business expense


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As a result, these donations would be deductible as business expenses under IRC section 162 rather than as charitable contributions.
According to the 2014 National Taxpayer Advocate Annual Report to Congress, the IRS won 76 percent of its cases involving business expense deductions.
The IRS finalized rules it put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses.
The IRS illustrated these rules through four examples and ruled in all but one case (Situation 4) that, under the facts presented, the recharacterization of wages as a business expense reimbursement did not satisfy the business connection requirement.
Both consolidated and mainline CASM, excluding special charges and third-party business expense, increased 2.
This is because an acceptable medium of exchange for barter transactions is available only on an exchange, and the recognition of tax liabilities for a business expense requires economic performance.
Speltz could not deduct the amounts on her schedule C since they were not business expenses.
In respect of the modification of section 162(f), TEI said that the provision would go much further than clarify the rules, potentially denying many legitimate business expenses that are remedial or compensatory in nature.
This title is designed for those who must keep a diary on business use of automobile and other business expenses.
A common business expense for clergy is travel; deductions can be taken for trips to hospitals or nursing homes, conferences and meetings in town or out of town, and any other business-related travel.
For example, if when a corporation started doing business in a state it had a debt-equity ratio of 50 percent, and had always had such a ratio, the interest paid to service that debt would surely be considered a business expense.

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