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You may recall that tax deductions are only deductible by…

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You may recall that tax...
You may recall that tax deductions are only deductible by the legislative grace of Congress. After this lesson, you might have realized that Congress was pretty generous with the types of business expenses which are deductible. You may already be aware, or you'll soon see, that Congress was not so generous with the types of personal expenses which are deductible. Why do you think that is?Why did Congress choose to treat business expenses and personal expenses so differently?Why choose to make business expenses deductible for-AGI and personal expenses deductible from-AGI, when they're deductible at all?
Submitted: 7 months ago.Category: Tax
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Answered in 7 minutes by:
10/8/2017
Tax Professional: Barbara, Enrolled Agent replied 7 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,995
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Business expenses have to do with running a business, and they reduce the gross income so tax is paid on net income only. Business expenses are able to be deducted by ANY business, not just corporations. A sole proprietor/small business owner can deduct his business expenses for his business.

As to personal expenses (food, clothing, etc.) are not and have never been deductible.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 7 months ago
Can you please answer the last partWhy choose to make business expenses deductible for-AGI and personal expenses deductible from-AGI, when they're deductible at all?
Tax Professional: Barbara, Enrolled Agent replied 7 months ago

Personal expenses are not deductible at all so I'm not understanding what you are asking.

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