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

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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. Sign up now, and let's make those dreams happen!

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:

• Volatility Builds Strength: Ups and downs are part of life and markets. Learning to handle tension and uncertainty helps build financial strength and long-term wealth.
• Upgrade Your Inner Skills: As the world changes faster, people need to update how they think, respond, and manage stress—just like updating software.
• A Calm Nervous System Matters: Practices like meditation, yoga, and mindful movement help strengthen the nervous system, leading to clearer thinking and better financial decisions.
• Think in Systems, Not Shortcuts: Using basic ideas from physics and systems thinking helps identify which financial strategies are stable and which are likely to break.
• Use Rhythm to Stay Grounded: Regular movement, breathing, and daily rhythms help manage stress and stay steady during both market swings and life challenges.

Chapters:

Timestamp Summary

0:00 Building Resilience in a Rapidly Changing World

4:45 The Global Wealth Storage and Economic Imbalance in America

6:48 Understanding Emotions and Nervous System Regulation

13:19 Rethinking Education and Savings with Bitcoin and AI

15:40 The Importance of Physical and Mental Grounding in Stress Management

27:17 Rooting Ideas in Physics for Financial and Personal Growth

Powered by 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. Sign up now, and let's make those dreams happen!

WBMS Premium Subscription

Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:

• Organize Financial Documents Digitally: Storing receipts and records in boxes or piles leads to lost information. Using digital tools keeps documents safe, organized, and easy to access when needed.
• Keep Essential Financial Reports: Every business should regularly track profit and loss statements, balance sheets, and bank or credit card statements. These reports support smart decisions and accurate tax filings.
• Bookkeeping Should Be Ongoing: Waiting until tax season creates stress and mistakes. Reviewing your numbers regularly helps your business grow and keeps surprises to a minimum.
• Build the Right Support Team: Hiring professional bookkeeping or accounting help allows business owners to focus on running and growing their business instead of chasing paperwork.
• Stay Clear and Organized: Clean, well-labeled financial records prevent confusion, reduce errors, and make tax preparation much smoother.

Chapters:

Timestamp Summary

0:00 Preparing for Tax Season and Organizing Financial Data

1:30 The Perils of Shoebox Accounting and Digital Solutions

2:55 Essential Financial Documents and Bookkeeping for Business Owners

7:22 Common Mistakes in Business Financial Record Organization

9:35 Organizing Finances for Stress-Free Tax Seasons

13:23 Investment Advice and Risk Awareness in Financial Strategies

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. Sign up now, and let's make those dreams happen!

WBMS Premium Subscription

Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.