Buying Christmas Gifts. Start Writing Them Off. (The Strategy the Wealthy Use to Make the Holidays Tax-Deductible)

Now, I know what you are thinking. 'If it is December. I already bought the Xbox. I already paid for the travel ball fees. I swiped my personal debit card. Did I lose the money?'

The Amateur says: 'Yes, it's too late. Try again next year.' The Strategist says: 'Bring me the receipt.'

Here is the secret most CPAs won't sit down and explain to you: The Tax Code has a Time Machine.

If you know the rules regarding 'Start-Up Costs' and the 'Reimbursement Protocol,' you can often take a personal expense you made last week and legally convert it into a business deduction this week.

But there is a catch: The window closes on December 31st.

You don't need a time machine to go back and un-swipe the card. You just need the Implementation Folder in my book to show you how to paper the transaction after the fact so it survives an audit.

Don't let that receipt die in your wallet. Resurrect it. Buy the book, follow the steps in Chapter 6, and let’s see if we can claw that 30% back from the IRS before the year ends."

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