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Updated over 6 years ago,

User Stats

122
Posts
74
Votes
Brandon McLean
  • Investor
  • Knightdale, NC
74
Votes |
122
Posts

Tax Saving Idea Thread

Brandon McLean
  • Investor
  • Knightdale, NC
Posted

Hello!  Let's start a list of ideas we all can do to pay less taxes!  

I heard someone on the podcast recently just briefly say "Learn to live on pre-tax money." And I haven't been able to get that out of my head since. I've been searching around a bit for some real strategies we can start doing to "live on pre-tax" money, but haven't found a real list yet, so I figured we could all collaborate here. 

I have an idea...and maybe a CPA or some other knowledgeable tax expert can help on this...

...so here's my idea:

I want to start paying all our regular ongoing bills and utilities with money straight from the LLC rental income....cell phones (we use our phones for mostly work anyway), electric bill, internet, water, etc etc....

I'm thinking of making a lease where my business rents the home office space from me and my wife, and the rent is roughly equal to the utility payments, or just have that on the lease..."XYZ, LLC will pay Brandon rent by paying the utilities directly"...Our home office is a whole bedroom in our house with desks and printer and computer stations and everything, white board, filing cabinets. The room is 100% used by my business, so I think it's legit to rent it like that. I think it will be better than the home office deduction. (I use the home office deduction for my band, which is my sole proprietorship, another bedroom totally taken over used 100% for band rehearsals)

Please don't say "ask your accountant"...I know, and I have and I will talk to her more about this stuff.  Just curious of what you think of my idea and curious of other ways to legally pay less taxes.

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