Finding the Money You Already Earned

Key Takeaways:

• Don’t Miss Common Deductions: Many business owners overlook deductions like mileage and home office expenses. Tracking these can lead to meaningful tax savings.
• Intent Matters for Expenses: For things like meals, travel, and entertainment, the reason behind the expense is important. Understanding intent helps ensure expenses are reported correctly.
• Bonus Depreciation Is Back: Recent tax changes allow businesses to fully write off certain purchases right away. This can be a big advantage when buying qualifying equipment or assets.
• Review Transactions Regularly: Looking through bank statements and transactions can reveal forgotten subscriptions or miscategorized expenses, which improves accuracy and savings.
• Get Expert Tax Help: Tax rules are complicated and always changing. A knowledgeable CPA can help businesses take full advantage of deductions and credits while staying compliant. 

 

Chapters:

Timestamp Summary

 

1:56 Commonly Overlooked Business Deductions for Entrepreneurs

4:10 Understanding Tax Deductions for Meals, Travel, and Entertainment

7:07 Documenting Business Expenses and Intent for Tax Deductions

8:42 Gift Cards as Taxable Income for Employees

9:22 Tax Strategies and Tips for Small Business Owners

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.