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Daycare and Taxes>Last Question For The Day- Can You Explain How Deductions Work?
jenboo 02:10 PM 01-15-2015
ok so i would love to know how exactly deductions work. Do you just add up all your deductions for the year and subtract them from your income and that is your "taxable" income?
Im having someone prepare my taxes for me...Im just curious how all this works.
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TomCopeland 03:26 PM 01-16-2015
Originally Posted by jenboo:
ok so i would love to know how exactly deductions work. Do you just add up all your deductions for the year and subtract them from your income and that is your "taxable" income?
Im having someone prepare my taxes for me...Im just curious how all this works.
Yes. Income minus expenses = your profit (your taxable income)
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jenboo 05:39 PM 01-16-2015
Originally Posted by TomCopeland:
Yes. Income minus expenses = your profit (your taxable income)
OK great. Thank you
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