I've got something to let you in on. A little tax tip, if you will.
It's a tax strategy specifically designed for small business owners, like you and me.
Have you ever of the Augusta Rule? If not, prepare to have your mind blown.
This clever rule allows you to rent your own home to your business for meetings, workshops, and events. Sounds like a wild concept, doesn't it? But here's the kicker...
You can implement this strategy for up to 14 days per year. Now, let's do a quick mental exercise.
Imagine that the fair market day rate for your home is $500. Multiply that figure by 14 days. You're looking at a cool $7,000 check that you can write to yourself, completely tax-free.
And the cherry on top?
That $7,000 also becomes a deduction off your business income. That's right, you'll be paying less tax at the end of the year as it reduces net profit.
So, in essence, you're getting paid to use your own home. It's like transforming your home into a mini tax shelter.
Pretty cool, isn't it? Stay tuned for more tax tips.
-Your friends at Lincoln.