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Self employed
Hi there:
By exceptions I'm assuming you meant deductions? If not refer to purchase contract re: exceptions. For deductions, your purchase contract will detail the assets purchased and related fees: Here's a breakdown of basic fees:
Purchase price: (Equipment should be capitalized and depreciated)
Goodwill (Capitalized and amortized)
One time Franchise Fee (Capitalized and amortized)
Ongoing Franchise fees (fully deductible)
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‎August 30, 2023
12:41 PM