Today, we're talking about the world of business deductions and breaking down what they really mean for entrepreneurs and business owners. I'll walk you through what counts as a deductible expense, how deductions work, and why it's so important to be able to defend your business decisions.
I'll also explain the difference between deductions and tax credits, what makes an expense truly deductible, and why documentation is everything. Plus, I'm sharing practical tips on how to categorize expenses properly, stay off the IRS radar, and make the most of every deduction available to you.
What you'll hear in this episode:
[0:45] Understanding Deductions for Entrepreneurs
[01:50] Defining and Defending Deductions
[03:45] IRS Guidelines and Business Expenses
[07:35] Documentation and Diverse Categories
If you like this episode, check out:
How to Build Investor-Ready Financials
Why The Rich Pay No Taxes and You Feel Left Out
Learn more about our CFO firm and services: https://www.keepwhatyouearn.com/
Connect with Shannon: https://www.linkedin.com/in/shannonweinstein
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. We love enthusiastic action, but please consult a qualified professional before implementing anything you learn.