QuickBooks Mastery for Small Business Success

Episode 47: How Much Can You Pay Yourself? What Your Business Can Actually AffordYour business is making money. Your bank account looks healthy. But how much of that money can you actually afford to pay yourself?In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis tackle one of the most personal financial decisions small business owners face: how to pay yourself consistently without putting your business in a difficult position.Building on Episodes 45 and 46, we connect the dots between profit, cash flow, and owner compensation. Lee explains why money in the bank may already be committed to payroll, taxes, vendor bills, and other obligations—and why one strong month shouldn’t automatically mean a bigger owner payment.We also work through a practical example: a business with $40,000 in the bank that has only $5,000 remaining to consider for owner pay after accounting for upcoming obligations and a cash reserve. Even then, that money isn’t automatically safe to withdraw.Along the way, we discuss seasonal income, the importance of protecting and rebuilding reserves, and why deciding what you can afford is different from deciding how to record the payment in QuickBooks.In This Episode, You’ll LearnWhy profit, bank balance, and available owner pay are different numbers.What to account for before paying yourself, including payroll, taxes, vendor bills, and loan payments.How a simple cash forecast helps you look ahead instead of reacting to today’s bank balance.Why seasonal businesses need reserves and a more consistent approach to owner compensation.How owner’s draws, payroll, and distributions differ depending on business structure and tax treatment.How to build a repeatable owner-pay process and review it regularly.Episode Chapters00:00 – How Much Can You Actually Pay Yourself?04:18 – Why Profit Doesn’t Mean Available Cash09:09 – What to Consider Before Paying Yourself13:27 – The $40,000 Bank Balance Example18:20 – Cash Reserves and Seasonal Income25:38 – Owner’s Draws, LLCs, and Corporations31:21 – Building a Sustainable Owner-Pay Process35:45 – Why Business Owners Deserve to Get Paid36:49 – Your Action Step and Free Owner Pay WorksheetFree Download: Owner Pay Planning WorksheetTake what you’ve learned and apply it to your own business with our free Owner Pay Planning Worksheet.Work through your available cash, upcoming expenses, tax obligations, and the reserves your business needs to maintain. Use the worksheet to start a more deliberate conversation about what you can realistically afford to pay yourself.Download the Free Owner Pay Planning WorksheetYour Action Step This WeekBefore your next owner payment, sit down with your numbers.Look at what’s in the bank, what you reasonably expect to collect, what payments are coming up, and what your business needs to keep in reserve.Then ask yourself: Is my current owner-pay process actually working—for both me and my business?The goal isn’t to take whatever happens to be left over or withdraw money whenever the balance looks healthy. It’s to establish a sustainable process that helps your business meet its obligations while supporting you, too.Continue the ConversationThis episode brings together the lessons from our previous two conversations:Episode 45: Why profit and cash aren’t the same thing.Episode 46: How to understand what your Profit & Loss statement is telling you.Episode 47: How to use that information to make a deliberate owner-pay decision.More Free QuickBooks ResourcesTake the Free QuickBooks Clarity ScorecardIdentify areas of your QuickBooks setup that may need attention.Visit Lee Davis & CompanyExplore more QuickBooks resources and practical guidance for small business owners.Have a QuickBooks Question?Email [email protected] with your questions or suggestions for future episodes.Follow QuickBooks Mastery for Small Business Success and share this episode with another business owner who’s wondering how much they can afford to pay themselves.You deserve to get paid. Give your business a process that helps make that pay sustainable.This episode provides general educational information. Business-structure examples focus on U.S. tax treatment. Consult your accountant or tax adviser about compensation, payroll, and recording owner payments for your specific business.

Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling YouYour QuickBooks Profit and Loss statement says your business is making money. But are you actually as profitable as you think?Increasing revenue doesn’t always mean increasing profitability. In fact, your business could be bringing in more customers, generating more sales, and working harder than ever—while your profit margins quietly shrink.In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis walk through how to read a Profit and Loss statement (P&L) in QuickBooks Online and understand what your financial numbers are really telling you.Using real-world business situations and practical examples, Lee explains how to evaluate revenue, direct costs, gross profit margins, overhead expenses, and net profit so you can make smarter decisions about your business.Free Download: Profit & Loss Review WorksheetReady to put what you’ve learned into practice?We’ve created a free, four-page Profit & Loss Review Worksheet to help you analyse your own business numbers, compare reporting periods, calculate gross profit margins, review expenses, and identify opportunities to improve profitability.Download Your Free Profit & Loss Review WorksheetIn This Episode, You’ll LearnWhat your Profit and Loss statement actually measuresWhy higher revenue doesn’t always mean higher profitsHow to calculate and understand gross profit marginWhich expenses could be quietly reducing your profitabilityWhy owner compensation matters when evaluating your bottom lineHow to compare financial reports across different periodsWhere to find your P&L in QuickBooks OnlineWhat to do when you don’t trust the numbers in your financial reportsChapters00:00 — Welcome to QuickBooks Mastery00:56 — Are You Actually Making Money?03:10 — Understanding Your Profit and Loss Statement03:49 — Why You Should Review Your P&L Monthly05:33 — Revenue Growth vs. Profitability06:37 — Labour, Materials, and Rising Direct Costs09:55 — Understanding Gross Profit and Gross Profit Margin12:10 — The $500,000 Business Example13:27 — When Sales Grow but Margins Shrink15:41 — Evaluating Overhead and Operating Expenses17:43 — Subscription Costs and Cost Creep20:08 — Insurance and Unnecessary Expenses21:25 — Understanding Your Bottom-Line Profit24:53 — Owner Compensation and the Next Episode25:22 — What Your P&L Doesn’t Tell You About Cash and Debt26:51 — Running Your P&L in QuickBooks Online28:19 — What to Do When Your Financial Reports Seem Inaccurate29:33 — Using Your P&L to Make Better Decisions30:17 — Your Practical Challenge for This Week32:01 — Coming Next: How Much Should You Pay Yourself?Your Action Step This WeekOpen QuickBooks Online and run your Profit and Loss statement.Compare this year’s numbers with last year’s. Review your revenue, gross profit, major expenses, and net profit.Then ask yourself one question:What is one thing in my financial reports that deserves more attention?You don’t need to solve everything today. Start by identifying one meaningful opportunity to improve your business.Use the free Profit & Loss Review Worksheet to guide you through the process.Resources & LinksFree Episode 46 Profit & Loss Review Worksheet:Dowload HereListen to QuickBooks Mastery:https://quickbooks-mastery.captivate.fm/listenTake the Free QuickBooks Clarity Scorecard:https://lee-davis-and-company.aweb.page/unlock-clarity-free-scorecardEpisode 45 Companion Worksheet — Profit vs. Cash Flow:Download HereLee Davis & Company:Lee Davis and Company WebsiteHave a QuickBooks question?Email [email protected] NextHow much should you actually be paying yourself as a business owner?Next week, Erica and Lee discuss owner compensation, business profit, and how to think about paying yourself without putting your company’s finances at risk.Subscribe to QuickBooks Mastery for Small Business Success so you don’t miss it.

Episode 45: Where Did the Money Go? Why Profit and Cash Aren't the Same ThingYour QuickBooks Profit & Loss report says your business made money. So why doesn't your bank account agree?It's one of the most frustrating questions small business owners face. Your business looks profitable on paper, but you're still worrying about payroll, upcoming bills, or whether there's enough money to cover next month's expenses.The problem may not be your profitability. It may be your cash flow.In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis explain the difference between profit and cash flow, where your money actually goes, and which QuickBooks reports can help you find the answers.Plus, we're sharing a free Profit vs. Cash Flow Worksheet to help you follow the money in your own business.Download the Free Profit vs. Cash Flow WorksheetWhy Profit and Cash Flow Aren't the Same ThingA profitable business can still experience a serious cash shortage.That's because your Profit & Loss statement measures income and expenses over a period of time, while your bank balance shows the cash available at a particular moment.Lee explains how several common business activities create differences between these numbers:Customers who have been invoiced but haven't paidEquipment purchases recorded as business assetsLoan principal repaymentsOwner draws and distributionsInventory purchases that tie up working capitalNoncash expenses such as depreciationYou'll also learn how cash-basis and accrual-basis accounting affect your QuickBooks reports—and why switching your Profit & Loss report to cash basis doesn't necessarily explain every dollar moving through your bank account.A Practical Example: $20,000 Profit, but Only $5,000 in the BankErica and Lee walk through a fictional business, The New Tech Company, to demonstrate exactly how this happens.The business begins the month with $25,000 in cash and earns $100,000 in revenue. After recording $80,000 in expenses, it reports a $20,000 profit.But here's what actually happens to the cash:Cash ActivityAmountBeginning cash balance$25,000Customer payments received+$85,000Cash operating expenses paid-$78,000Equipment purchased-$10,000Loan principal repaid-$5,000Owner equity draw-$12,000Ending cash balance$5,000The business also has $15,000 in unpaid customer invoices, and its reported expenses include $2,000 in noncash depreciation.The takeaway: The $20,000 profit isn't necessarily wrong, and neither is the $5,000 bank balance. They're measuring different things.Understanding the difference is how you move from wondering where the money went to making informed financial decisions.Want to see how these numbers work in your own business?Download the Episode 45 Profit vs. Cash Flow WorksheetOur free Excel workbook includes a cash reconciliation calculator, a four-week cash forecast, Lee's example, and a practical 15-minute financial review.What You'll Learn in This EpisodeProfit vs. cash flow: Why profitable businesses sometimes struggle to pay their bills.Cash vs. accrual accounting: How your QuickBooks reporting method affects the numbers you see.Accounts receivable: How slow invoicing and overdue customer payments create cash shortages.Inventory and business growth: Why getting busier can actually increase your need for cash.Accounts payable: How to anticipate upcoming bills and avoid unexpected cash shortfalls.Equipment, debt, and owner draws: Why significant cash payments don't always appear as expenses on your Profit & Loss.QuickBooks financial reports: How to use your Profit & Loss, comparative Balance Sheet, Statement of Cash Flows, and aging reports together.Weekly cash forecasting: How to anticipate cash shortages before they happen.Episode Chapters & Timestamps00:00 – Welcome to QuickBooks Mastery for Small Business Success00:54 – Why Doesn't My QuickBooks Profit Match My Bank Balance?01:43 – What's the Difference Between Profit, Cash, and Cash Flow?03:55 – Cash vs. Accrual Accounting: Understanding Your Reports06:33 – The $20,000 Profit Example: Following the Money09:14 – Where Did the Cash Go? Common Reasons for the Difference10:48 – Accounts Receivable: Getting Invoices Paid Faster12:41 – Can Business Growth Actually Create Cash Flow Problems?13:56 – Accounts Payable: Planning for Bills Before They're Due15:25 – Equipment, Loan Payments, and Owner Draws Explained18:41 – Which QuickBooks Reports Help Explain Your Cash Flow?21:54 – How to Build a Simple Weekly Cash Flow Forecast24:36 – Your 15-Minute QuickBooks Cash Flow Check27:31 – Key Takeaways, Free Resources, and What's Coming Next29:58 – Closing and Additional ResourcesYour Action Step: The 15-Minute Cash Flow CheckYou don't need to spend an entire day analyzing your finances to start understanding where your money went.Set aside 15 minutes this week and complete these five steps:Check your Profit & Loss. Select your last completed month, confirm the reporting dates and accounting basis, and write down your net profit or loss.Compare your cash balances. Look at the total cash across the business accounts you're reviewing at the beginning and end of that same month.Review your Statement of Cash Flows. Identify major cash movements that help explain the difference.Investigate one important item. Look at overdue invoices, inventory, equipment purchases, loan repayments, or owner withdrawals.Look ahead. Identify your next payroll, major bills, and expected customer payments.If you still can't explain the difference, ask your bookkeeper or accountant:"Can you walk me from the profit we reported to the change in our cash and show me the transactions that explain it?"That one question can lead to a much clearer understanding of your business finances.Free Resources & Helpful LinksEpisode 45: Profit vs. Cash Flow WorksheetPut Lee's advice into practice with our free Excel workbook.The worksheet includes:A worked example showing how $20,000 in profit can leave only $5,000 in the bankA cash reconciliation calculatorA four-week cash flow forecasting templateA 15-minute financial review checklistDownload Your Free Profit vs. Cash Flow WorksheetFree QuickBooks Clarity ScorecardNot sure whether your QuickBooks numbers are accurate enough to make business decisions?Start with our free QuickBooks Clarity Scorecard to identify areas that may need attention.Visit: https://leedavisandcompany.comEpisode 44: Building a Business Budget You'll Actually UseLearn how to create a practical business budget and compare your financial performance against your goals.Download the Episode 44 Business Budget Planning WorksheetEpisode 41: Your Monthly QuickBooks Health CheckRevisit the monthly financial review process discussed in this episode to help identify bookkeeping problems before they become bigger issues.QuickBooks Mastery Program WaitlistWant to become more confident using QuickBooks to understand and manage your business?Join the waitlist for our upcoming QuickBooks Mastery training program and be among the first to know when enrollment opens.Visit: https://leedavisandcompany.comComing Next: Episode 46Are You Actually Making Money? What Your Profit & Loss Should Be Telling YouNow that you understand why profit and cash aren't the same thing, we'll take a closer look at profitability itself.What is your Profit & Loss statement really telling you about your business? How can you use it to identify what's working, what's costing too much, and where you should focus next?About Lee Davis & CompanyAt Lee Davis & Company, we help small business owners simplify QuickBooks, understand their financial reports, and make more confident business decisions.Through practical training, helpful resources, and the QuickBooks Mastery for Small...

Episode 44: Stop Guessing: How to Build a Business Budget in QuickBooks You’ll Actually UseCan your business afford to hire, buy equipment or expand next year? A useful budget helps you answer those questions with a plan you can actually use.In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis explain how to build a realistic business budget in QuickBooks—and how to use it throughout the year.Drawing on a real client budgeting project, they discuss where to begin, how to use historical Profit & Loss information, why seasonal businesses should not automatically divide annual numbers by twelve, and how your Chart of Accounts affects the usefulness of your budget.They also explore Budget vs. Actual: how to understand the story behind a variance, decide which differences need attention, and use your numbers to guide business decisions.Planning for 2027? Download the free 2027 Business Budget Planning Worksheet in the Resources section to document your assumptions, draft your monthly budget and review your results.Key TakeawaysA business budget is a financial plan for what the business wants to accomplish.Begin with historical Profit & Loss information, but do not automatically turn last year’s actual numbers into next year’s budget.A useful budget reflects reasonable assumptions about revenue, pricing, costs, staffing, contracts, capacity and business changes.Ask: What has to happen operationally for this number to be true?Revenue and expenses should be placed in the months when they are actually expected to occur.Do not automatically divide every annual budget number by twelve, especially in a seasonal business.Your Chart of Accounts should support the information you actually need from the budget and Profit & Loss.Budget vs. Actual turns the budgeting process into an ongoing management tool.Being over budget is not automatically bad, and being under budget is not automatically good. The important question is why.Investigate meaningful variances rather than simply labelling them as over or under budget.Make Budget vs. Actual part of your monthly reporting process, with more frequent tracking when your business needs it.Keep the original budget intact so you can see how reality differed from what you originally expected.Budgeting becomes more useful each year as your assumptions, systems and review process improve.Questions to Reflect OnWhat do you realistically expect revenue to be next year?What has to happen operationally for that revenue number to become reality?What costs will be required to generate that revenue?Which expenses are recurring monthly, quarterly, annually or seasonally?Are material costs, fuel, wages, rent, insurance or subscriptions changing?Are you planning new hires, equipment purchases, expansion or new services?Which months are naturally stronger or slower for your business?Does your Chart of Accounts give you the information you actually need?Which expenses have changed significantly during the past year?If revenue increases, does your business have the capacity to deliver the additional work?Which Budget-vs.-Actual differences are meaningful enough to require action?Does your current performance support the hires, purchases and goals you are considering?Chapters00:00 QuickBooks Mastery Podcast Introduction00:55 Episode 44: Stop Guessing — Build a Business Budget You’ll Actually Use02:31 Does a Small Business Really Need a Formal Budget?03:57 A Budget Is More Than a Spending Limit05:22 Where to Start Building a Budget in QuickBooks06:45 Why Last Year’s Numbers Are Only a Starting Point09:07 Why You Shouldn’t Divide Your Annual Budget by 1210:23 When Your Budget and Chart of Accounts Don’t Match12:39 Building a Realistic Budget Instead of a Wish List14:33 What Has to Happen for This Number to Be True?15:06 The Real Value: QuickBooks Budget vs. Actual16:46 Understanding the Story Behind a Budget Variance17:44 Why Being Over Budget Isn’t Always Bad18:28 How Often Should You Review Budget vs. Actual?19:53 Should You Change the Budget Midyear?21:09 The Questions to Ask During Every Budget Review22:59 Turning QuickBooks Into a Decision-Making Tool23:42 Your Practical First Step: Build the Budget24:41 Focus on the Expenses That Actually Matter25:21 Your Budgeting Homework for This Week26:19 QuickBooks Clarity Scorecard26:34 QuickBooks Mastery Program and Waitlist26:56 Lee’s Final Advice on Budgeting27:29 Episode Wrap-Up27:45 Podcast OutroMentioned in This EpisodeQuickBooks budgeting tools and Profit & Loss reportsCalendar-year versus fiscal-year budgetingHistorical financial information and zero-based budgetingRevenue assumptions, pricing and capacityCost of goods sold, payroll and staffingMaterial, fuel, wage, rent and insurance increasesSubscription and contract renewalsSeasonal revenue and expensesChart of Accounts structure, budget categories and subaccountsBudget vs. Actual reports, dollar variances and percentage variancesMonthly, quarterly and more frequent budget reviewsKeeping the original budget intactUsing Excel as a first-draft budgeting toolThe free QuickBooks Clarity ScorecardThe upcoming QuickBooks Mastery programResourcesFree 2027 Business Budget Planning WorksheetWork through the planning questions from this episode, document your assumptions, build a twelve-month business budget and review your Budget vs. Actual results. The editable Excel workbook includes annual calculations, a monthly Revenue and Net Profit chart, and space to explain meaningful variances and decide what action is needed.Download the free 2027 Business Budget Planning Worksheet (Excel)Episode 6: How to Create a Budget in QuickBooksRevisit our original budgeting episode for the foundations of creating and using a budget inside QuickBooks. Then use Episode 44 to go deeper into assumptions, seasonality and managing against the plan.Listen to Episode 6Free QuickBooks Clarity ScorecardIf you are not confident that the numbers already sitting in QuickBooks are accurate enough to build a budget from, begin with the free QuickBooks Clarity Scorecard.Get the free QuickBooks Clarity ScorecardQuickBooks Mastery Program WaitlistJoin the waitlist for our complete QuickBooks Mastery program and be the first to know when enrolment opens.Join the QuickBooks Mastery waitlistMore Episodes and SupportListen to QuickBooks Mastery for Small Business SuccessVisit Lee Davis & CompanyQuestions or support: [email protected] Practical Next StepRun your current year-to-date Profit & Loss and compare it with the same period from last year. Go back another year if it would help reveal longer-term trends.Look specifically at revenue, cost of goods sold, gross profit, net profit, payroll and your largest operating expenses. Then ask what you reasonably expect to change next year.Use the 2027 Business Budget Planning Worksheet to document your assumptions and build the first draft of your budget. Spread the numbers across the months when you realistically expect them to occur, then enter the plan into QuickBooks.Make Budget vs. Actual part of your regular reporting process. When the results differ from the plan, ask why—and use the answer to decide what needs to happen next.Subscribe to QuickBooks Mastery for Small Business Success, share this episode with another business owner planning for next year, and send your questions to [email protected].

Episode 43: Can You Actually Write That Off? Practical Tax Planning in QuickBooks“Can I write this off?” may be one of the most common questions business owners ask—but the answer does not begin with the card used to make the purchase or the account selected in QuickBooks.In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis explain how to think more clearly about business expenses before tax season. QuickBooks can organize the financial story, but it cannot turn a personal purchase into a legitimate business expense. The transaction still needs a real business purpose, appropriate tax treatment, and records that support both the amount and the reason for the purchase.You will learn the four questions to ask before treating a purchase as a possible deduction, how the Chart of Accounts supports tax planning, and why some categories deserve extra attention. Erica and Lee walk through meals and entertainment, vehicles and mileage, equipment and fixed assets, and the split between loan principal and interest.They also clear up several common myths: a write-off does not make a purchase free, a bank statement does not necessarily prove business purpose, and buying equipment before year-end does not automatically guarantee a full current-year deduction.Finally, Erica gives you an eight-step, 15-minute expense review you can complete in QuickBooks now—while there is still time to gather records, identify questions, and speak with your bookkeeper or qualified tax professional before year-end.Key TakeawaysA business expense generally needs to be ordinary and necessary for the business, with a genuine business purpose.Paying with a business account or categorizing a transaction as an expense does not determine whether it is deductible.A deduction generally reduces taxable income. It does not make the purchase free or create an automatic dollar-for-dollar refund.Before claiming an expense, ask: What did we buy? Why did the business need it? Was any part personal? What document proves the amount and business purpose?Separate business and personal activity so personal purchases do not accidentally land on the Profit & Loss.A clean Chart of Accounts gives the owner, bookkeeper, and tax professional a useful financial filing system.An LLC's federal tax filing depends on ownership, activity, and tax elections. The letters “LLC” do not automatically determine the return.Direct job costs may belong in cost of goods sold, while general overhead usually belongs in operating expenses.Qualifying business meals, including travel meals, are generally subject to a 50% limitation unless a specific exception applies. Entertainment is generally nondeductible.Mixed-use vehicles require documentation and an allocation between business and personal use. A logo on the vehicle does not replace a mileage or use record.Equipment expected to provide value beyond the current year may need to be treated as a fixed asset. The $2,500 de minimis safe harbor is conditional—not a universal automatic-expense threshold.Loan principal reduces a liability on the balance sheet; qualifying interest may be an expense. One payment can affect both the balance sheet and Profit & Loss.A bank or credit-card statement may prove payment, but it may not prove what was purchased or why it served the business.Attach receipts and record the business purpose while the transaction is fresh.Questions to Reflect OnWhat did the business buy, and why did it need it?Was any part of the purchase personal?Do you have a receipt or invoice that shows what was purchased—not merely proof that money left the account?Does your Chart of Accounts reflect how your business actually operates?Are direct costs separated from general operating expenses where appropriate?Do meal records identify who attended and the business purpose?Do you have a reliable mileage or vehicle-use record?Are large equipment purchases supported by invoices, purchase dates, financing details, and placed-in-service information?Are loan payments separated between principal and interest?Are unusual or unclear purchases sitting in Uncategorized Expense, Ask My Accountant, or Miscellaneous Expense?What questions should you bring to your bookkeeper or tax professional before year-end?Mentioned in This EpisodeOrdinary and necessary business expenses.The four-question deduction test.Owner draws and personal purchases.The Chart of Accounts as a financial file cabinet.Schedule C and differing federal tax treatment for LLCs, partnerships, S corporations, and C corporations.Cost of goods sold versus operating expenses.Advertising, fees, subscriptions, insurance, professional fees, repairs, supplies, rent, utilities, travel, meals, automobile costs, interest, and depreciation.The general 50% limitation for qualifying business meals.Nondeductible entertainment and separately stated meals.Standard mileage versus actual vehicle expenses.Fixed assets, depreciation, Section 179, bonus depreciation, and the de minimis safe harbor.Loan principal versus interest.Receipts, invoices, business-purpose memos, and supporting records.The 15-Minute QuickBooks Expense Review.The free QuickBooks Clarity Scorecard.The upcoming QuickBooks course.Recommended ResourcesDownload the 15-Minute QuickBooks Expense ReviewFree QuickBooks Clarity ScorecardListen to QuickBooks Mastery for Small Business SuccessLee Davis & CompanyQuickBooks training and course informationQuestions or support: [email protected] Publication 583: Starting a Business and Keeping RecordsIRS Publication 463: Travel, Gift, and Car ExpensesIRS guidance on tangible-property regulationsIRS guidance on records to keepTimestamps00:00 - QuickBooks Mastery Podcast Intro00:56 - Episode 43: Can You Actually Write That Off?02:46 - Important U.S. Tax Disclaimer03:24 - What Makes a Write-Off Legitimate?08:25 - What Makes a Business Expense Deductible?09:57 - How the Chart of Accounts Supports Tax Planning16:05 - Meals, Travel, and Entertainment19:39 - Vehicles and Mileage22:57 - Equipment and Fixed Assets26:50 - Loan Principal Versus Interest29:26 - Six Common Deduction Myths31:28 - Records That Support a Deduction33:11 - The Practical Habit to Begin This Week33:56 - The 15-Minute QuickBooks Expense Review37:06 - Why Deductions Begin Before Tax Time37:39 - Clarity Scorecard, Course Waitlist, and Questions38:45 - Final Sign-Off38:55 - Podcast OutroCall to ActionOpen QuickBooks, set a timer for 15 minutes, and complete the expense review from this episode. You are not trying to prepare your tax return or reclassify every questionable transaction. You are identifying the places where the records, categories, or business purpose need more attention.[Download the 15-Minute QuickBooks Expense Review](ADD PDF DOWNLOAD URL AFTER UPLOAD), then take your question list to your bookkeeper or qualified tax professional before year-end.If you are unsure whether your QuickBooks can give you the information you need, begin with the free QuickBooks Clarity Scorecard.Email [email protected] with your QuickBooks questions, subscribe to QuickBooks Mastery for Small Business Success, and share this episode with another business owner who has ever wondered, “Can I write this off?”This episode provides general educational information for United States small-business owners. Tax rules depend on the facts, entity, activity, elections, and tax year involved. Consult your own qualified tax professional before making tax decisions.