What type of expenses are exempt from Tax deduction?
I heard that there are some of the expenses (in business and freelancing) that are exempt from tax. What are some of the expenses which we can exclude while paying the taxes?
Basically, anything that is used to further your business. So the computer and other office equipment, the paper and other office supplies, etc. are all deductible, as is the use of the space in your home for the office. These things can be taken from your gross income to determine your net income.
http://www.irs.gov/Businesses/Small-Bus … -Deduction
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