Business Expenses You’re Afraid to Deduct, But Probably Should

What's in this episode

Are you still afraid to deduct certain business expenses because you think the IRS might come after you for it? Meals. Travel. Home office. Vehicle expenses. Software. Education. Coaching. Even paying your kids. These deductions can feel risky when the lines between personal and business spending are not clear. In this episode, Mike breaks down the business expenses many owners skip out of fear, and explains how to think about deductions the right way. You will learn what “ordinary and necessary” really means, why documentation matters more than fear, and why playing it too safe can cost you thousands. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ Chapters (01:15) How the Tax Code Incentivizes Business Owners The tax code is designed to encourage certain actions, like building businesses, hiring employees, creating housing, and growing the economy. The goal is to understand the incentives and implement them legally. (03:00) The “Ordinary and Necessary” Rule A business expense generally needs to be ordinary and necessary. Ordinary m