Quote:
Originally Posted by ken0042
OK, somebody correct me if I'm wrong, but when you claim a business expense on your taxes, you don't get a tax credit of $600 back into your pocket, do you? I was sure that you paid taxes on $600 less of your income. So if the business made $100K that year, you only got taxed on $99,400 of it.
Or am I wrong?
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Yes, you're correct. The deductible part of business expenses is deducted from your taxable income, which reduces the taxes you pay.