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:

• Sam on Instagram
• Sam on Facebook
• On Your Terms® on Instagram

DISCLAIMER

Produced by NOVA Media

Mentioned in this episode:

Legal Workshop

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