Personal Expense


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Personal Expense

Expenses of an individual other than those for business or investment purposes. Personal expenses are not deductible unless specifically allowed under the tax law. Two examples of deductible personal expenses are medical expenses and personal property tax paid on personal-use property.
References in periodicals archive ?
You don't have a good perspective on how your business is doing if personal expenses are mingled in with business expenses," says Mike Eggleston, CPA and owner of Small Business Accounting & Tax in Spanish Fork.
Payments such as those for tuition are always considered personal expenses and are nondeductible.
Antoniou had allegedly charged personal expenses to CY, including speeding fines and his car service, which had cost over e1/41,000.
The complaint alleges, however, that the defendants never properly accounted for the use of the funds and allegedly used the money for personal expenses, including housing costs, car insurance fees, car repairs and vehicle excise payments.
In all, the prince's filing says, Moreau spent "over $500,000 of company funds on personal expenses," and ran up $20,000 worth of debt on a company credit card he opened using the prince's Social Security number.
to charge more than $300,000 in personal expenses to a company credit card over a three-year period.
With the launch of the 'Small Business Owner Loan', self-employed small business owners can apply for loans to cover their personal expenses.
The Royal Charity Organisation (RCO) has come forward to pay for their temporary accommodation, school fees and personal expenses until the woman gets back on her feet.
Living expenses paid or incurred when not traveling away from home generally are considered nondeductible personal expenses under Sec.
262(a), living expenses paid or incurred when not traveling away from home are considered nondeductible personal expenses.
Mixing business expenses with personal expenses from time to time may not seem like a terrible thing to do.
Examples clarify which items to declare as income, requirements for deducting personal expenses, the cost basis of property sales, and assignment of income to the proper taxpayer.

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