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| FREE NEWS ALERTS A free, comprehensive news service to keep small businesses and independent contractors posted on the latest tax developments affecting their operations.
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Wednesday, Aug. 23 Expenses – General Corporate Expenses, #105Business expenses are the costs of carrying on a trade or business. These expenses are deductible if the business is operated to make a profit. What You Can Deduct To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary... Subscribers have free access to the archives. Click here. |
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