Thu Apr 11 2024, by Tyler Gardner
Secrets of the Rich: Utilizing Tax Code for Business Expenses
Dad, would you tell me a secret of the rich?
Absolutely. Each year, I rent out our home in Miami for $2,000 a night. I do this for 14 days.
Isn't that illegal?
No, just taking advantage of Section 280A of the US Tax Code. Because I rent it out to my business for our annual shareholders meeting, I turn around and write off the entire $28,000 as a business expense.
How did you learn about this?
Just follow Social Cap. It makes complex finance seem easy and legal.
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