Why are business expenses deductible from income, but someone’s basic living expenses aren’t deductible from personal income? 1.82K viewsApril 24, 2024EconomicsOther Question100.55K April 24, 2024 0 Comments Why are business expenses deductible from income, but someone’s basic living expenses aren’t deductible from personal income? In: Economics 22 Answers ActiveNewestOldest Anonymous Posted April 24, 2024 0 Comments They are deducted. For a couple, filing jointly, you can automatically deduct ~29k (this number increases a little every year) from your taxable income when you file. It basically represents the money you need for some life necessities You are viewing 1 out of 22 answers, click here to view all answers. Register or Login
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