Tax Plan

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One of the most common questions put before accountants and tax professionals is "What costs or expenses are deductible?" Generally, trade or business expenses are tax-deductible, which means they can be used to reduce your gross revenue (total revenue) to net income (profit) and thus reduce your taxable income. A good rule of thumb is that a cost or expense will generally be deductible if it has a legitimate business purpose, "legitimate" being the operative word here.

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Infographics Archives - information for practice

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