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Tax Loophole Every Small Biz Owner Should Know:

One of the easiest tax strategies that you can use if you're a small business owner called the Augusta rule. If you have your house, you can rent your house to your business for employee meetings for member events.

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Key takeaways

  • One of the easiest tax strategies that you can use if you're a small business owner called the Augusta rule.
  • If you have your house, you can rent your house to your business for employee meetings for member events.
  • So, if you have clients or customers who are flying into town or you want to hold an event or a small mastermind or a workshop at your home, you can lease it to your business.
  • The Augusta rule states that we can lease our home to our business for up to 14 days.

Chapters

  1. 0:00
    Abschnitt 1 One of the easiest tax strategies that you can use if you're a small business owner called the Augusta rule.
  2. 0:32
    Abschnitt 2 For perspective, if you're even making $100,000 a year and you can lease your home to yourself at a fair market rate of let's say $500 a day or maybe $1,000 a day, that's $14,000 t

Full transcript

Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.

2 segments

0:00One of the easiest tax strategies that you can use if you're a small business owner called the Augusta rule. If you have your house, you can rent your house to your business for employee meetings for member events. So, if you have clients or customers who are flying into town or you want to hold an event or a small mastermind or a workshop at your home, you can lease it to your business. The Augusta rule states that we can lease our home to our business for up to 14 days. And so, whatever my day rate is, that would be fair market. I can multiply that by 14 and I can write myself a check for that provided I've used my home for that period of time.

0:32For perspective, if you're even making $100,000 a year and you can lease your home to yourself at a fair market rate of let's say $500 a day or maybe $1,000 a day, that's $14,000 that you can write yourself as a taxfree check and take a deduction off of your income from the business. Easy strategy. And if you have a CPA, which hopefully you do, just tell them it's the August rule and what you plan to do with it.