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A Hidden Cost: Why Penalties Could Be Draining Your Wallet at Tax Time
The Internal Revenue Service (IRS) has clear guidelines regarding the deductibility of penalties. According to IRS rules, penalties paid to the government for violating laws are not deductible as business expenses or itemized deductions.
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By CountingWorks PRO Marketing TeamThe Internal Revenue Service (IRS) has clear guidelines regarding the deductibility of penalties. According to IRS rules, penalties paid to the government for violating laws are not deductible as business expenses or itemized deductions.