend.
Now, can you take the extravagant deductions these executives brag about: a new entertainment center with the 4K flat screen and Bose surround sound? I wouldn’t recommend it — it has to be a legitimate business expense — but always consult with your tax professional.
Onto the list of deductions!