On Your Terms® 178. It's a Write Off, You Just Write It Off! (Or Is It?)
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!
CONNECT:
Produced by NOVA Media
Mentioned in this episode:
Legal Workshop
Do you feel lost thinking about how to legally protect your online business? Head to mylegalworkshop.com to sign-up for immediate access to my free 1-hour legal workshop, 5 Steps to Legally Protect & Grow your Online Business.