This document, "475 Tax Deductions for Businesses and Self-Employed," serves as a guide to understanding the various tax deductions available to businesses and self-employed individuals in the United States. Authored by a CPA, it aims to demystify complex tax laws by explaining terminology and basic rules in accessible language, often referencing free IRS publications for detailed information. The text cautions against unreliable online tax advice and emphasizes the importance of owner involvement in identifying potential deductions, as accountants may not be aware of every specific business detail. Furthermore, the guide highlights potential audit triggers and clarifies the distinction between tax deductions and tax credits, ultimately encouraging taxpayers to claim all legitimate deductions while also being mindful of IRS scrutiny.
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