Expenses


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Related to Expenses: living expenses, Operating expenses

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.
References in classic literature ?
During the strike, of course, they spent all that they had saved, and would often return to work in debt at the same wages, or would move to another mine at considerable expense.
I might have retorted, "He thinks of the expense before he thinks of anything else.
Norris had not the least intention of being at any expense whatever in her maintenance.
It saves the expense of my journey to Kingscote and back, and gives me the opportunity to "finish" a little in French.
If you feel happy and comfortable I don't mind a bit about the expense," said Philip.
It seemed callous to Philip, but when he tried to reason with her she pretended to think he was concerned with the expense.
But if two was no better than one, as you said so yourself and as Grimshaw will bear witness, then three was no better than two except for an expense.
What was the matter with you was that the expense hurt you.
In the first place, he is thought just, and therefore bears rule in the city; he can marry whom he will, and give in marriage to whom he will; also he can trade and deal where he likes, and always to his own advantage, because he has no misgivings about injustice and at every contest, whether in public or private, he gets the better of his antagonists, and gains at their expense, and is rich, and out of his gains he can benefit his friends, and harm his enemies; moreover, he can offer sacrifices, and dedicate gifts to the gods abundantly and magnificently, and can honour the gods or any man whom he wants to honour in a far better style than the just, and therefore he is likely to be dearer than they are to the gods.
274(e)(3) might apply because the per-diem expenses were "paid or incurred by the taxpayer .
ThinMind Expense Reporting is an integrated web-based administrative tracking solution that provides the ability to collect, track, and organize expenses at any level of the organization.
Median total operating expenses and assessment for all condominium property types as a group remained relatively stable in 2004, declining just 1.