expenses financial definition of expenses. expenses finance term by the Free Online Dictionary.

Expenses

Costs of living or doing business. Examples of personal expenses include the mortgage payment, groceries, and gas for the car. Examples of business expenses include the cost of materials, employee salaries, and other overhead. Expenses also include unusual costs like medical bills or employee bonuses. Businesses attempt to keep costs to the lowest possible amount without sacrificing revenue. This maximizes profit. Likewise, households generally attempt (and in many cases must) keep expenses lower than household income. While business expenses are generally tax deductible, most personal expenses are not.

expenses

The cost of maintaining property or generating income.

Expenses

For federal income tax purposes, expenses are divided into four categories:

Trade or business expenses,

Expenses in connection with production of income, in connection with management, conservation, or maintenance of property held for production of income,

expenses in connection with the determination, collection, or refund of any tax, and

Personal, family, or living expenses.

Expenses in the first three categories are generally deductible in determining taxable income. Expenses in the fourth category are not deductible, except in a few cases (medical expenses, charitable contributions, etc.) in which they are specifically allowed by law. Expenses are to be distinguished from "capital expenditures," defined elsewhere in this glossary.

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