ATM Business Tax Strategies
ATM Business Tax Strategies are so important to your new
or growing ATM business.
I know it’s the day after tax day (April 15th) but I’m not
a CPA or Accountant or anything of that nature so I didn’t
really want to give you tips beforehand, although maybe I
should have so you could go over them with your CPA??
Well, now with these ATM Business Tax Strategies you will
know for next year and you can do your tax planning throughout
the year with your CPA.
ATM Business Tax Strategies – #1
1) Deduct your equipment – I know this ATM Business
Tax Strategy may seem like a no brainer but you have to remember to
keep track of all of the equipment that you purchase in each calendar
year for your ATM business.
This includes the equipment you bought to start up your ATM business and
the equipment that you continue to buy to grow your ATM business.
What type of equipment? ATM machines of course, modems, dolly’s (to move
ATMs around, etc.) Any piece of equipment you can think of. Perhaps
even a computer that you purchased for the purchase of keeping track of
your ATM business.
ATM Business Tax Strategies – #2
2) Deduct your mileage – Remember, you will be driving
quit a bit in the ATM business. You’ll drive to visit potential locations,
you’ll drive to the bank, you’ll drive to locations that have your ATMs
in them so you can fill them.
You want to keep track of all of your mileage. You technically can even
sneak in some personal errands on the way if you plan your day correctly.
I use to awesome iphone app called BixXpenseTracker to keep track of all of my mileage
throughout the day and to keep track of fuel, food, etc. when I’m on the road for my ATM
business. Great app. If you don’t have an iphone, I’m sure there’s an app like it for
But I highly recommend it because you can then just export your mileage when it’s time
to give the information to your CPA or Accountant.
ATM Business Tax Strategies – #3
3) Deduct your education – If you knew nothing about the
ATM Business before you got started and you decided to invest in my ATM Business
Blueprint Success then guess what? That education is deductible.
Perhaps you were also interested in continuing education and networking and
accountability for your new ATM business so you also chose to invest in my
Platinum Partnership Program, then guess what? That continuing education is
deductible too. Pretty darn cool, eh?
Whatever education that you invest in, whether it’s an entire ATM course like
mine or perhaps you decide to attend a Sales seminar or purchase a sales course
to become a better sales person, well that’s deductible. It’s education that will
be used to better your business. Write it off.
ATM Business Tax Strategies – #4
4) Deduct your advertising/marketing expenses – When you get into
the ATM business often times you will use stickers and signage at locations you
place your ATM in so that the foot traffic (and car traffic) knows that there is
an ATM available for use.
Whether you bought $1 stickers or $30 LED signs or $10 corrugated plastics signs or
flags, you should be deducting them.
If you have business cards, marketing brochures, postcards or anything that you put
together for your business to get business 😉 then you should be deducting those
ATM Business Tax Strategies – #5
5) Deduct your professional services – When I first started in
business I use to forget this one. But remember to deduct the cost of your CPA,
Attorney and any other professional service providers that you are doing business
with for your ATM business.
Ok now here is my MAJOR CMA (cover my a$$) MESSAGE: I am not a CPA, Accountant,
Tax Professional, Attorney, etc. So, therefore please don’t consider any of these
ATM Business Tax Strategies as advice from me that you can just take and use. You
will definitely want to consult with your tax professional to find out what is
legally permitted for your to deduct in your ATM business. Ok?
And always remember, just like my buddy Bill Walston says…..Do not go to your
tax professional and say “Can I deduct this?” Always go up to your tax professional
and say “How can I deduct this?”
I hope you found this ATM Business Tax Strategies post useful. If you can think of
any ATM Business Tax Strategies that someone can talk to their CPA about then post
them below please.
And don’t forget the mileage app I use with my iphone to help with my ATM Business
Tax Strategies: BizExpenseTracker.