DecaMillionaire Decoded 49 Possible Tax Deductions for Small Business Owners
In episode 162 of Financially Simple, Justin lists 49 deductions to reduce your tax bill.
There are a number of ways to reduce the amount of tax payable as a Small Business Owner; some conventional, others… not so much. Justin goes over the obvious and not-so-obvious deductibles of a business.
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COMPLETE TRANSCRIPTION: BLOG: 49 Surprising Tax Deductions for Small Business Owners
TIME INDEX:
01:47 - Tax Deductions for Small Business Owners
03:24 - What is a Deduction?
04:56 - Qualified Business Income Deduction
05:43 - Bonus Depreciation
07:24 - Vehicle Expenses
08:24 - Home Office
08:50 - Home Renovations & Insurance
09:14 - Professional Services
09:23 - Employee Deductibles
11:13 - Opportunity Tax Credit
11:39 - Client & Employee Entertainment
12:42 - Dues & Memberships
13:06 - Legal Fees
13:16 - Office Building Deductibles
14:02 - Moving Expenses
14:18 - Home Landscaping
14:47 - Start-Up Expenses
14:52 - Travel Expenses
15:01 - Taxes!
15:14 - Machinery & Equipment Rental
15:24 - Interest on Loans
15:26 - Research & Experimental Costs
15:34 - Inventory for Services-Based Businesses
16:31 - Bad Debts
16:42 - Bank Charges
16:52 - Disaster & Theft Losses
17:05 - Carryovers from Previous Years
17:27 - Tools
17:54 - Unpaid Goods
18:07 - Continuing Education
18:19 - Advertising & Marketing
18:21 - Charitable Contributions
18:38 - Intangibles
18:45 - Some Examples of Unusual Deductibles
21:14 - Wrap Up
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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