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Business & farm
For self-employed taxpayers net income is what is left after deducting business expenses, materials, wages paid to employees, etc. It is what is left that is taxable income - i.e. your profit from the business.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎February 20, 2021
8:28 AM