An Expense or a Deduction What is the difference?

Many clients ask this question. It is very similar to how all squares are rectangles, but not all rectangles are squares. A deduction is an expense that lowers your income on your tax return. For example business meals are an expense that are 50% deductible so if you have $400 in business meals you can only deduct $200.

If you have any questions on deductions you would like to take, you can set up an appointment with us here.