DEDUCTIONS
A.Ordinary & Necessary Business Expenses
To produce taxable income earned
B.Accrued Expense Rule:Deductible in the year incurred if it meets
criteria.
1.Obligated by BOD(board of director)
2.Services have been rendered
3.If you paid tax till 3/15
C.Bad Debt:Deductible only by accrual basis taxpayer
using direct write-off method
D.Taxes
1.State and local income taxes
2.Real estate taxes
3.Employer's share of payroll taxes
4.You can not deduct federal income tax
A.Ordinary & Necessary Business Expenses
To produce taxable income earned
B.Accrued Expense Rule:Deductible in the year incurred if it meets
criteria.
1.Obligated by BOD(board of director)
2.Services have been rendered
3.If you paid tax till 3/15
C.Bad Debt:Deductible only by accrual basis taxpayer
using direct write-off method
D.Taxes
1.State and local income taxes
2.Real estate taxes
3.Employer's share of payroll taxes
4.You can not deduct federal income tax