Do you know what makes something a business deduction?

 

If you a poll a group of small business owners and entrepreneurs, more than a few will undoubtedly ask about business tax deductions. Why wouldn’t they? No one wants to give Uncle Sam or his nephew, the State, more money than what either is entitled too.

 

Unfortunately, this also a topic where non-experts feel compelled to give their advice too. Can you imagine the confused looks people give when I tell them they can’t get a tax refund without having any earned income? Or that a business suit is *not* considered a uniform and therefore not a business deduction — even if your work/business requires it.  The US Tax Code is about 40,000 pages long. 40,000. Pages. Long. There are a plethora of available deductions but the IRS is specific on when, who, and how they can be claimed.

 

Listen in to this week’s episode to find out what business deductions can you really take.

 

 

This episode is brought to you by Simplified Accounting. I switched sides 6 years ago and started Simplified Accounting to help business owners make sense of taxes and avoid the likes of the old me. Visit simplifiedaccount.com for more info and to get started.

Knowledge Bombs

  • Why the Cynthia Hess case matters 02:13
  • What is deductible 4:06
  • What is not deductible 7:01

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