What Entrepreneurs Need to Know About Tax Deductions

Keep What You Earn

As tax season approaches, the urgency surrounding questions about deductible expenses intensifies. Shannon explores the fundamentals of deductions, dispels common misconceptions, and provides valuable insights on how to maximize tax savings. The episode also highlights an upcoming free tax deduction guide that lists over 150 potential deductions for businesses. While the information shared serves an educational purpose and should not be taken as individual tax advice, it aims to empower listeners with the knowledge necessary for making better financial decisions. Get ready to transform the way you handle your business finances. Let’s dive in!

What you'll hear in this episode:

05:20 Defend deductions with confidence, documentation, and preparation.

08:47 Understand risks and defend tax deduction positions effectively.

13:14 Categorize expenses to simplify audits and avoid issues.

14:24 Avoid using 'other' for deductions; be specific.

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.