Many business owners are so hung up on making sure they categorize expenses correctly and call them the “right” thing, when in reality…it doesn’t matter.

Or, at least it doesn’t matter as much as you might think.

Most of the time, anything that you spend money on that is ordinary (meaning other business owners in your industry spend money on it too) and necessary (meaning that this purchase is essential in you operating your business), it is 100% deductible – no matter what you call it.

In today’s episode, we’ll talk about the 3 different categories that do require you to be a little more careful with how they’re tracked, and then my 2 general rules to help you categorize everything else.

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Prefer to learn while you read? Check out the blog post for this episode:

https://www.findingfreedomfinancial.com/how-you-categorize-expenses

Related Episodes & Resources Mentioned:

• Use my Quickbooks Online affiliate link to get 30% off your first 6 months: www.findingfreedomfinancial.com/qbo
• Download my retail-specific chart of accounts template here: www.findingfreedomfinancial.com/coa-template