Make Business Deductions Out Of Your Personal Expenses Part 3

<h2> Children <h2/>

<p> Any child the age of seven or older can be hired to do simple clerical tasks.  If your child is under the age of seven they can be your companies spokes person or model.  Although the number is constantly changing you can pay them around six thousand dollars per year.  This is a great opportunity to not only teach your child the value of hard work but to also give them a financial head start while reducing your taxes. <p/>

<h2> Retirement <h2/>

<p> Although there are many different types of retirement plans, the general idea is always the same, put as much money into your plan as possible.  If you currently don’t feel as though you have any money to put into your retirement I recommend that you take the money that I can save you in taxes and reinvest it for the future.  <p/>

<h2> Automobiles <h2/>

<p> Believe it or not your business can pay for your car in the amount that you use it for business.  You can deduct this two ways, by actual expense and by percentage of use.  The important thing is to keep a log of miles in your car. <p/>

<h2> Business Gifts <h2/>

<p> Did you know that your business is entitled to give away gifts to individuals and other businesses?  When giving a gift to an individual the limit is $25 per person per gift.  If giving a gift to a business there is no limit to the amount that you can spend.  These gifts can take any form from a gift basket, all the way up to an entire catered business meal. <p/>

<p> These are just a handful of the deductions available.  For more information about tax deductions log onto pfbs.com. <p/>