Sun Apr 28 2024, by Tyler Gardner

Tax Write-OffsFinancial LiteracyTax PlanningBusiness ExpensesHomeownership

What You Need to Know About Tax Write-Offs

Yep. Looks like you purchased a $200,000 G-Wagon.

That's a $179 write-off.

Sold your house and made $1,000,000? Section 121, write it off.

Rented out your house in Augusta for $2,000 a night for half the year? Augusta rule. Write it off.

Work from home as a W-2 employee? Write it off.

Started a new business and spent $100,000 on startup costs? Oh, definitely write it off.

All of it? It’s a write-off.

Do you even know what a write-off is?

Absolutely not. That’s why I hired you.

You know I charge $1,000 an hour.

That's fine. I’ll just write that off.

Source