business expenses


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See: overhead
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Instead of wasting one day a month on business expenses admin, just connect your cards to a Xero account through the Curve app, and Curve will do your expenses for you.
Likewise, payments made to exempt organizations that are not IRC section 170 organizations are also deductible as ordinary and necessary business expenses rather than as charitable contributions.
To assist your clients with understanding what the IRS allows for unreimbursed employee business expenses, refer to IRC Sec.
Employer-required lodging expenses may now be deductible as an employee business expense or, if paid or reimbursed by the employer, excluded under an accountable plan, even if the employee is not away from home.
In addition, the business connection requirement is not satisfied if an employer pays an amount to an employee regardless of whether the employee actually incurs or is reasonably expected to incur deductible business expenses (Regs.
Unfortunately, abuse of business expenses is a widespread problem in both the private and public sectors, but given the scale of the reaction to the apparent abuse by our MPs, there is little tolerance of such inappropriate conduct, especially in the current recession.
According to a statement from Cummins office, Muntzel admitted "to essentially living out of his corporate bank accounts" and that his false business expenses included a salary to his daughter; who did not work for his company, his daughter's college tuition, personal vacations, vehicles and home renovations.
Although it is common practice for preparers to list their fees as business expenses of the client's sole proprietorship, the IRS recently had taken a hard line regarding deduction of expenses for return preparation and tax advice.
IRS Publication 535, Business Expenses, states the following about payments in kind, (i.
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.
They receive substantially all of their work from the firm; are provided offices, phones, computers and secretarial services by the firm; are supervised by someone at the firm; have business cards showing an affiliation with the firm; and are reimbursed by the firm for business expenses.

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