How to Properly Classify Assets and Expenses

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26d ago 10:40

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In today’s episode, I dive into a topic that often confuses business owners: the difference between an expense and an asset. While you might think your bookkeeper has it all handled, it's vital to understand how these distinctions affect your business's tax benefits and overall financial health. We’ll cover the basics of expenses – your typical operating costs such as advertising, materials, and rent.

On the other side, we’ll define assets, like ovens or refrigerators for a bakery, which help generate revenue over multiple years. Learn how to properly categorize these items, the importance of depreciation, and how intangible assets like websites and franchise fees fit into the mix. Whether you’re investing in new equipment or paying franchise fees, I'll provide you the insights you need to strategically manage these expenses and maximize your tax benefits. Plus, find out how setting the right expectations and aligning your spending with profit and personal goals can pave the way for a successful 2025. Tune in to get equipped with the knowledge to better handle your business’s financials!

What You'll hear in this episode:

[0:50] Understanding Expenses in Your Business

[1:50] Defining Assets and Their Importance

[3:50] Depreciation Explained

[7:00] Intangible Assets and Amortization

[9:15] Strategic Planning for Assets and Expenses

If you like this episode, check out:

Understanding Bonus Depreciation and Recapture

The Truth About Tax Savings and Strategies

What They Never Tell You About Depreciation

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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.

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