Episode
Finding the Money You Already Earned
- Podcast
- Wealth-Building Made Simple
- Published
- Feb 20, 2026
- Duration seconds
- 855
- Processing state
not_requested
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Summary
Key Takeaways: Don’t Miss Common Deductions: Many business owners overlook deductions like mileage and home office expenses. Tracking these can lead to meaningful tax savings. Intent Matters for Expenses: For things like meals, travel, and entertainment, the reason behind the expense is important. Understanding intent helps ensure expenses are reported correctly. Bonus Depreciation Is Back: Recent tax changes allow businesses to fully write off certain purchases right away. This can be a big advantage when buying qualifying equipment or assets. Review Transactions Regularly: Looking through bank statements and transactions can reveal forgotten subscriptions or miscategorized expenses, which improves accuracy and savings. Get Expert Tax Help: Tax rules are complicated and always changing. A knowledgeable CPA can help businesses take full advantage of deductions and credits while staying compliant. Chapters: Timestamp Summary 1:56 Commonly Overlooked Business Deductions for Entrepreneurs 4:10 Understanding Tax Deductions for Meals, Travel, and Entertainment 7:07 Documenting Business Expenses and Intent for Tax Deductions 8:42 Gift Cards as Taxable Income for Employees 9:22 Tax Strategies and Tips for Small Business Owners Powered by ReiffMartin CPA and Stone Hill Wealth Management Social Media Handles Follow Phillip Washington, Jr. on Instagram (@askphillip) Subscribe to Wealth Building Made Simple newsletter https://www.wealthbuildingmadesimple.us/ Ready to turn your investing dreams into reality? Our "Wealth Building Made Simple" premium newsletter is your secret weapon. We break down investing in a way that's easy to understand, even if you're just starting out. Learn the tricks the wealthy use, discover exciting opportunities, and start building the future YOU want.…