Income Tax Exemptions are the amounts that are reduced or removed from Income amounts because they are exempt from taxation. These exemptions are to be outlined during filing.
An expense is deductible if it is wholly, exclusively and necessarily incurred by the person in the production of the business or investment income for the year.
A deduction shall be disallowed for an expense that is of a capital nature.
An expense that is of a capital nature includes an expense that secures a benefit that lasts for more than twelve (12) months.