On Your Terms® 178. It's a Write Off, You Just Write It Off! (Or Is It?)
Dec 7, 2023
28:12
As entrepreneurs, understanding what counts as a business expense is crucial for our financial health and legal compliance. I'm here to clear up some common misconceptions and offer practical advice on how to navigate these often-confusing waters. Whether you're just starting out or you've been running your business for a while, this discussion is going to shed light on managing your business's finances effectively.
In this episode, you’ll hear…
- Insights into what qualifies as a business expense and debunking common myths
- Strategies for effectively documenting and tracking business expenses
- Understanding the IRS criteria for deductible expenses
- How to differentiate between deductible and non-deductible expenses
- Guidance on legal and tax compliance for entrepreneurs
Click here to find the full show notes and transcript for this episode.
RESOURCES:
- The Ultimate Bundle®
- Business Expenses | Internal Revenue Service
- Get QuickBooks
- Blog Post: Can I Charge Business Expenses to My Personal Card?
- Episode 77. Small Business Taxes 101 [Guest Interview with Little Fish Accounting]
- Learn more about Little Fish Accounting
- Check out Megan Naasz, CPA
- Episode 17. 6 Legal Must Haves for Online Businesses
- Click here to watch the free workshop so you can get legally protected right now!
- Get notifiied when each episode of On Your Terms® comes out
CONNECT:
- Get Sam's weekly newsletter, Sam's Sidebar
- Follow Sam on Instagram
- Follow Sam on YouTube
- Subscribe to Sam's Substack, Beyond Business
- Take Sam's free legal workshop "5 Steps to Legally Protect & Grow Your Online Business"