The difference between an item that is tax deductible and one that's not, can make a huge difference in your financial situation. Listen as I explain the impact of even small expense items and how they can cause a drastic swing in your bottom line over time.
To go to Walmart and buy an ink pen that costs $1 that you plan to use for personal purposes, you must work and earn $1.48 in order to have that after-tax dollar in your hip pocket. Now suppose that the same ink pen is intended to be used for business purposes and is therefor tax deductible. Listen as I explain the resulting delta.
On the other hand, I get a tax deduction for the business pen costing the same dollar, which saves me 48 cents in taxes. Financially, that means the business pen cost me 52 cents whereas the personal pen cost me $1.48!
In essence, I can buy 3 business pens for the same out-of-pocket cost as 1 personal pen!
I realize I'm just touching on a topic that could be expanded several times, but again, these short videos are intended for audiences who don't want to read about taxes.
