Keeping Your Wealth: The High-Earner’s Guide to LLC Tax Deductions

Have you ever looked at your business bank account after a high-revenue month and felt that weird mix of “Yay, profitability!” and “Now how do I make sure I’m keeping more of what I earned?”

This is often especially for high-earning women who are doing meaningful work, bringing in solid revenue, and realizing that wealth building isn’t just about increasing income… it’s also about protecting it. I’ve seen this over and over again, and I’ve learned that wealth isn’t just about what you make, it’s about what you keep.

I was coaching a client the other day who is already successful by most people’s standards. Smart, capable, respected, making great money. But she was feeling totally overwhelmed by the “practical” side of her LLC. She’s brilliant… yet she felt “less than” because nobody had ever really sat her down and said, “Here’s what may count. Here’s what to track. Here’s where wealth can quietly slip through the cracks.”

So, I sat down and wrote out a “fierce clarity” email for her. And then I thought, Wait, why am I not sharing this with all of my peeps?

We talk a lot about mindset, and you know I believe mindset is 90% of the game, but that other 10%? That’s the practical magic of business structure. If you want to keep more of your wealth, you have to respect the money you already have.

Here is the checklist I sent her (plus a few extra pearls of wisdom I’ve gathered over three-plus decades in business).

The “Keep More of What You Earn” Deduction Checklist

Now, if you’re thinking, “Halle, this looks like a lot of paperwork,” take a breath. This is about becoming a thoughtful steward of your money.

1. Startup & Formation Costs

Before you even “officially” started, you were probably spending money. Most people forget these!

Startup costs: Think legal fees, market research, and that initial “Hey, I’m here!” advertising.
LLC formation fees: The actual state filing costs to make your business a real, legal entity.

2. Your Sacred Workspace

Whether you’re in a high-rise, a polished home office, or your spare bedroom, your space costs money.

Home office deduction: This is a big one. If you use a portion of your home regularly and exclusively for business, the IRS lets you take a piece of that mortgage/rent and utilities back. (But be honest, scrolling TikTok on your bed doesn’t count as “exclusive use,” m’kay?)
Office rent: If you have a separate studio or office space.
Business phone service: Even if it’s just a second line or a dedicated business cell.
Business internet service: Pro-rated for how much you actually use it for work.

3. Tools of the Trade

You run a modern, high-earning business with the right tech – and it’s usually all tax deductible.

Computers, printers, and monitors: All the hardware that keeps the lights on.
Office furniture: That ergonomic chair that saves your back during coaching marathons? Write it off. Desks and storage, too.
Office supplies: Paper, ink, pens, and even postage. It adds up!
Software subscriptions: Your CRM, your accounting software (unless you have an accountant that’s smart enough to go beyond QuickBooks), scheduling tools, and Zoom.

4. Growth & Visibility

Marketing and advertising: Facebook ads, Google ads, or that local sponsorship.
Website costs: Hosting, your domain name, that beautiful design, and ongoing maintenance.
Legal fees: For contracts, trademarks, and keeping yourself protected.
Accounting and bookkeeping fees: Yes, paying someone to track your money is a deduction! (Irony at its finest, right?)

5. Operations & Logistics

Business insurance premiums: Liability, E&O, whatever you put in place to sleep at night.
Business mileage: Every trip to the post office or to meet a client counts. Keep a log!
Business travel costs: Airfare, hotels, Ubers, when the purpose is business, the cost is deductible.
Business meals: Usually 50% deductible. This is for when you’re actually talking shop with a client or partner.
Business licenses and permits: Whatever your specific city or industry requires.
Bank and merchant fees: Those annoying 3% processing fees from Stripe or PayPal? They are deductible.

6. Investing in People (Including Yourself!)

Employee wages & Payroll taxes: If you’ve reached the level of hiring a team.
Contractor payments: Your VA, your graphic designer, your copywriter.
Health insurance premiums: If you’re self-employed and qualify, this can be a massive saver.
Retirement contributions: Putting money into a SEP IRA or a Solo 401(k) isn’t just smart for your future; it’s a deduction now. Bonus note your future self will thank me for: Yes, you can open a Bitcoin IRA.

The “Big 8” to Focus on First

Look, if you’re just getting more intentional about your financial systems, don’t try to tackle everything at once. For the most meaningful savings, the deductions that usually move the needle the most are these:

Mileage and vehicle use (Get an app for this, seriously.)
Travel (Keep those receipts from your last retreat.)
Meals (Write the name of the person you ate with on the back of the receipt.)
Software (Check your recurring subscriptions.)
Advertising (Your biggest growth lever.)
Professional fees (Attorneys and accountants are your friends.)
Equipment (That new laptop you bought in January.)
Home office (Calculate your square footage!)

The Golden Rule: Ordinary and Necessary

If you’re ever wondering, “Can I really write this off?” just ask yourself if it’s Ordinary and Necessary.

Is it a common expense in your industry? And is it helpful or appropriate for your business? If you’re a wealth coach, buying a high-end microphone for your podcast is ordinary and necessary. Buying a diamond-encrusted collar for your cat? Probably not. (Unless your cat is a famous pet influencer. Meeeeooow.)

My “I Am Not An Accountant” Disclaimer

Ooh, very important sidebar: I am NOT an accountant. I don’t play one on TV, and I certainly don’t want to be one in real life. I am a Transformational Wealth Coach. My job is to help you clear the blocks to your abundance and step into your power as a high-earning woman.

Please talk to your qualified CPA or tax professional. Don’t have one? Message me and I will refer you to incredible people who don’t waste your time or cost you a bunch.

Some of these rules have weird limits or “special” requirements that change faster than fashion trends on a Paris runway. Keeping good records isn’t just a suggestion; it’s your shield.

35 Years of Wisdom in One Sentence

If there’s one thing I’ve learned after three and a half decades of being my own boss, it’s this: The way you treat your money is the way your money treats you.

When you overlook your expenses, you’re missing an opportunity to care for the details of your abundance. But when you approach your LLC with a few intentional grund rules: tracking your deductions, understanding your write-offs, and keeping your records clean, you are signaling that you are a responsible steward of wealth.

How long has it been since your business finances felt full of ease and order rather than mental clutter and “I’ll deal with it later”?

If you’re ready to treat your business like the wealth-building asset it is, it’s important that you take the time to work ON your business, not just inside of it. Wealth elevation requires both the high-vibe mindset and the practical systems to support it.

If you want to dive deeper into the mindset of the “Unreasonable Woman” who gets exactly what she wants (including a thriving, tax-efficient business), you absolutely have to check out my private podcast, The Velvet Hammer Experience. It’s where I get real about what it takes to actually sustain a life of luxury and impact.

Listen to The Velvet Hammer Experience here.

Let’s keep more of the money you worked so hard to earn, shall we? You’ve built too much to let simple oversight quietly chip away at your wealth.

Love
Halle

PS: If you’re feeling a bit “tax-traumatized” and need some help realigning your money energy so you can actually enjoy making all this profit, I’m here for you. Check out my coaching page and let’s see if we’re a fit to take your empire to the next level.