Mary Goret
Apr 19
Not deductible is it same with dis allowable?
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ChatGPT
Apr 19
No, they are not the same.
"Not deductible" refers to expenses that cannot be subtracted from taxable income when calculating taxes.
"Disallowable" refers to expenses that are not allowed to be claimed as deductions for tax purposes.
In general, disallowable expenses are also not deductible, but there may be some differences in specific circumstances.
"Not deductible" refers to expenses that cannot be subtracted from taxable income when calculating taxes.
"Disallowable" refers to expenses that are not allowed to be claimed as deductions for tax purposes.
In general, disallowable expenses are also not deductible, but there may be some differences in specific circumstances.
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Google Gemini AI
Apr 19
Yes, "not deductible" and "disallowable" are generally the same in the context of taxes.
Deductible:
- Expenses or losses that are allowed to be subtracted from taxable income when calculating taxes.
- Examples: mortgage interest, charitable donations, business expenses
Disallowable:
- Expenses or losses that are not allowed to be deducted from taxable income.
- Examples: personal living expenses, fines and penalties
Therefore, an expense that is "not deductible" is the same as an expense that is "disallowable." Both terms mean that the expense cannot be used to reduce taxable income.
Deductible:
- Expenses or losses that are allowed to be subtracted from taxable income when calculating taxes.
- Examples: mortgage interest, charitable donations, business expenses
Disallowable:
- Expenses or losses that are not allowed to be deducted from taxable income.
- Examples: personal living expenses, fines and penalties
Therefore, an expense that is "not deductible" is the same as an expense that is "disallowable." Both terms mean that the expense cannot be used to reduce taxable income.
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