CHAPTER 14Your Business
The United States is an entrepreneurial country—it is the American dream to own your own business, and millions already do. It has been estimated that there are over 32 million small businesses, 80% of which have no employees. While many small businesses shut down permanently due to COVID‐19, the number of new business license applications are impressive, showing a recovery is well under way.
Most expenses related to running a business are deductible, but timing issues and limitations may come into play. This chapter deals primarily with business deductions for a sole proprietor, independent contractor, or freelancer who files Schedule C (or, for farming, Schedule F). Of course, many rules discussed in this chapter apply to partnerships, limited liability companies (LLCs), and corporations.
This chapter explains the tax rules for various business‐related deductions ...
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