Under Section 34 (A-J), the Itemized Deductions are:
(1) Expenses (salaries/wages/fringe benefits; travel expenses; rent and utilities; entertainment, amusement and recreation);
(2) Interest;
(3) Taxes;
(4) Losses;
(5) Bad debts;
(6) Depreciation;
(7) Depletion;
(8) Charitable and Other Contribution;
(9) Research and Development;
(10) Pension Trust.
In lieu thereof, Section 34 (L) provides for the Optional Standard Deduction (OSD):
- not exceeding 40% of gross sales/receipts for individual taxpayers
- not exceeding 40% of gross income for corporate taxpayers
*see topic on optional standard deduction.
(1) Expenses (salaries/wages/fringe benefits; travel expenses; rent and utilities; entertainment, amusement and recreation);
(2) Interest;
(3) Taxes;
(4) Losses;
(5) Bad debts;
(6) Depreciation;
(7) Depletion;
(8) Charitable and Other Contribution;
(9) Research and Development;
(10) Pension Trust.
In lieu thereof, Section 34 (L) provides for the Optional Standard Deduction (OSD):
- not exceeding 40% of gross sales/receipts for individual taxpayers
- not exceeding 40% of gross income for corporate taxpayers
*see topic on optional standard deduction.