Allowable deductions vs Personal Exemptions ALLOWABLE Deductions PERSONAL Exemptions These are ACTUAL business or professional These are

ARBITRARY AMOUNTS EXPENES INCURRED in the pursuit of trade, REPRESENTING PERSONAL DAILY LIVNG business or profession EXPENSES allowed as a deduction by law to QUALIFIED individual taxpayers CAN be CLAIMED by INIDIVIDUAL or CAN be claimed by QUALIFIED INDIVIDUAL CORPORATE taxpayers taxpayers only Deductions MUST BE SUPPORTED with NO NEED of supporting receipts RECEIPTS They are allowed deductions to ENABLE the They are allowed to COVER PERSONAL, taxpayer to RECOUP HIS COST OF DOING FAMILY and LIVING EXPENSES BUSINESS