Business owners often ask, "What can I deduct on my tax return?" Well, the answer might surprise you. And actually, it's easier to tell you what "is" deductible than what's "not" tax deductible.
You can deduct anything that is reasonable, necessary or ordinary for your business.
Oh, I could write a dissertation about this topic but I will save it for another time. The whole purpose of these short videos is to appease people who don't want to read about taxes.
It really is that simple! And the reasonable, necessary or ordinary test is one of the few parts of the tax code that involves using common sense.
If you spend money on an item for your business that you would not have purchased were it not for the fact that you own your business, then very likely, it is tax deductible.
