Geobreeze Travel How Taxes Affect Your Points Hobby with Carter Cofield | Ep 55
(Disclaimer: Click 'more' to see ad disclosure)
Carter Cofield of @cofield_advisor is a Certified Public Accountant (CPA) who is dedicated to helping entrepreneurs save money on taxes. He's spent years learning the best tax savings strategies so that he can teach them to entrepreneurs and business owners everywhere. He’s also the owner of Cofield’s Concepts which is a financial literacy website teaching people how to make more money, pay less taxes, and be their own boss!
In this episode, Carter and I discuss tax considerations if you're getting deeper into the points hobby. Are points taxable? What about bank bonuses? Will the IRS get mad at you if you use personal expenses to meet minimum spends for business credit cards? What are some tax writeoffs you can get for being in this hobby? Get excited to find out!
If you are a small business owner, one of the best cards to have is the Chase Ink Business Unlimited. You'll earn an easy 1.5x for all of your business expenses and pay no annual fee! Additionally, you can consolidate your Chase log-ins so that your Chase Ink accounts are under the same login as your Chase Sapphire account. That way, the cashback introductory bonus you earn on the Chase Ink Business Unlimited card can be used as travel points when transferred to a Chase Sapphire Preferred or Chase Sapphire Reserve! Remember: never ever ever apply for a card through Google. Always use a friend or creator's links when you apply.
This podcast was made in partnership with the Fluz App. The Fluz marketing team is open to working with small creator channels, and I have personally made more than $700 through Fluz’s cashback and referral program in just a few weeks. Would you be interested in a PAID collaboration with Fluz?
If so, Step 1: download the app via my referral code: GEOBREEZETRAVEL and get three (3) vouchers to earn up to 35% cashback on merchants such as CVS, UberEats, Doordash and more!
Step 2: send me an email at julia@geobreezetravel.com letting me know you’d be interested in hosting a paid giveaway, and I’ll introduce you to the Fluz team!
Download the Fluz app at:
https://joinfluz.app.link/GEOBREEZETRAVELPODCAST
Card of the week: Chase Ink Business Unlimited card
https://milevalue.com/creditcards/chase-ink-business-unlimited/?aff=gbt
Timestamps:
(00:00) - Introduction: Taxes and Travel Hacking (05:50) - Taxation of Credit Card Rewards and Income (11:08) - Reporting Taxable Income from Rewards (18:18) - Tax Implications of Hiring Family Members (22:40) - Legal Taxation and Avoiding Greed (26:05) - Tax Deductions for Travel Bloggers (29:02) - Finding a Knowledgeable CPA (36:06) - Maximizing Financial Potential and Resources
You can find Carter at:
Instagram: http:/www.instagram.com/cofield_advisor
You can find Julia at:
Website: https://www.geobreezetravel.com
Instagram: https://www.instagram.com/geobreezetravel
Credit card links: https://www.geobreezetravel.com/cards
Masterclasses: https://www.geobreezetravel.com/hangouts
Patreon to access recordings of masterclasses: https://www.patreon.com/geobreezetravel
Award travel coaching call: https://www.geobreezetravel.com/calendly
Sign up for the newsletter and get exclusive access to sign up for free coaching calls: https://www.geobreezetravel.com/free-coaching
Geobreeze Travel is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.