Tax planning: write-offs

The rule of thumb is that if you spend money to earn money, it’s a write-off. A write-off means you can deduct the cost from your income, which reduces your net income, and therefore reduces the amount of tax you pay. Track your mileage and know when you can write off meals, drinks, travel and courses.

A tax planning opportunity would be to plan your family vacation around a convention, course or client site visit.