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Sunday, February 10, 2008

Tax advantages of owning a Blog

Tax advantages of owning a BlogRunning a blog has many tax advantages.
Here are some of the more creative deductions one can use when trying to reduce blog income taxes.

1) Blog about dinning out
By blogging about your dinning, the entire night out becomes deductible for income tax purposes. This is an even better deal than taking a client out for dinner. In Canada, the CRA allows only 50% of the bill to be deductible. This dine research is a business expense and is 100% deductible.

2) Blog about traveling
Want the government to subsidize your vacation? Start a travel blog and start packing. This is one of the reasons why some business seminars are held in sunny locals like the Bahamas. The seminar would be a deductible expense for the attendees. If you’ve ever been to these types of seminars then you’ll know there are a lot of free time in between the sessions so you can network or, more likely, relax in the sun. For people who like to cruise, you’ll be happy to know there are a bunch of seminars aboard cruise ships as well.

3) Blog about cars
There was a loophole in the US tax laws (I’m sure it’s been corrected by now) concerning the use of cars for business. To prevent people from buying a Ferrari and witting it off, the IRS placed a limit on how much you can capitalize a passenger car for. This limit doesn’t apply to commercial vehicles like 18 wheelers, bulldozers, buses, etc. The IRS uses gross vehicle weight to determine whether a vehicle is a passenger car or a commercial vehicle.

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