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2. 20 valuable small-business tax deductions - AOL

   www.aol.com/finance/20-valuable-small-business...

   Bankrate insight. A marketing business owner travels across the U.S. to meet clients. In 2023, they traveled 5,000 miles in total. They can deduct $3,275 ($0.655 for 2023 standard mileage rate x ...

3. I'm a Business Owner. What Expenses Can I Write Off on ... - AOL

   www.aol.com/finance/write-off-expenses-businesss...

   A tax write-off is how businesses account for expenses, losses and liabilities on their taxes. Write-offs are a specialized form of tax deduction. When a business spends money on equipment or ...

4. Internal Revenue Code section 162 (a) - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code...

   It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost to be a consumption expense. Section 162(a) requires six different elements in order to claim a deduction.

5. 5 Unexpected Tax Deductions Every Small Business Owner ... - AOL

   www.aol.com/finance/5-unexpected-tax-deductions...

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6. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   The Revenue Act of 1964 restricted the SALT deduction to state and local taxes on real property, personal property, income, general sales, and gasoline and other motor fuels. [17] Amid the 1970s energy crisis , Congress passed the Revenue Act of 1978 , which eliminated the deduction for state and local taxes on gasoline and motor vehicle fuel.

7. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...