Taxpayers Are Allowed to Deduct a Specific Amount for Each

question 31

True/False

Taxpayers are allowed to deduct a specific amount for each of their dependents.

---

Definitions:

Franchising

Arrangements based on contracts of service and the supply of products between larger and smaller units of one organization.

Personal Guarantee

A legal commitment by an individual to assume responsibility for another's debt or obligations if that party fails to fulfill them.

Significance

The importance, influence, or meaning of something within a specific context or overall.

Incorporation

The process of legally declaring a corporate entity as separate from its owners, providing benefits like limited liability and perpetual existence.