Today we'll be discussing tax deductions for entrepreneurs. As a business owner, understanding what is deductible and what isn't can be crucial to keeping more of what you earn.
We'll dive into what deductions are and how they work. We'll explore what makes an expense actually deductible and what qualifies as a business expense. It's important to know the boundaries and risks involved in claiming deductions on your tax return, so we'll discuss a few methods that may help reduce the likelihood of getting flagged. We'll also talk about the importance of being able to defend the business case for the expenses you're claiming.
Join us as we navigate the world of tax deductions for entrepreneurs and learn how to take advantage of the deductions available to you.
What you'll hear in this episode:
[3:00] What actually is a tax deduction?
[4:53] What makes an expense actually deductible?
[6:26] What is considered a business expense?
[8:53] What are the risks and boundaries of taking deductions?
[10:00] The 3 D's necessary to take a deduction.
[12:23] Tip to spread out your expenses between categories.
[15:30] The importance of being able to defend the business case as much as the deduction.
* Related episodes:
231: Questions You MUST Ask Your Accountant Before Signing a Return
238: Why Your Tax Pro Says No to Creative Strategies
248: How to Take the Home Office Deduction
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.