Expensed

Charged to an expense account, fully reducing reported profit of that year, as is appropriate for expenditures for items with useful lives under one year.

Expensed

Charged to an expense account, reducing the profit for a given project or assignment. The term is associated with charges connected to networking and other events used to attract clients or investors. Expensed items are written off on taxes as they reduce profit.

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References in periodicals archive

The cost should therefore be expensed for financial accounting purposes.

The proper income tax treatment of environmental remediation expenditures

The letter ruling also provided that "soft costs," such as telephone, in-house photocopying, on-line research and work processing, may be expensed as incurred.

Law firms overlook deduction for certain client costs

90-8 does not differentiate between the timing of the remedial expenditures (expensed in the year incurred to match income produced, irrespective of whether they are part of an overall plain of rehabilitation), the reasons substantiating the required cleanup (whether self-directed or government-imposed) or who caused the contamination (a taxpayer or another potentially responsible party).

Deductibility of environmental remediation costs

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