Wine and Dime Your Way Through Small Business Tax Planning

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!

What you will learn:

The importance of keeping accurate records of business expenses for tax purposesThe difference between deductible and non-deductible expenses, and how to determine which category an expense falls underHow to calculate depreciation on assets and determine when to list them separately on tax returnsThe nuances of travel and meal expenses, including what is deductible and what is notThe importance of paying both the employer and employee side of Medicare and Social Security taxes as a self-employed individualThe benefits of solo 401k plans and other employee benefit programs for solo entrepreneurs

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

If you have any questions that you would like answered on the show, feel free to email us at [email protected]

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 LinksIRS Schedule C: https://www.irs.gov/forms-pubs/about-schedule-c-form-1040IRS Publication 535 (Business Expenses): https://www.irs.gov/forms-pubs/about-publication-535IRS Publication 463 (Travel, Entertainment, Gift, and Car Expenses): https://www.irs.gov/forms-pubs/about-publication-463IRS Publication 587 (Business Use of Your Home): https://www.irs.gov/forms-pubs/about-publication-587Solo 401k:

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!

What you will learn:

The importance of keeping accurate records of business expenses for tax purposesThe difference between deductible and non-deductible expenses, and how to determine which category an expense falls underHow to calculate depreciation on assets and determine when to list them separately on tax returnsThe nuances of travel and meal expenses, including what is deductible and what is notThe importance of paying both the employer and employee side of Medicare and Social Security taxes as a self-employed individualThe benefits of solo 401k plans and other employee benefit programs for solo entrepreneurs

Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!

If you have any questions that you would like answered on the show, feel free to email us at [email protected]

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 LinksIRS Schedule C: https://www.irs.gov/forms-pubs/about-schedule-c-form-1040IRS Publication 535 (Business Expenses): https://www.irs.gov/forms-pubs/about-publication-535IRS Publication 463 (Travel, Entertainment, Gift, and Car Expenses): https://www.irs.gov/forms-pubs/about-publication-463IRS Publication 587 (Business Use of Your Home): https://www.irs.gov/forms-pubs/about-publication-587Solo 401k: https://www.irs.gov/retirement-plans/one-participant-401k-plansSelf-employment taxes: https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxesPudding River Winery: Pudding River Wine Cellars Boutique-styled wines from OregonWALLA WALLA VALLEY SYRAH DESSERT: Pudding River Wine Cellars 2015 Walla Walla Valley Syrah Dessert (Port Style)Rooted Planning Group: Rooted Planning Group (rootedpg.com)

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!

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.