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Deductions: Depreciation of an asset [example included]

Introduction Depreciation is one of many types of deductions available for the taxpayer. We previously discussed tax-on-salary deductions, and this week we will discuss depreciation of tangible property and intangible property. This article is relevant for business taxpayers that wish to reduce their tax liability based on the asset they own. In this post, we…

 3 Things You Need to Know About Deductibility of Expenses, From an Accountant’s Perspective [examples included]

Introduction In this post, we will talk about just a few (there are many) different types of tax deductions. Deductions apply to many types of taxpayers; you can be an individual, a business entity, or maybe even an investor. We’ll show you a few examples of how deductions are used and provide two examples of…