What is A Business Deduction?

Are you a small business owner wondering how to maximize your tax deductions? In this episode of the Wealth Planning Podcast with Brister Law Firm, Anthony Brister breaks down what tax deductions are, how they work, and common deductions for business owners. From understanding what qualifies as a deduction under IRS section 162 to practical examples of how deductions affect your taxable income, this video provides essential tax planning tips to ensure you're optimizing your business expenses and staying tax-efficient.

💡 Get started with your tax planning today! Schedule your free discovery call to see if we're a good fit and ask about our comprehensive end-of-year tax planning meeting at https://www.bristertaxlaw.com

 

📅 Don't wait! Only a few months left to make a significant impact on your tax savings before the year ends.

📩 Need a Schedule C spreadsheet? Email Schedule C to admin@bristertaxlaw.com and we'll send you a free form to help track your expenses!

Quickbooks referral link: https://quickbooks.partnerlinks.io/63mbh88o5yan

Timestamps: 0:00 – Introduction 0:22 – What is a tax deduction? 1:07 – The importance of end-of-year tax planning 1:42 – Tax deductions explained 3:00 – Example: How deductions work for a business owner 4:34 – What qualifies as a business deduction? 6:00 – Depreciation and amortization of large expenses 7:00 – The importance of tracking expenses and using tools like QuickBooks 9:00 – Schedule C and common deductions for business owners 11:00 – Top tax deductions for small businesses (cell phone, home office, vehicle expenses, etc.) 14:45 – Final thoughts on tax deductions and why working with a tax professional is essential

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Schedule your end-of-year tax planning meeting today at https://www.bristertaxlaw.com