Business Expense

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Business Expense

Costs that result from having and maintaining a business. Rent and employee salaries are primary (and expensive) examples of business expenses, as are office supplies and raw materials from which to make products. Under most circumstances, business expenses are tax deductible.
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To assist your clients with understanding what the IRS allows for unreimbursed employee business expenses, refer to IRC Sec.
Questionable employee business expenses
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.
Final Regs. include safe harbor for local lodging costs
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.
IRS illustrates employee reimbursement plans
Not only that, but you can take a photo of the receipt, invoice or any other documents as a "proof of claim" -- meaning it meets the IRS' standards of tracking a business expense.
BOSS Business Services Releases First Expense Tracker iPhone App
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.
MPs setting bad example as business suffers pounds 1bn loss on expenses 'fiddling'
Clearly, amounts excludible from gross income or deductible as ordinary and necessary business expenses may be paid in terms other than cash.
Warrants issued to customers
With Pocket Quicken, users quickly and easily look up account balances, account registers, expense and income category reports, even business expense reports.
Intuit and Franklin Announce Pocket Quicken on BOOKMAN; The First Dedicated Pocket Quicken Device for Under $130 Complete with Connectivity to Desktop Quicken
Thus, severance payments are deductible business expenses.
IRS joins FASB on severance pay
However, some of the expenses may be ordinary and necessary business expenses.
Deductible? Maybe not
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.
Home-based office equipment allowed as business expense
The TAM rejects this distinction and recognizes that an expense incurred as part of a general plan of remediation most likely will be capitalized even though the same expense, if it was not incurred as part of such a plan, would be deductible as an ordinary and necessary business expense.
Deductibility of environmental remediation costs
G also proposes to pay the credit card company directly for all business expenses that the employees charge to the card.
Expense-reporting programs with electronic credit card receipts

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