Business Expense Deduction

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Business Expense Deduction

A reduction in a business's taxable income by costs that result from having and maintaining the business. Rent and employee salaries are primary (and expensive) examples of business expenses that are qualified for the deduction. For example, if a business has $1 million in revenue and $400,000 in overhead eligible for the business expense deduction, its taxable income is only $600,000.
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Xilinx's business expense deductions for tax years 1997 through 1999 included a total of $177 million in costs of employee exercises of options.
The government's complaint alleged that Dove prepared returns for others claiming inflated or fabricated charitable contribution and business expense deductions, and false tuition and rental expense deductions.
Luckily for Cohan, his case predated those rules, and the Second Circuit held that he should be permitted to use estimates to establish his entitlement to business expense deductions.
Entertainment Facilities--Internal Revenue Code denies trade or business expense deductions for items or facilities used in connection with entertainment--except for firms in the business of entertainment.
Businesses that locate within the zone can participate in programs that offer significant tax advantages including state hiring credits, state sales and use tax credits, and business expense deductions.
7) Tax Administration: Recurring Issues in Tax Disputes Over Business Expense Deductions, United States General Accounting Office (GAO/GGD-95-232, Sept.
When the case was first considered by the Tax Court, the court held that M&H was not entitled to business expense deductions for those portions of premium paid to Northwestern and then ceded to Eastland.
Furthermore, the WorkTRAKR log allows corporations, partnerships or individuals to document IRS business expense deductions for mobile phone usage.
274 was enacted to curb abuses of business expense deductions for travel, entertainment and gifts.
The revitalization zone, spanning from Van Nuys to North Hollywood in the Valley, offers a host of economy-enhancing incentives, including hiring, sales and use tax credits, business expense deductions, carry-over for net operating losses, construction hiring credit, and net interest deduction for lenders, according to Hertzberg.
On her tax return, the taxpayer claimed a home office deduction for the room in her home and business expense deductions for a computer and printer she used at home for work.
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