Are you unsure about what qualifies as a business expense? Confused about when you can start counting them or what happens to expenses incurred before registering your business? In this episode, we'll be diving into all of that and more. Learn about what business expenses you may be missing out on — and what things you may think are an expense but actually aren't. Let’s make sure you're not missing out on any deductions for your business.
In this episode, you’ll hear…
- What business expenses are and why they are so misunderstood
- Whether or not you can deduct expenses incurred before you register your business and which ones count
- Common write-offs many online business owners miss (and things you think you can write off but actually can’t)
Click here to find the full show notes and transcript for this episode.
RESOURCES:
- The Ultimate Bundle®
- Business Expenses | Internal Revenue Service
- Quickbooks // bookkeeping software. Organize and track your business expenses and income with this easy-to-use tool. Get 50% off with my link.
- Blog Post: Can I Charge Business Expenses to My Personal Card?
- Episode 77. Small Business Taxes 101 [Guest Interview with Little Fish Accounting]
- Episode 17. 6 Legal Must Haves for Online Businesses
- Click here to watch the free workshop so you can get legally protected right now!
Resources & Links:
- If you’d like a shoutout (and a chance to win a $20 gift card), just leave a review on Apple Podcasts and send a screenshot of it to me on Instagram via DMs!
- Read Sam's Blog for the latest legal tips, podcast episodes & behind the scenes of building her seven-figure business.
- Listen to our customer stories to see how getting legally legit has helped 1,000s of entrepreneurs grow their own businesses.
- Follow us on social media: Sam on Instagram, Facebook, On Your Terms on Instagram
- Subscribe and follow on all podcast platforms and activate notifications for new episodes
- Kajabi // use Kajabi to sell your course, program, or even build your entire website. Get a 30-day free trial with my link.
- SamCart // what I use for my checkout pages and payment processing and LOVE. And no, not because it’s my name.
- ConvertKit // what I use to build my email list, send emails to my list, and create opt-in forms & pages.
DISCLAIMER: Although Sam is an attorney she doesn’t practice law and can’t give you legal advice. All episodes of On Your Terms are educational and informational only. The information discussed here isn’t legal advice and isn’t intended to be. The info you hear here isn’t a substitute for seeking legal advice from your own attorney.
AFFILIATE LINKS: Some of the links we share here may be affiliate links, which means we may make a small financial reward for referring you, without any cost difference to you. You’re not obligated to use these links, but it does help us to share resources. Thank you for supporting our business!
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.