Which Superpower Would You Pick? Tax Write Offs Explained

Which superpower would you pick? Turn any expense into a tax write off or turn any income into a capital gain.

I'd pick the write off every time.

Here is why. Under Code Section 162A a business owner can deduct any expense that is ordinary, necessary, and reasonable in the pursuit of income. Most people think that limits what they can write off. It actually opens up more than they realise.

Take this haircut. Most people cannot write off a haircut. But I am about to speak on stage at Invest Fest in front of 20,000 people. People are going to know, like, and trust me after that event. That trust turns into clients. Those clients turn into revenue. You think a couple hundred dollars for a haircut before that is not a legitimate business expense?

The IRS is not going to argue about a haircut relative to the millions my business generates. The facts and circumstances support it completely.

This is the game. You do not just write things off blindly. You create the circumstances that make the write off legitimate. When your appearance, your presence, and your image are directly tied to how you generate income, the rules change.

Comment the word WEALTH if you are earning over $500K and want to make sure you are maximising every legitimate deduction available to you.

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