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Deductions & credits
You are allowed to deduct ordinary and necessary expenses that would be expected in this line of work and which allowed you to produce income and/or a profit.
- For business expenses to be deductible, they need to be both “ordinary” and “necessary.” The IRS considers an expense to be ordinary if it is common and accepted in your industry. For an expense to be considered necessary for your business, it must be one that is helpful and appropriate for your trade or business.
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March 21, 2023
6:39 AM