What are the limitations and rules of tax deductions?
An example of an AI chatbot conversation about tax deduction limitations and rules.
What are the limitations and rules of tax deductions?
Tax deductions can vary based on your filing status and the type of expenses. Generally, you can only deduct expenses that are necessary and ordinary for your business or profession.
Can you give me examples of common deductible expenses?
Sure! Common deductible expenses include business travel, office supplies, and certain home office expenses.
Are there any specific limits on how much I can deduct?
Yes, some deductions have specific limits. For example, the home office deduction is limited to the percentage of your home used for business.
What happens if I exceed these limits?
If you exceed the limits, you may face penalties or have to pay additional taxes. It's important to keep accurate records.
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