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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What may be the craziest part of the list of nine wacky charges is that six of them were actually approved as legitimate business expenses.
Human skull, llama rental and Cher tickets among craziest business expenses
165(d) stated only, "Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions." For many years before 2008, the IRS interpreted "losses from wagering transactions" to include professional gamblers' business expenses, so that they were deductible, along with wagering losses, only to the extent of gambling winnings.
Tax reform law deals pro gamblers a losing hand: The ability to deduct expenses was curtailed by last year's tax overhaul
As a result, these donations would be deductible as business expenses under IRC section 162 rather than as charitable contributions.
Charitable contribution or business deduction: Chief Counsel Advice 201543013
That reality makes it essential for franchisees to understand the rules when it comes to business expense deductions.
New season, new issues: what franchisees need to know about 2016 tax filing
The IRS ruled that Employer D's reimbursement arrangement satisfies the business connection requirement because it reimburses employees only when a deductible business expense has been incurred in connection with performing services for Employer D, and the reimbursement is not in lieu of wages that employees would otherwise receive, Although Employer D has reduced the amount of compensation it pays all of its employees, the reduction is a substantive change in the compensation structure, Under the arrangement, reimbursement amounts are not guaranteed, and employees who do not incur deductible business expenses or who do not properly substantiate such expenses continue to receive the reduced hourly compensation.
IRS illustrates employee reimbursement plans
In the third quarter, consolidated and mainline CASM, excluding special charges and third-party business expense and holding fuel rate and profit sharing constant, increased 2.5% and 2.0%, respectively, compared to the results for the same period of 2011.
-United Continental Holdings posts positive net income in Q3
The IRS finalized rules it put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses.
Final Regs. include safe harbor for local lodging costs
This is because an acceptable medium of exchange for barter transactions is available only on an exchange, and the recognition of tax liabilities for a business expense requires economic performance.
Finding clarity in the IRS's position on barter transactions
162 (trade or business expenses) or 167 (depreciation).
New IRS focus on fringe benefits
"One measure of their commonness," TEI said, "is their longstanding treatment as an ordinary and necessary business expense deduction under section 162.
Liaison meetings with IRS commissioner, LMSB, and Treasury Department top advocacy agenda: TEI urges staged implementation of e-filing mandate; institute reiterates opposition to codifying of economic substance doctrine; independence of appeals undermined by IRS shelter, TEI asserts
Speltz deducted the reimbursements on her schedule C as a business expense and the couple excluded the payments on their joint tax returns.
Medical reimbursement plan for employee-spouse
whether a particular business expense qualifies for a deduction.
Deduct It!

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