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What is Tax Deductions for Individuals and Corporations about?

1) Individual taxpayers can claim itemized deductions or an optional standard deduction (OSD) of 40% of gross sales/receipts. Corporations can choose between itemized deductions or a 40% OSD of gross income. 2) Itemized deductions include specific expenses, interest, taxes, losses, bad debts, depreciation, and more that must be proven. The OSD is a fixed percentage without proof of expenditures. 3) Those prohibited from the OSD are non-resident aliens and non-resident foreign corporations. For individuals

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metrexz17.03

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EN