Examlex
For tax year 2018, Taylor used the simplified method of determining her office in the home deduction. For 2019, Taylor must continue to use the simplified method and cannot switch to the regular (actual expense) method.
Expense
An outflow of cash or other valuable assets from a person or company to another entity in exchange for goods or services.
Expenses
Costs incurred during business operations to generate revenue, which may include rent, salaries, and materials.
Generate Revenues
The process of earning income through the sale of goods or services provided by a business.
Obligations
Obligations are responsibilities or legal commitments that arise from contracts, laws, or financial agreements, requiring entities to settle debts or perform specific actions.
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