Quote:
Originally Posted by mgburg
So...if I get a ticket, for speeding, say...for $260.00, I can deduct $140.00 of that fine from my taxes next year?
COOL!!!
Oh...I have to be a "big boy" to get those kind of deductions...
Who says taxes are for the rich only?
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It's not a fine; it's more of a lawsuit settlement. And yes, small businesses can deduct losses from legal action as well.