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M. Casey Murdock
Abstract
M. Casey Murdock
Abstract
As a general principle, the tax code allows you to take a deduction for expenses that you incur in an effort to create income. The allowance of these deductions encourages people to invest in things that increase their income—increasing taxes as a result. That is why most expenses related to a business are allowed as deductions, when those same items are not deductible when used for personal reasons. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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As a general principle, the tax code allows you to take a deduction for expenses that you incur in an effort to create income. The allowance of these deductions encourages people to invest in things that increase their income—increasing taxes as a result. That is why most expenses related to a business are allowed as deductions, when those same items are not deductible when used for personal reasons. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Key concepts: Deductible, Tax deduction, Allowance (engineering), Residence, Income tax, Actuarial science, Economics, Code (set theory)