Want to lower your taxes? The IRS Code Section 162 lets you deduct ordinary and necessary expenses. What's considered ‘reasonable’ isn't even defined. This can be a game changer for your bottom line. #IRSCode #TaxDeductions #TaxTips #SmallBusiness #TaxLaw | Tax Magic Podcast
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You: “It’s a business expense.” Me: “...is it though?” 😅 The IRS rule (section 162) says: You can deduct all ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business. But what counts as ordinary and necessary isn’t always clear! Ordinary = Common or customary in your trade/industry Necessary = Helpful and appropriate for your business. The biggest takeaway? ALWAYS keep records and receipts! Let’s make sure you’re not missing deductions or ris
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Reward Yourself as aBusiness Owner with a Tax-Deductible Retirement Plan.Section 162 is a huge game changer when it comes to funding your policy and making the dollars 100% tax deductible! #wealthbuilding #money #cashvalue #iul #business #businessowner | Broadway Financial Group
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