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TRUMP UNIVERSITY WEALTH BUILDING 101

Although personal potential is an enticing reason to become an entrepreneur,
the real payoff is financial in these four ways:

1. The income stream from the profitable sales of your products and
services.
2. The harvest of your business, either by taking your business public,
selling it to a motivated acquirer, or continuing to reap the rewards of
growth.
3. Tax deductions for legitimate expenditures in pursuit of business
activities.
4. Asset and personal liability protection.

The fi rst two points are self-evident; only the last two need more expla-
nation. Attorney and tax strategist J.J. Childers addresses these topics in
more detail in Chapter 18 , “Save Money with These Tax Strategies,” and
Chapter 20 , “Protect Your Assets.”

Tax Deductions

You can deduct taxes for legitimate start-up and operating business expenses,
including:

• Personal or corporate vehicles for business-related activities.
• Business-related travel expenses (marketing, sales, and customer rela-
tions; sourcing of products and training distributors; attending trade
shows and sleuthing competitors; and the like).
• Entertainment expenses directly related to doing business.
• Medical and dental benefits, and pension and profit sharing, if your

corporation funds such plans.

• Benefits to hire and pay family members.
• Continuing education to maintain and increase your skills.
• Charitable contributions.

Carefully document all expenses, and keep accurate records and time logs.

Asset and Personal Liability Protection

Keeping the money you earned through entrepreneurship requires that you attend
to the issues of asset and personal liability protection. You and your family are

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