bO2 2021 Ch 4 Tax Deductions

James Murphy Tax

BUSINESS AND EMPLOYMENT DEDUCTIONS Income tax is calculated based on a taxpayer’s taxable income.  The fundamental equation is assessable income less allowable deductions equals taxable income. In claiming income tax deductions there are “general” and “specific” deductions. The general provision for claiming allowable deductions is section 8(1) of the Tax Act, which states that any loss or outgoing is a ...

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