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Write-offs Aren't Free
Qoins App • August 5, 2022
When you incur necessary expenses, writing them off is a benefit, but don’t make purchases simply because they can be written off. This can lead to overspending which could become more reckless than financially responsible. Just because you can write off the purchase of a new vehicle or equipment does not mean you should buy it. You still have to pay for it! Take the time to compare the cost of the additional income tax versus the cost of the purchase. Most of the time it does not make sense to buy something just for a write-off.
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