Ch5 How to deduct expenses.docx

Ch5 How to deduct expenses.docx - HOW TO DEDUCT EXPENSES...

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HOW TO DEDUCT EXPENSES: TRADE OR BUSINESS EXPENSES: INVESTMENT RELATED: PERSONAL EXPENSE Fully deductible if ordinary, necessary & reasonable Limited Deduction: Include in “Miscellaneous Itemized Deductions” & thus lose 2% of AGI Generally are non-deductible unless allowed as an Itemize Deduction (Sch. A) For proprietorship : Schedule C, is part of
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