The previous entry had information for tax credits for small businesses. Here is information for tax deductions for businesses of any size.
Although Section 44 of the IRS Code allows a tax credit for small businesses, Section 190 of the IRS Code allows a tax deduction for ALL businesses. The latter is available to all businesses with a maximum deduction of $15,000 per year.
Please note: A tax credit is "subtracted from your tax liability after you calculate your taxes", whereas a tax deduction is "subtracted from your total income before taxes, to establish your taxable income" (http://www.library.findlaw.com/).
Please contact DOJ or the ADA website for more information.
Although Section 44 of the IRS Code allows a tax credit for small businesses, Section 190 of the IRS Code allows a tax deduction for ALL businesses. The latter is available to all businesses with a maximum deduction of $15,000 per year.
Please note: A tax credit is "subtracted from your tax liability after you calculate your taxes", whereas a tax deduction is "subtracted from your total income before taxes, to establish your taxable income" (http://www.library.findlaw.com/).
Please contact DOJ or the ADA website for more information.
The goal of this blog spot is to provide practical resources and solutions. We hope you found this helpful. Please let us know and visit us at kisinterpretingservices.blogspot.com again! ---KISIS
No comments:
Post a Comment