Ep #172 - 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 basic tax principles for business owners. Throughout the episode, we dive into the difference between credit and deduction, common misconceptions about tax brackets, cash accumulation, and more. [06.10] Credit vs. deduction – Starting the discussion, Grant explains the difference between a credit and a deduction. [11.05] Misconception – We go through the most common misconception regarding tax brackets and why people need to be aware of it. [15.19] Business owners – Business owners being insecure about taking cash out of their business account for fear of additional taxation is one of the biggest misconceptions, says Grant. [23.04] Cash accumulation – Grant explains the reason for cash accumulating in business accounts and the 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/