At year's end a topic on every business owners’ mind is: Have I fully maximized my deductions this year? We all want to lower the amount of money we owe to the government– but sometimes it can be a little confusing as to what actually counts. In Episode 146 of The Legal Paige Podcast, I share what purchases you can send to the ‘write off people’ (i.e. the IRS and your state government).
Pro tip: Getting organized with your taxes + deductions BEFORE the holidays will set you up for success in 2023 and help you feel more prepared. With Black Friday next week, you can save on those write off expenses even more because everyone is having a sale. I always tell people waiting until the last minute (like Dec 30th or 31st) could cost you more when you could have gotten a steal over Black Friday if you were strategic about your tax deductions.
Be proactive, think things through, and make wise decisions. Your tax-deduction purchases should benefit your business and contribute to your overall success. My accountant always says even though I could deduct that $1000 purchase, I could also not buy it and make 70% of the $1000 dollars. Sometimes keeping $700 of the $1000 is just a better financial decision. You’re in business to make a profit.
MORE FROM THIS EPISODE:
Tune into Episode 146 and learn:
- Office improvements that count as deductions.
- How to stock up on supplies + prepay expenses.
- Why legal contracts are a great tax write-off.
- How to write off bad business debts.
- Employee bonuses and gifts that count as deductions.
- And so much more!
If you want more helpful business advice as you’ll hear on the podcast, be sure to join The Legal Paige Facebook Community where thousands of entrepreneurs just like you are getting real-time answers about running a professionally and legally legit business.
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