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…

1. Insights into what qualifies as a business expense and debunking common myths
2. Strategies for effectively documenting and tracking business expenses
3. Understanding the IRS criteria for deductible expenses
4. How to differentiate between deductible and non-deductible expenses
5. Guidance on legal and tax compliance for entrepreneurs

Click here to find the full show notes and transcript for this episode.

RESOURCES:

1. The Ultimate Bundle®
2. Business Expenses | Internal Revenue Service
3. Get QuickBooks
4. Blog Post: Can I Charge Business Expenses to My Personal Card?
5. Episode 77. Small Business Taxes 101 [Guest Interview with Little Fish Accounting]
6. Learn more about Little Fish Accounting
7. Check out Megan Naasz, CPA
8. Episode 17. 6 Legal Must Haves for Online Businesses
9. Click here to watch the free workshop so you can get legally protected right now!
10. Get notifiied when each episode of On Your Terms® comes out

CONNECT:

1. Get Sam's weekly newsletter, Sam's Sidebar
2. Follow Sam on Instagram
3. Follow Sam on YouTube
4. Subscribe to Sam's Substack, Beyond Business
5. Take Sam's free legal workshop "5 Steps to Legally Protect & Grow Your Online Business"

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