Strategy# 1……………………………12

Use a strategy to get more money in

your paycheck.

Strategy # 2…………………………..15

Learn how to deduct 50%-100% off

your taxes as a business owner.

Strategy # 3……………………........16

Use your car or SUV for major tax

savings. Plus, depreciate a portion

of the original cost of your vehicle as a

tax deduction.

Strategy# 4………………………….20

Imagine eating out and writing off half

the cost of your meal.

Strategy# 5…………………………23

Imagine going on a family trip and

writing off all the expenses.

Strategy# 6…………………………24

Hiring your children may allow you to

write-off up to $15,000 per child.

Strategy# 7…………………………28

Healthcare for family in your business

may be tax deductible.

Healthcare for family members in your

business may be tax deductible.

This is possible only if you own a business.

Most other taxpayers can deduct only

healthcare costs that exceed 7.5% of their

taxable income. To estimate your Medical

Expense Deduction, do the following:

Multiply your Adjusted Gross Income (AGI)

by 7.5%, example: If your AGI =$60,000

(multiply) x 0.075= $4,500 (Your Threshold)

Subtract your threshold from your Medical

Expenses. If you have medical expenses of

$7,500-$4,500= $3,000. This would be the

Medical Expenses you can deduct. A total of

$3,000 can be deducted.

This applies to everyone. Except you! Owning

a home-based business gives YOU an IRS

approved option for writing-off ALL non

reimbursed health cost. And, it applies to all

members of your immediate family, in addition

to you.

Free Tax USA explains it this way: A self

employed taxpayer, who has a net profit for the

year, may be able to deduct the entire amount

paid for health insurance for themselves, their

spouse, and their dependents on line 17 of

Schedule 1. The self-employed health insurance

deduction is a federal tax deduction that

reduces your annual income. Keep in mind,

though the deduction is limited to how much

you pay out of your own pocket. If you use

premium tax credits to lower the cost of your

monthly payment, you can only deduct the

portion of that premium you actually pay. Your

goal as a small business owner is to take full

advantage of tax deductions that are legal and

available for your business. There are truthfully

two tax systems in America. One system is for

employees and the other system is for business

owners. You as a business owner have the advantage!

  Strategy# 8.......................................30

Making your home the principle place

for business offers great deductions.

Having a Home Office can allow you to

convert thousands of dollars worth of normally

non-deductible personal expenses, into tax

deductible business expenses. They include a

portion of your mortgage or rent, heating, HOA

dues, house cleaning, exterior painting, security

alarms, air conditioning, electricity, natural gas,

oil, water, sewer cost and trash collection, recycling

fees, maintenance cost and certain home repairs

and much more.

Qualifying is easy if your business is based in

your home, and if the Home Office area is used

regularly and exclusively for business. The law

says that you can claim a home expense for a

room or portion of a room that is used regularly

and exclusively for business purposes. If you

have a section of your bedroom where you put

a desk and you use that desk only for business

purposes, the desk and the area may qualify as

a home office.

We’re talking about Major Tax Savings with a

Home Business. The enclosed completed small

business tax forms for Step Up Enterprises

depict substantial tax savings. Here’s why.

The marginal tax rate or tax bracket refers only

to your highest tax rate- the last tax rate your

income is subject to. For example, in 2024, a

single filer with taxable income of $100,000

will pay $17,053 in tax, or an average tax rate

of 17%. But your marginal tax rate or tax

bracket is actually 22%.

On the other hand, taxes paid as a home-based

business as observed in the pages for Step Up

Enterprises depict a tax rate of 3%. Which

would you prefer to pay on taxable income,

22%, 17% or 3%?

It’s your money and your money matters.