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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. Internal Revenue Code section 162(a) - Wikipedia

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

    t. e. Section 162 (a) of the Internal Revenue Code (26 U.S.C. § 162 (a)), is part of United States taxation law. 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 ...

  4. State and local tax deduction - Wikipedia

    en.wikipedia.org/wiki/State_and_local_tax_deduction

    e. The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction is intended to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal ...

  5. Three-martini lunch - Wikipedia

    en.wikipedia.org/wiki/Three-martini_lunch

    The three-martini lunch became particularly identified in popular culture with Madison Avenue advertising executives in the 1960s and 1970s, who supposedly became more creative after such lunchtime libations. [2] The term is sometimes used in political debates on tax deductibility of business meals in the United States. [3]

  6. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

    www.aol.com/finance/10-tax-deductions-know-2023...

    Married couples filing together can deduct $25,900, and heads of household can deduct $19,400. Individuals who are 65 or older and those who are blind can claim an additional $1,750 for tax-year ...

  7. From racehorse owners to business lunch goers: Here's who got ...

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  8. Sales taxes in the United States - Wikipedia

    en.wikipedia.org/wiki/Sales_taxes_in_the_United...

    Sales taxes are imposed only on taxable transfers of goods or services. The tax is computed as the tax rate times the taxable transaction value. Rates vary by state, and by locality within a state. [5] Not all types of transfers are taxable. The tax may be imposed on sales to consumers and to businesses.

  9. What Is a Tax Deduction and How Do Tax Deductions Work? - AOL

    www.aol.com/tax-deduction-tax-deductions...

    Standard Deduction for Tax Years 2020 and 2021. Filing Status. Deduction for Tax Year 2020. Deduction for Tax Year 2021. Single. $12,400. $12,550. Married, filing jointly

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