DIY
Must I deduct all my business expenses?Client says mortgage broker suggested that they remove their business expenses to look more appealing for a mortgage. ie Their income would falsely appear to be higher. “If I didn’t claim all of my business expenses, how much would I owe in tax?”Unfortunately, it doesn’t work like that. Rev. Rul.
One of the biggest mistakes small and medium-sized business owners make is confusing math for accounting. Accounting isn’t simply debits, credits, and GAAP. Math is to accounting what letters are to a book. Quite literally, in fact. Just as letters are arranged to tell a story your bookkeeping and accounting comes together to tell the
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