Are your tax deductions putting your business at risk? Meet Toni, a wedding photographer who nearly lost everything over $12,000 in questionable deductions that triggered an IRS audit.
In this episode, we unpack the most common tax mistakes small business owners make and how to avoid them. You'll discover:
Key Quote: "The most expensive tax mistakes aren't usually from missing the big obvious deductions. They come from either missing lots of small legitimate deductions because they seem too simple to count, or from claiming questionable deductions because 'everyone does it.'"
Listen now to learn how to claim what you're entitled to while keeping your business safe from costly audit troubles.
Get your free "Small Business Deduction Checker" in the Wealth Wisdom Financial Community at wealthwisdomfp.com/community.
00:00 Introduction: Avoiding a $12,000 Tax Mistake
00:47 Welcome to Wealth Wisdom Financial Podcast
01:25 Tony's Tax Troubles: A Cautionary Tale
03:08 Commonly Missed Deductions
05:51 Deductions That Can Get You in Trouble
09:51 The Importance of Proper Tax Planning
13:50 Conclusion and Resources
Watch on YouTube here: https://youtu.be/kCpv4boE5zI
