Peleg’s Note: Here is the second post in the series, How to Take Advantage of Every Possible Business Expense by June Walker, tax and financial consultant to independent professionals since 1979. June will be one of our speakers at the next CFC, this August in San Diego!
The second way to take advantage of every possible business expense is:
Look with a different perspective at your activities. Don’t be so sure that there is a well-marked difference between work and family and play and chores. The business life of an indie like yourself is intertwined with your personal life. And the two can get pretty tangled. If you’re dropping off your children while delivering products to clients, or struggling to find time for your new independent venture while holding down a full-time job, the interplay of your business and other interests can be intricate.
A visual artist attends a Broadway performance and scrutinizes the sets and costumes. She deducts the cost of the ticket as a business study expense.
The designer of hand-made all-cotton clothes for children deducts, as a publication expense, every magazine she purchases that has any clothing, kids, or fabric industry trends in it.
Stay tuned for tomorrow’s post, the third way to take advantage of every possible business expense.