Welcome to Wine and Dime, the podcast that uncorks the mysteries of personal finance! Today, we're diving into the nitty-gritty of business expenses. As a solopreneur or small business owner, you want to maximize your deductions and minimize your tax bill, right? Well, buckle up, because our guest experts, Kate Welker and Amy Irvine, are ready to help you do just that. From office supplies to travel expenses, from depreciation to employee benefits, they'll guide you through the maze of IRS rules and regulations. So, grab a glass of your favorite vintage, and get ready to toast to your financial success!
Overall, this episode of the Wine and Dime podcast offers a wealth of information for anyone trying to navigate the world of business expenses. Whether you're a seasoned business owner or just starting out, you're sure to learn something new and valuable. So, pour yourself a glass of your favorite wine and tune in to this informative and engaging episode!
What you will learn:
The importance of keeping accurate records of business expenses for tax purposes
The difference between deductible and non-deductible expenses, and how to determine which category an expense falls under
How to calculate depreciation on assets and determine when to list them separately on tax returns
The nuances of travel and meal expenses, including what is deductible and what is not
The importance of paying both the employer and employee side of Medicare and Social Security taxes as a self-employed individual
The benefits of solo 401k plans and other employee benefit programs for solo entrepreneurs
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Wine - 2015 WALLA WALLA VALLEY SYRAH DESSERT
If you're a fan of dessert wines, you won't want to miss out on the 2015 WALLA WALLA VALLEY SYRAH DESSERT from Pudding River Winery. This rich and complex wine offers flavors of black cherry, chocolate, and spice, with a smooth finish that lingers on the palate. It's the perfect wine to enjoy after a meal or to pair with a decadent chocolate dessert. Visit Pudding River Winery's website to learn more about this delicious wine and how to get your hands on a bottle.
Useful Links
IRS Schedule C: https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
IRS Publication 535 (Business Expenses): https://www.irs.gov/forms-pubs/about-publication-535
IRS Publication 463 (Travel, Entertainment, Gift, and Car Expenses): https://www.irs.gov/forms-pubs/about-publication-463
IRS Publication 587 (Business Use of Your Home): https://www.irs.gov/forms-pubs/about-publication-587
Solo 401k: https://www.irs.gov/retirement-plans/one-participant-401k-plans
Self-employment taxes: https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes
Pudding River Winery: Pudding River Wine Cellars Boutique-styled wines from Oregon
WALLA WALLA VALLEY SYRAH DESSERT: Pudding River Wine Cellars 2015 Walla Walla Valley Syrah Dessert (Port Style)
Rooted Planning Group: Rooted Planning Group (rootedpg.com)
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.