About this episode

This episode simplifies accounting terms that confuse business owners, focusing on balance sheets, tax credits vs. deductions, and materiality in accounting.

Your accountant says an expense is "non-deductible" and you're confused because you paid for it with your business card. Doesn't that reduce your taxes? Nope. Just because you used your business card doesn't make it deductible.Join us for Part 2 of simplifying accounting terms that confuse business owners. This time: balance sheets, tax credits vs. deductions, and why your accountant keeps asking if things are "material." *Haven't listened to Part 1 yet? Start there first! Grab your copy of the 'Accounting Terms Glossary' and you walk into your next financial meeting with confidence: https://hubs.la/Q03-_tRN0

Topics covered

• accounting terms
• business expenses
• tax deductions
• balance sheets
• financial meetings

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