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Did You Know this Investment in Yourself is a Tax Write-Off?

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We’re just days away from tax day. You have three extra days this year to file your returns. The deadline is Tuesday, April 18, 2017.

If your business has anything to do with taxes… I’d be reaching out to your local media with different angles for TV, newspaper, radio and digital audiences. It’s not too late. Journalists need these stories now and it’s free advertising for you.

It’s also a good time to think about how to save money this year. Did you know there are many job-related costs that are tax write-offs?

Recruiters tell the Graduate Management Admission Council that the top skills MBAs need are oral communication, listening and writing.

If you have a customer-facing or board-facing job, invest in your personal appearance, market yourself with a personal website showing the advantages that come with you and create a LinkedIn page that reflects you best.

It’s also important to work on your public speaking and storytelling skills.

Hiring a media coach or a public speaking trainer benefits your career greatly, and if your company doesn’t reimburse you for the expense, it’s a tax write-off.

“The expenses don’t have to be required by your employer to be considered necessary. You make the call about whether an expense is necessary to do your job,” says Laura Adams, MBA, Money Girl.

Here are some other ways you can pay less taxes and save money legally from Laura Adams, MBA, Money Girl. (I was a TV producer for 20 years – and specifically the “money producer” at FOX Detroit for several years – so giving tax tips is in my blood.)

  1. Adjust your tax withholding. If you get excited about receiving a big tax refund each year, that may be a sign that you need to adjust your tax withholding. Getting a refund means you overpaid tax during the previous year by giving too much money to the IRS.
  2.  Start a business. No matter if you want to create a tech startup that revolutionizes the world or just do a little freelancing work on the side, having a business is a great way to shelter more of your money from taxes. If you start building websites, selling skincare or offering services as a virtual assistant, business expenses might include the cost of a computer, accounting software, and office furniture. If you’re an Uber or Lyft driver you could deduct a portion of your car payment, insurance, and cell phone bills. I have two businesses. Let me know if you need help with this one… I have gone through the startup process and can help you.
  3. Take the home office deduction. If you operate a business from home, you’re eligible for even more money-saving tax deductions. You can claim a home office deduction whether you rent or own your home and no matter if it’s a full- or part-time venture.
  4. Contribute to retirement accounts. One of the best ways to protect your income from taxes and accumulate wealth for the future at the same time is to contribute to one or more retirement accounts.
  5. Contribute to medical savings accounts.  A flexible spending arrangement (FSA) can only be offered by employers. Anyone who has a qualified high deductible health plan, through an employer or on your own, is eligible for a health savings account (HSA). It’s like an FSA, except that it doesn’t have a spending deadline. Both accounts shelter your out-of-pocket medical expenses from taxes. Check out IRS Publication 969 for more information.

Many traits in demand by companies, like public speaking, storytelling and personal branding, are not taught in school or by your company.

Do you get stuck when writing about yourself on LinkedIn? Are you having trouble telling the story of what you did for each company?

Do you freeze a little when you need to speak in front of larger or even small groups?

You can learn how to be better at public speaking.

You can learn how to tell the story of your career online, in your resume – or during a job interview.

I can help you.

I’m the media coach and public speaking trainer who helps people present at a higher level, tell their story to attract dream clients or to gain media attention.

Confidentiality is everything.

I am discreet. Most clients don’t talk about me… but you’ll notice a change in them after I work with them. Book your free consultation with me here.

By the way… if you still need help with your taxes, this is my guy. He’s great.