Episode A1.009 Business Deductions

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Introduction
Avoid the pitfalls many small business founders have to climb out of to grow and succeed. We here at IBGR know that you have the dream, you have the drive, we give you the information you need to make it happen.

Have a great business week.
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Show Objective
Learn about the business expenses that are, and are not, tax deductible.  Check out this article from Bench, written by Janet Barry-Johnson, CPA on October 19, 2019, called “The Big List of Small Busienss Tax Deductions (2020)”.
https://bench.co/blog/tax-tips/small-business-tax-deductions/

 
Key Concerns:
Many business owners feel overwhelmed by the number of tasks to complete to build their businesses.  Sometimes the minutiae escapes notice, but can have meaningful consequences later.  

What You Need to Know
Today we will talk about: 

1. What a tax deduction is: it’s an expense that you can deduct from your taxable income.
   
2. The most common deductions (16).
   
3. Creating a checklist for your accountant and to help you jog your memory.
   
4. What constitutes documentation and “proof” of the expense.
   

What You Need to Do:
Check out the IRS website for US small businesses here:
Deducting Business Expenses

For those of you in Canada, look here:
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses.html

For those of you in Mumbai, cleartax offers the information that can get you started:
https://cleartax.in/g/terms/business-expenses

For those of you in Sydney, get your information here:
https://www.business.gov.au/finance/taxation/tax-deductions

For those of you in the UK, check out your allowable deductions here:
https://www.gov.uk/expenses-if-youre-self-employed/print


Previous Show: Episode A1.008 Recording Keeping Basics (Monthly, Quarterly, Annual schedule)
Next Show:Episode A1.010 Reading the Metrics

Written by Wendy Dickinson, MEd, ACC

* I am not a CPA and the recommendations given in this show do not constitute legal or financial advice. Seek professional advice for all legal and financial matters. 

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