Kenner French discusses the importance of tax deductions for entrepreneurs, outlining various types of deductions available, common mistakes made by business owners, and the role of tax preparers in maximizing tax savings.
The discussion emphasizes the need for awareness and proper record-keeping to ensure that entrepreneurs can take full advantage of the deductions available to them, ultimately leading to significant savings on their tax liabilities.
Takeaways
• Tax deductions can significantly reduce taxable income for business owners.
• Home office expenses can be claimed as deductions if working from home.
• Capital expenditures can also be deducted over time.
• Lower tax rates on business income can lead to overall savings.
• Many entrepreneurs miss deductions due to lack of awareness.
• Keeping detailed records is crucial for claiming deductions.
• Tax preparers can assist in identifying potential deductions.
• Professional development expenses are deductible for business owners.
• Fear of audits can prevent entrepreneurs from claiming deductions.
• Effective communication with tax preparers can lower tax liabilities.
Sound Bites
• You are way too afraid to ask it.
• Let's go over the tax advantages simply of owning a business.
• Deductions for business expenses can reduce taxable income.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: 415-854-6512
Email: info@vastsolutionsgroup.com
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Thank you for listening!
