Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.

Episode 1904:

Josh Bauerle breaks down how entrepreneurs can legally and strategically maximize their tax deductions by understanding the IRS's definitions of "ordinary" and "necessary" expenses. With real-world examples, like a wine bar owner's surprising nose job write-off, he shows how expanding into multiple industries can open doors to more deductions while staying compliant.

Read along with the original article(s) here: https://www.eofire.com/taking-tax-deductions-deserve-entrepreneur/

Quotes to ponder:

"A business expense is an ordinary and necessary expense that was paid or incurred during the taxable year in carrying on a business activity."

"Anything you spend money on could be a tax deduction if you can find a way to relate it to your business or industry."

"The IRS is the master when it comes to being vague."