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Company Board Today's Top Viewed: Integrity.. (Views: 53)

The tax law doesn't change the principles of accounting. - Gross income - expenses = gross taxable income.

Posted: Dec 26th, 2017 - 2:29 am In Reply to: IC work, pretty much screwed now with no - home office deductions.

There's so much confusion in the general public about the differences between "exemptions", "deductions", "expenses", etc. that you really should talk to your tax advisor before you jump to conclusions based on incorrect distinctions.

In EVERY business, which includes ICs, your taxable income calculation starts with subtracting your business expenses from your gross income to derive your gross taxable income. From your gross taxable income, other adjustments are subtracted to derive your net taxable income. From this, then, are subtracted your quarterly anticipated tax payments, and that gives you the amount you either owe or will be refunded.

Those are fundamental accounting principles about how taxes are calculated, and nothing in the new law changes any of that. If you have a business expense, it can and should be deducted from your gross income.

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