Savvy or Surrender - Your Guide to Profit, Cash Flow, and Tax Savings
Running a business shouldn’t feel like a never-ending fight for cash. On Savvy or Surrender, host Steven Young cuts through the noise and shows real business owners how to take control of their numbers, keep more of their hard-earned money, and build a business that actually pays them back.
Each episode gives you practical strategies you can use right away — from fixing cash flow bottlenecks, to implementing Profit First, to unlocking tax savings most owners never hear about. No jargon. No fluff. Just clear guidance, real-talk coaching, and a little humor to keep things human.
Whether you’re a contractor, service pro, or business owner who’s tired of working hard with nothing to show for it, this is your go-to show for leveling up your money decisions and building a business that supports your life… not the other way around.
Choose to be Savvy — or surrender your profit. The choice is yours.
Savvy or Surrender - Your Guide to Profit, Cash Flow, and Tax Savings
10 Tax Deductions Contractors Miss (and Bonus Strategies!): Episode 12
Title: 10 Tax Deductions Contractors Miss (and Bonus Strategies!)
❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong.
Summary: Steven Young shares the top 10 tax deductions contractors often miss, plus two bonus strategies to save even more. Learn how to track expenses, avoid common mistakes, and maximize your write-offs before year-end. Perfect for contractors looking to keep more of their hard-earned money.
Host: Steven Young, Savvy or Surrender Podcast
[00:00] Introduction
- Why contractors overpay taxes
- Overview of 10 deductions and bonus strategies
[00:19] Meet Your Host
- Steven Young introduces the episode and its focus on maximizing deductions
[01:37] Deduction #1: Tools & Equipment
- What qualifies as deductible tools and equipment
- Safe harbor rule for items under $2,500
- Section 179 and bonus depreciation
- Common mistakes: missing receipts, cash purchases
[05:11] Deduction #2: Mileage vs. Actual Vehicle Expenses
- Standard mileage vs. actual expenses
- When to use each method
- Tracking mileage: QuickBooks app, MileIQ
[09:18] Deduction #3: Uniforms & Safety Gear
- What clothing and gear is deductible
- Importance of capturing receipts
[11:19] Deduction #4: Job Supplies & Materials
- Commonly missed supplies (pipes, wire, nails, etc.)
- Tracking materials used on jobs
[12:21] Deduction #5: Subcontractor Payments
- Importance of W-9s and 1099s
- Audit triggers and best practices
[14:31] Deduction #6: Cell Phone & Internet
- Calculating business use percentage
- Deducting software and cloud services
[16:46] Deduction #7: Business Insurance
- Types of insurance you can deduct
- Tips for audits and tracking insurance codes
[23:45] Deduction #8: Education, Licensing & Training
- Deducting courses, seminars, and coaching
[24:52] Deduction #9: Home Office & Storage Space
- Rules for home office deduction
- Including garage and storage areas
[28:07] Deduction #10: Meals, Travel & Overnight Jobs
- What qualifies for 50% vs. 100% deduction
- Using per diem rates
[29:35] Bonus Strategy #1: Board Meetings
- How to write off meals and meetings with proper documentation
[31:19] Bonus Strategy #2: The Augusta Rule
- Renting your home to your business for meetings/events
[32:55] Year-End Wrap-Up
- Importance of having your books in order
- Call to action: Schedule a discovery call at meetwithsavvy.com
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