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FAQ

How do you learn to do your taxes?
A2A - Personal or business?Personal - you can go to H&R Blocks 10 week */- tax school for free and learn how to do taxes their way which would qualify to work for them for $10/hour +/-. You MIGHT be qualified to do a basic 1040 with no complications on it.Business - frankly you MUST understand accounting. That means a bachelors degree in Accounting plus another 30 hours of college beyond that JUST to be qualified to sit for the CPA exam. Then after spending 5–10 years working for a CPA you MIGHT be qualified to prepare business tax returns. It can and usually is that complicated.
How do I write off something to lower my taxes?
Personal Deductions are reported on Schedule A of your tax return. The Schedule A instructions list the items that may be deducted.The Qualified Business Income deduction is reported directly on Form 1040 (Line 9 in 2018)Business expenses are reported on Schedule C. There are many complex rules about what may and may not be deducted. You can find a fairly complete list in IRS Publication 535.Depreciation of Business Assets (including rental real estate) are reported on Form 4562. As other answers point out, this deduction affects the cost basis, and is recovered when you sell the asset. The formulas for calculating this are rather byzantine; consult a qualified tax professional.