What exactly are tax write offs either for personal or business uses?
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For a business, all expenses associated with running the business are deducted from revenue to determine taxable profits. Office rent and utilities, employee salaries and benefits, wholesale cost of goods sold, marketing spend, business travel, etc. People with their own businesses may try to buy items for personal or dual use and “write it off” as a business expense, which means buying it with business funds and deducting it from their profits vs. buying it with personal income that gets taxed first. Say a web designer wants a new MacBook for personal use, and sure they may occasionally do client work or communication on it, but it’s primarily their personal laptop. But they buy it with their company credit card, deduct the cost from their income, reducing taxes their company owes. And they don’t have to buy it with post-tax income.
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