Ep 42. Understanding 'Ordinary and Necessary' Deductions for Savvy Business Owners
Dive into the latest episode of the Craft More Cash podcast where I, Catrina M Craft, unravel the mysteries of tax deductions for business owners.
In this episode, we explore what constitutes 'ordinary and necessary' expenses and how understanding these can lead to significant tax savings. I share intriguing real-life examples, like how a bodybuilder legitimately deducted buffalo meat and tanning lotion, and a business couple's small airplane purchase, to illustrate how these principles apply uniquely across different industries.
Whether you're flying to conferences or purchasing industry-specific supplies, learning what qualifies as a deductible expense is crucial.
Don't miss this opportunity to turn everyday expenses into tax-saving deductions. Tune in now to sharpen your financial strategies and ensure you're not leaving money on the table.
Interested in personalized tax strategies that fit your unique business needs? Schedule a call with me to explore personalized solutions tailored to your unique needs. Let's start crafting more cash together!
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Disclaimer:
The information provided in this content is for general informational purposes only and should not be considered specific tax advice. Every individual’s tax situation is unique, and this material does not account for your specific circumstances. Before acting on any information presented, consult with a qualified tax professional or CPA to discuss your individual situation and ensure compliance with applicable laws and regulations.
Catrina M Craft and companies assumes no responsibility for actions taken without proper consultation with a licensed professional.
