In episode 162 of Financially Simple, Justin lists 49 deductions to reduce your tax bill.
There are a number of ways to reduce the amount of tax payable as a Small Business Owner; some conventional, others… not so much. Justin goes over the obvious and not-so-obvious deductibles of a business.
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COMPLETE TRANSCRIPTION:
BLOG: 49 Surprising Tax Deductions for Small Business Owners
TIME INDEX:
01:47 - Tax Deductions for Small Business Owners
03:24 - What is a Deduction?
04:56 - Qualified Business Income Deduction
05:43 - Bonus Depreciation
07:24 - Vehicle Expenses
08:24 - Home Office
08:50 - Home Renovations & Insurance
09:14 - Professional Services
09:23 - Employee Deductibles
11:13 - Opportunity Tax Credit
11:39 - Client & Employee Entertainment
12:42 - Dues & Memberships
13:06 - Legal Fees
13:16 - Office Building Deductibles
14:02 - Moving Expenses
14:18 - Home Landscaping
14:47 - Start-Up Expenses
14:52 - Travel Expenses
15:01 - Taxes!
15:14 - Machinery & Equipment Rental
15:24 - Interest on Loans
15:26 - Research & Experimental Costs
15:34 - Inventory for Services-Based Businesses
16:31 - Bad Debts
16:42 - Bank Charges
16:52 - Disaster & Theft Losses
17:05 - Carryovers from Previous Years
17:27 - Tools
17:54 - Unpaid Goods
18:07 - Continuing Education
18:19 - Advertising & Marketing
18:21 - Charitable Contributions
18:38 - Intangibles
18:45 - Some Examples of Unusual Deductibles
21:14 - Wrap Up
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
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