Starting a Business-Tax Deductions, Startup Costs, and what you can (and can't) write off: Episode 19 Artwork

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.

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Savvy or Surrender - Your Guide to Profit, Cash Flow, and Tax Savings

Starting a Business-Tax Deductions, Startup Costs, and what you can (and can't) write off: Episode 19

January 14, 2026 • Steven Young • Season 1 • Episode 19

Summary:

Thinking about starting a business in 2026? Before you dive in, you need to understand the tax implications and financial realities of entrepreneurship. In this episode, Steven Young from Savvy Tax Strategies breaks down the critical difference between startup costs and operating expenses, using two real-world case studies: becoming a realtor or buying a franchise.

Steven shares honest insights about the emotional rollercoaster of business ownership and explains why some expenses can be deducted immediately while others must be capitalized and amortized over years. Whether you're considering a low-capital business like real estate or a capital-intensive franchise, this episode will help you understand what's truly deductible, what must be depreciated, and how to set yourself up for financial success from day one.

[0:00] Introduction: Why people start businesses at the beginning of the year

[0:36] Should you be a business owner? The emotional reality
[1:54] Real stories: When business ownership doesn't work out
[3:33] The ups and downs of entrepreneurship
[4:14] Choosing your business entity structure
[5:35] The two critical timelines: Before vs. after starting
[6:19] Case Study #1: Becoming a realtor
[7:16] The 5 core tax rules every business owner must know
[8:44] What "capitalized" really means
[10:00] Section 179 and equipment deductions
[10:54] Subscribe and leave a review!
[11:34] The IRS taxes the timeline, not your intentions
[11:54] Realtor licensing costs: What's deductible?
[13:22] Pre-licensing vs. post-licensing expenses
[14:09] Ongoing realtor expenses you CAN deduct
[14:31] Can you deduct clothing, hair, and makeup?
[16:00] Equipment, home office, and the $2,500 safe harbor rule
[17:11] Home office deduction: Standard vs. itemized
[19:01] Case Study #2: Franchise startup
[19:37] Using retirement funds (ROBS) to buy a franchise
[20:39] What must be capitalized in a franchise
[22:18] Section 179 for tangible equipment
[23:47] Post-opening deductible costs
[24:26] Side-by-side comparison: Realtor vs. Franchise
[24:36] Real story: The nurse who lost his retirement
[25:37] Success story: ROBS loan + Profit First system
[26:18] Introduction to Profit First methodology
[27:03] Closing: Free discovery call offer

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