How can Drone Business Owners Save Money on Taxes

Today’s show is about saving money on taxes. As 2019 comes to an end, what are some strategies that will help drone business owners save their tax dollars?

Our caller for today, Roger has come up with a question that is particularly relevant as 2019 draws to an end. Roger is wondering if we have any year-end strategies that will help him save his tax dollars. Should you purchase new equipment to save on your taxes? Apart from investing in drones and drone accessories, what are some other ways that will help you save taxes?

Great question! Rob takes a lead on this one and shares some practical tax-saving tips to help Roger out. Paul reveals some of the new equipment that he is planning on purchasing for his drone business. Towards the end, we talk a bit about investing in your education as well. For all this and much more, tune in to our latest show now! Fly Safe!

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Timestamps

[02:37] Reserve your spot at the biggest drone event of the year, the 2020 Drone U Fly-In. Limited seats available!
[03:30] A special thanks to our sponsor, Fortress UAV
[04:27] Today’s question is about saving tax dollars for your drone business
[05:20] Is it better to delay your business purchases?
[06:02] Importance of reviewing your financials, and planning ahead
[07:00] Will income from your drone business get added to your personal income?
[08:18] Don’t forget to invest in your personal development
[09:42] What is Paul planning on buying as the financial year comes to an end?
[14:20] Paul recommends some great classes for drone pilots
[15:37] Have you implemented systems that allow you to scale up your business?
[19:23] With so many great products set to launch shortly, should you wait to make your purchase?
[20:33] Why buying consumables is the best way to save your tax dollars
[25:55] Things to keep in mind before making a charitable contribution
[26:57] Paul’s top favorite books

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Year-End Strategies to Save You Money on Taxes