Your client, Sam, is a small business taxpayer. He is under the impression that every...
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Accounting
Your client, Sam, is a small business taxpayer. He is under the impression that every dollar he spends currently related to his business will reduce his taxable income.
Required:
1 - Why are some expenses not deductible? Provide an example of an expense to support your response.
2 - Explain what actions Sam could take to turn a disallowed expense into a deductible expense.
3 - Provide an alternative example of where Sam might have an expense disallowance.
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