How do tax write offs work? Say your gas is tax deductable and you spend $100? God is good?

Question

Do you deduct $100 from what you owe in taxes?

Answer 1

no, you deduct your expenses from your income (usually cash received for services).

if your income is greater than your expenses, you owe tax.

if not, you won't be in business very long.

Answer 2

God gave 10 comandements.God didn't gave tax.I don't know what is a tax, and I don't care about them, because Jesus told us :Don't care about what will you eat tomorrow or about having or not having clothes tomorrow.Because all these your Father know.Care about how to get in Heaven first (do good things only)and you will receive all these besides.Who can add 100 inches to what he has..if God doesn't want and make it possible?
Something like this said God.
All the people are thinking..I would tell you.My grandmother would loose her house and would be a begger if her daughter would't help her.

Answer 3

they don't write off the full volume. they might in basic terms write off the quantity of tax they might have paid had they saved that funds as income and provided that that purchase/fee replaced right into a element of the value of earning interior the 1st place. in the event that they don't spend the money, they pay 35% tax on it, IF it replaced into income. in the event that they spend it, of direction, one hundred% of that is long previous. permit’s assume certainty. they might desire to purchase an asset for the corporation. they don't have the money considering that asset hasn't earned something yet. they might desire to borrow the money from the financial corporation and amortize the asset over its existence-cycle and probably write off the interest on the indoors maximum loan yet, not the full value of the asset and not all the interest purely what the tax might have been if it weren't spent on debt provider. (suitable now, a small corporation won't be able to even get that mortgage or a minimum of not at a sustainable value) they might quicker or later interior the existence cycle capitalize it, salvage or sell it and write off the non-amortized value. they don't make a killing in this deal. in the event that they did, they could be in prefer of better taxes and artwork the gadget.

Answer 4

i hope you saved ALL your gas receipts. And no you don't ever deduct taxes off of taxes. You always own them, never get a break from them.

Answer 5

NO, you better get someone to help you or you may end up getting audited and you DON'T want that! Get help and send it in right the first time!