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Business & farm
$0. PPP tax exempt income not reported on Schedule C. This TurboTax Help states:
A forgiven PPP loan is tax-exempt, meaning it does not cause you to recognize a taxable gain or income. The IRS has clarified that expenses paid for using forgiven PPP loan proceeds are still deductible as well.
Gross receipts $100
Payroll $60
Rents $40
Net $0
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March 31, 2022
6:04 AM
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