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Income Tax > Tax > Deductible Compensation Deductible Compensation - Tax Deduction Tips Compensation paid to employees can take many forms. These deductible compensations include salary, wages, bonuses for services performed, vacation paid, sick pay, fringe benefits, whether or not they are tax-free to your employee.
To be deductible, compensation must be an ordinary and necessary business expense. Payment for these compensations must be directly connected to the conduct of your business, the compensation must be reasonable to be deductible, and the payment must be for services actually performed.
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