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Deductions & credits
If the business bank account is used to pay a portion of the rent on the house you live in, but also run your business from, say $500 per month ($6K/year), and you are deducting, say 20% of the square footage of the house, can you claim the 6K in "business rent" an expense (subtracted from your taxable income)? That seems like a double-deduction for the same thing.
‎September 25, 2020
7:16 AM