11 min
Asset vs. Expense: What's The Difference? Keep What You Earn
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- Entrepreneurship
In this podcast episode, we delve into a rarely explored yet highly significant query, with the intention of offering business proprietors an all-encompassing insight into their expenditure choices.
Frequently, business owners lean towards the deduction of an entire expense within a single fiscal year. Nevertheless, it's imperative to recognize that when a specific purchase can be classified as an asset, the prospect of extending the expense over several years emerges as a feasible alternative. This strategy can effectively diminish your tax obligations gradually.
By thoughtfully contemplating the categorization of your expenses, you can fine-tune your tax responsibilities and enhance your ability to manage your financial assets more efficiently.
What you’ll hear in this episode:
[1:25] Clarifying the concept of expenses within your business.
[1:56] Exploring the definition of assets within your business.
[3:00] Unveiling the significance of extending a purchase over several years, also known as depreciation.
[4:50] Demystifying the safe harbor threshold.
[6:15] Examining the advantages of your comprehension of assets versus expenses in your business to enhance your tax deduction potential.
[7:09] Delving into the realm of intangible assets within your business.
If you like this episode, check out:
The Benefits of Business Continuity Planning with Jim Erben
Building Your Money Machine with Mel Abraham
Building a Successful Continuity Plan with Julee Yokoyama
Want to learn more so you can earn more?
Download the Money Pro Matchmaker tool here
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
In this podcast episode, we delve into a rarely explored yet highly significant query, with the intention of offering business proprietors an all-encompassing insight into their expenditure choices.
Frequently, business owners lean towards the deduction of an entire expense within a single fiscal year. Nevertheless, it's imperative to recognize that when a specific purchase can be classified as an asset, the prospect of extending the expense over several years emerges as a feasible alternative. This strategy can effectively diminish your tax obligations gradually.
By thoughtfully contemplating the categorization of your expenses, you can fine-tune your tax responsibilities and enhance your ability to manage your financial assets more efficiently.
What you’ll hear in this episode:
[1:25] Clarifying the concept of expenses within your business.
[1:56] Exploring the definition of assets within your business.
[3:00] Unveiling the significance of extending a purchase over several years, also known as depreciation.
[4:50] Demystifying the safe harbor threshold.
[6:15] Examining the advantages of your comprehension of assets versus expenses in your business to enhance your tax deduction potential.
[7:09] Delving into the realm of intangible assets within your business.
If you like this episode, check out:
The Benefits of Business Continuity Planning with Jim Erben
Building Your Money Machine with Mel Abraham
Building a Successful Continuity Plan with Julee Yokoyama
Want to learn more so you can earn more?
Download the Money Pro Matchmaker tool here
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
11 min