Creeper
Draft Pick
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This is correct, but in recent law changes deductions have been minimized based on income. The fact is, the wealthiest people have all of their deductions wiped out, this includes state and local income taxes, which is for most people deducted from their paychecks before they really take possession of the money. Limiting these deductions is literally taxing the same money twice, ot taxing money you never possessed.Not really true Cml. A large expenditure for any business is payroll and you pay payroll taxes, state taxes, etc. And the individual has deductions that knock down their taxable income.
But the keener point is that if you invest money in a corporation by buying stock you can deduct losses from your gains too. I hate the IRS corporations earning money is a good thing for all of us.