Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: a deduction is a deductible expense – and – pancakes and pianos should be kept separate.
Do you find taxation confusing? I did. Then I became a tax accountant. I still find it confusing. Just not as much or as often. I write these articles to help you wrap your mind around key concepts and practices. I want taxation to make sense to you.
Hey, before we start, let’s get this out of the way: there are a gazillion articles out there on business deductions; many are worth reading. IRS Publication 535 Business Expenses is a very good guide. When you make tax-related business decisions, please rely on appropriate and legit sources, not blog articles—especially not mine. When in doubt: study, learn what you can then talk with a tax pro. Enough about that. Let’s get right to it.