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The calculation of business income tax really is that simple... It only gets complicated of you want to make it complicated.
by gamblor956 6y ago
The calculation of business income tax really is that simple...
It only gets complicated of you want to make it complicated.
- ISL 6y agoPerhaps I missed it on my annual reads through the instructions, but I cannot recall seeing a statement: "This is the definitive path to figuring your tax." For the personal income tax instructions, that pathway is clear for almost everyone.
- gamblor956 6y agoTake your business income items, and add those up. Take your business expense items, and add those up. Subtract expense from income. Done... Personal income tax is much more complicated than small business income tax. Large corporations and partnerships are more complicated than small businesses, but those types of businesses want the additional complexity.