"The IRS says a business must have a profit motive, but that doesn’t mean you can’t enjoy tax deductions along the way."

In this episode of How to Lower Your Tax Bill, Terrence dives into tax-saving strategies for self-employed individuals. He explains how freelancers, small business owners, and side hustlers can take advantage of tax deductions for business travel, meals, and vehicles.

Terrence covers key topics like ordinary and necessary expenses, documenting business travel, and maximizing deductions on vehicles. He also offers strategies for planning corporate retreats and how to properly track your mileage.

Featured Tax Fact: In a 1981 case, Elvis Presley's estate lost a tax battle trying to deduct bodyguard expenses.

For more self-employment tax tips, subscribe to How to Lower Your Tax Bill on Spotify or Apple Podcasts.