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  2. Expenses versus capital expenditures - Wikipedia

    en.wikipedia.org/wiki/Expenses_versus_Capital...

    Under the U.S. tax code, businesses expenditures can be deducted from the total taxable income when filing income taxes if a taxpayer can show the funds were used for business-related activities, [1] not personal [2] or capital expenses (i.e., long-term, tangible assets, such as property). [3]

  3. 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 ...

  4. A Guide to Tax Deductions for Home-Based Businesses - AOL

    www.aol.com/finance/taking-advantage-tax...

    Capital expenses: Capital expenses — including business startup costs, business assets, and improvements — are costs that you are required to capitalize rather than deduct because they are a ...

  5. Capital gains tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Capital_gains_tax_in_the...

    Its treatment of capital gains was comparable to current law, but it roughly doubled the standard deduction, while dropping personal exemptions in favor of a larger child tax credit. President Trump advocated using the bill to also repeal the shared responsibility payment, but Rep. Brady believed doing so would complicate passage. [ 75 ]

  6. What Is Tax Efficiency? Key Strategies to Minimize Taxes on ...

    www.aol.com/tax-efficiency-key-strategies...

    Capital gains: Capital gains are when an asset — like stocks or real estate — increases in price. You’ll generally only be subject to capital gains tax when you realize those gains, such as ...

  7. 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

  8. MACRS - Wikipedia

    en.wikipedia.org/wiki/MACRS

    The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code.

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

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

    A tax credit, on the other hand, reduces the tax you owe — every $1 of tax credit reduces your tax bill by by $1. If you owe $10,000 in taxes and qualify for a $2,500 tax credit, your tax bill ...

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