Tax Write-off bibliography with research reflextion

Nakisha Thompson

English 4

Daraja

My topic was to research what a tax-write off actually means. I really didn't know too much about tax write-offs until I asked Professor de Wit what it meant, of course he told us to research it, matter of  fact, he assigned different political topics to research. All of the 11 topics were assigned to groups. These topics were very relevant to the issues of America today. That’s why it’s important  for us to become knowledgeable of these important aspects of the business world and the corporate world politically,  so we can become involved and pass it down to our younger generations so they can  honestly apply it to their everyday lives.

My researching on tax write-offs gave me understanding that tax deductions mean the same thing. As i mentioned earlier, when tax deductions came to mind, I only thought of donating to a charity and getting extra money when it came to tax season. I leaned by navigating the internet and typing “What is a tax write-off?” first I read the actual definition which read:  A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income -Wikipedia. I learned that there were different types of tax deductions found in different aspects like tax income, and banking, accounting and more. I decided to think what is it about tax deductions that I really think will be relevant to my life. I decided to look into the possibilities and expectations of one day owning my own business, self employed and maybe an entrepreneur. Because at the end of the day who doesn't want to work for themselves and become their own boss?  Well I do, so I researched what tax deductions can be beneficial to me starting my own business our foundation. according to MARK J. KOHLER of Entreprenuer.com  quotes “With a small-business venture in your life and on your tax return, you may be able to convert some personal expenses to business expenses, as long as you have the proper business purpose for that expense.”  Owning your own business may seem like your everyday life may be tax deductible if your life consist of your company and your business. I prepared a page on my blog that has 75 items you can deduct if owning your own business, that my fellow darajans can look at to gain more knowledge of Tax Deductions. These items have the links accessible for my fellow darajans to further investigate, there as so many tax deductible items that you can profit from in the long run. for instance if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900. If that person is in a 25% tax bracket, the tax due would be lowered by $25. Thus the net cost of the telephone is $75 instead of $100. By doing this research I learned that there are many ways to profit from your business when having your own, is more profitable that working for someone else.