HOW DEDUCTIONS AND EXPENSES SAVE YOU MONEY

Let me tell you a little story about how deductions can save you a ton of money and put more of your hard-earned dollars back where they belong – in your pocket.​

Imagine you're running your business, making $10,000 in income. Now, without any deductions, you'd have to pay taxes on that entire $10,000. Let's say there's a 25% tax rate, that's $2,500 straight to the taxman. Ouch!

But wait, here's where it gets interesting. Deductions are your secret weapon. Things like mileage, cell phone bills, supplies, event fees, advertising costs, even business coaching – they all chip away at your taxable income. Trust me, that’s good!

Let's say you have $1,000 in deductions. Subtract that from your $10,000 income, and suddenly you're only paying taxes on $9,000. At a 25% tax rate, that's $2,250 – a cool $250 saved, just like that.

But what if we amp it up? With $3,000 in deductions, you're now only taxed on $7,000. That's $1,750 in taxes – a whopping $750 less than before.

See, deductions aren't just a nice perk – they're a game-changer. They're the difference between handing over your hard-earned cash to the IRS and keeping it for yourself. So, keep track of those expenses, maximize those deductions, and watch your tax bill shrink while your profits grow. That's the power of smart financial management.

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To Talk About Taxes

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