Is That Deductible? A Bunch of Business Activity

As the sun peeked through the curtains, signaling the start of a new week, I couldn't help but feel a surge of excitement and anticipation for the days ahead. With a bustling schedule filled with diverse business activities, I embarked on this week’s journey through the world of deductible business expenses. To clarify, I still work at my busy primary care clinic from 7 am to 5 pm, Monday through Thursday. In addition to my clinic hours, I also squeeze in all these activities throughout the day. Honestly, my brain doesn't get much rest during the overlapping time of winding down my clinic days and ramping up my new business ventures.

Pharmacy Solutions Connection on the East Coast

For several weeks I have been feverishly working to uncover a critical element to my start-up healthcare product. At the end of the prior week, I was given a crucial personal referral from a pharmaceutical company president to a pharmacy API company that I needed for my new product. Her kindness (since her company couldn’t help me with my project, she was just being gracious with the referral) led to a great rendezvous with a disruptive pharmacy solutions team. The introductory zoom call with the company president led to a strategic discussions and brainstorming sessions aimed at revolutionizing the medication delivery landscape through e-visits. From discussing cutting-edge technologies to exploring innovative distribution channels, every moment spent with the pharmacy solutions team was infused with possibility and potential. As I concluded the tele-conference, I reflected on the invaluable connections forged in mutual pursuit of our shared vision for the future of healthcare.

10-Person Micro-Soft Teams Meeting with Start-Up Development Team

The week ended with a dynamic meeting involving a 10-person micro-soft teams gathering with my start-up development team. The energy in the room was palpable as ideas flowed freely, fueled by the collective expertise and creativity of the assembled minds. Discussions ranged from product innovation to market strategies, with each participant offering valuable insights and perspectives. As the meeting drew to a close, I couldn't help but marvel at the collaborative synergy that permeated the room, knowing that every expense incurred during this productive session would be deductible, contributing to the growth and success of our venture.

Two Podcast Interviews with KevinMD

Back in the comfort of my office, I found myself immersed in two insightful podcast interviews with KevinMD, a prominent voice in the medical community. We delved into the intricacies of employment lite, and the hidden menu of physician contracts in the marketplace. With each recording, I felt a sense of fulfillment knowing that our conversations would empower listeners to optimize their financial strategies and maximize their business potential. As the interviews concluded, I eagerly anticipated the impact our discussions would have on the broader healthcare landscape.

Business Consultations with SimpliMD Clients

Multiple evenings this week were dedicated to business consultations with SimpliMD clients, as I provided personalized guidance and support to physicians embarking on their entrepreneurial journeys. From clarifying tax deductions to outlining business development strategies, every consultation was tailored to address the unique needs and goals of our diverse clientele. As I bid farewell to each client, I couldn't help but feel grateful for the opportunity to make a meaningful difference in their professional lives while ensuring that every deductible expense was meticulously accounted for. I invite you to take advantage of my very inexpensive business consultation service, that also provides you with an annual SimpliMD membership!

Purchasing an E-Mower for Residential Properties

Spring is in the air in Northern Indiana, which means mowing will start soon. During the late evenings, I shifted my focus to property management, purchasing an e-mower for some of my residential properties. Embracing sustainability and efficiency, this eco-friendly investment would not only streamline lawn maintenance but also qualify as a deductible business expense. As I admired the sleek design and cutting-edge technology of the e-mower, I envisioned the long-term benefits it would bring to both my properties and the environment. Picking up the mower in a nearby city also provided the opportunity for a business dinner for my wife and I to discuss various business happenings during the week—since she is the book-keeper:)

Coordinating Railing Repair at STR with Contractor

Monday began with a hands-on approach to property maintenance, as I coordinated a railing repair at my short-term rental (STR) property in South Haven with a trusted contractor. From scheduling inspections to overseeing repairs, every step of the process was meticulously managed to ensure tenant satisfaction and safety compliance. In a few weeks I will survey the completed repairs, knowing that every expense incurred would be deductible, further enhancing the profitability of my rental property.

Meeting with SimpliMD Marketing Director to Improve SEO on Blogs

In between property management tasks, I carved out time for a strategic meeting with the SimpliMD marketing director to improve SEO on our blogs. With the digital landscape evolving rapidly, optimizing our online presence was paramount to reaching and engaging our target audience. From keyword research to content optimization, every decision was guided by our shared commitment to enhancing visibility and driving traffic to our platform. As we brainstormed innovative strategies, I felt confident that our efforts would yield tangible results in the form of increased brand recognition and community engagement. As I have previously mentioned, my goal is to grow our subscription audience to 10,000 by 2025. You can help me reach this goal by signing up as an affiliate and getting paid to share SimpliMD with your peers. Your help is much appreciated!

Meeting with SimpliMD Sponsors and Affiliates

The week culminated in a series of meetings with SimpliMD sponsors and affiliates, as we explored collaborative opportunities to bring more education from experts to our community. From hosting webinars to developing educational resources, every partnership was rooted in our shared mission of empowering physicians to thrive in both their professional and entrepreneurial pursuits. As I forged connections and fostered relationships, I knew that every expense incurred in the pursuit of knowledge and growth would ultimately benefit our community as a whole.

Selling Residential Development Property to National Home Building Company

The week reached its pinnacle with the successful verbal commitment by a national home building company to buy some residential development property that I own. This strategic transaction will generate substantial revenue and also marked the culmination of months of planning and negotiation. When I sign the final documents, I’ll reflect on the journey that had led to this moment and felt a profound sense of satisfaction knowing that every expense incurred along the way (such as mowing the lots!) had played a pivotal role in achieving this milestone.

In conclusion, my business week was a whirlwind of activity, punctuated by diverse and dynamic endeavors, each contributing to the success and growth of my ventures. From meetings and consultations to investments and transactions, every expense incurred was not just a cost but an investment in the future, made deductible by careful planning and strategic foresight. As I looked ahead to the weeks and months to come, I carried with me the invaluable lessons learned and the unwavering determination to continue optimizing deductible business expenses for financial success. As we always talk about the key is using pre-tax money rather than post-tax money.

Because I get asked about this by our readers a lot, I thought a little primer on business expenses would be good as we wrap up. Here are 6 things to consider from this week’s activities.

1. What are deductible business expenses?

Deductible business expenses are costs that a business incurs during its operations and can be subtracted from its taxable income. These expenses can include a wide range of items, such as office supplies, equipment purchases, travel expenses, and professional services. By deducting these expenses, businesses can lower their taxable income and ultimately reduce their tax liability.

2. How do I determine if an expense is deductible?

To determine if an expense is deductible, it's essential to consider whether it is both ordinary and necessary for your business. An ordinary expense is one that is common and accepted in your industry, while a necessary expense is one that is helpful and appropriate for your business. Additionally, the expense must be directly related to your business activities and incurred for the purpose of generating income.

3. Can I deduct expenses related to meetings and consultations?

Yes, expenses related to meetings and consultations can typically be deducted as business expenses. This includes costs associated with travel, meals, accommodations, and professional services. However, it's important to keep detailed records and receipts to substantiate these expenses in case of an audit.

4. Are expenses for property maintenance deductible?

Yes, expenses for property maintenance, such as repairs and upkeep, are generally deductible as long as they are incurred for business purposes. This includes expenses related to rental properties, commercial properties, and other real estate investments. However, improvements that increase the value of the property may need to be depreciated over time rather than deducted all at once.

5. Can I deduct expenses related to selling property?

Yes, expenses related to selling property, such as commissions, advertising costs, and legal fees, are typically deductible. These expenses can help offset the capital gains realized from the sale of the property, reducing the overall tax burden. However, it's essential to consult with a tax professional to ensure that you are correctly categorizing and deducting these expenses according to IRS guidelines.

6. How do I track deductible business expenses?

Tracking deductible business expenses requires diligent record-keeping and organization. It's essential to maintain detailed records of all expenses, including receipts, invoices, and bank statements. Many businesses use accounting software or spreadsheets to track expenses efficiently. Additionally, keeping separate accounts for business and personal expenses can help simplify the process and ensure accuracy when tax time rolls around.