Watch as the father and son from the ever-hilarious TV show, Schitt’s Creek, uncover a misunderstanding about how “write-offs” work.

Comedy aside, write-offs are often misunderstood by small business owners, particularly those doing their own accounting and taxes. It’s important to handle this area of the business properly to avoid a nasty surprise should an audit ever befall your business.

This excellent article from Turbotax, titled What is a Tax Write-Off, clarifies things beautifully and is worth reviewing for anyone doing their own taxes.