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January 27, 2010

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I have a sole proprietorship. When I do my taxes, I am going to calculate all my business deductions. However, is this separate from the standard income tax deduction. Can I still take the standard income tax deduction along with my business deductions?

Yes, because you are sole proprietorship, your business deductions are separate from the standard income tax deduction. If you were taking business deductions as unreimbursed employee business expenses, then the business deductions would be in lieu of the standard income tax deduction.

deducting education expanses as business does not seems sound idea because business income calculation gives a complete different scenario.

"Every advantage has its tax."
Ralph Waldo Emerson

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