Discover the potential tax deductions associated with sponsoring events and advertising. 💡

It is important to be careful when claiming such deductions to ensure they are ordinary and necessary to the line of business and have sufficient documentation to support the deduction. Common examples of advertising deductions include t-shirts and baseball caps with your logo. As long as the expenses are ordinary and necessary and have the appropriate documentation, they can be tax deductible.

💰 Interest is an important expense to consider when running a business.
💼 It's essential to track your interest expenses when running a business.
🚨 Don't forget that principal payments for loans are not deductible, but the interest portion is

Tune in to this episode and learn more about how interest affects your business expenses! 💡