Tax Basics for Business Owners

Since we are in the middle of tax season, this week’s episode of the Grow Money Business Podcast is dedicated to tax basics for business owners. Throughout the episode, we dive into the difference between credits and deductions, common misconceptions about tax brackets, cash accumulation, and more.

 

Show Notes

[06.10] Credits vs. deductions – Grant starts the discussion by explaining the difference between a credit and a deduction.

[11.05] Misconception – We review some of the most common misconceptions regarding tax brackets and why people need to be aware of them.

[15.19] Business owners – Grant shares some important things that business owners should know.

[23.04] Cash accumulation – Grant explains the reasons accumulating cash in business accounts, as well as some effective uses of that kind of cash.

 

Resources

A Tax Guide for Small-Business Owners –

nerdwallet.com/article/small-business/small-business-tax-preparation

 

2022 complete list of small-business tax deductions –

quickbooks.intuit.com/accounting/small-business-tax-deductions/