Sentences with phrase «if ordinary business expenses»

An August 2001 Wall Street Journal study found that for every dollar of operating earnings the S&P 500 companies reported in their most recent three - month period, 60 cents wouldn't have been there if ordinary business expenses under GAAP hadn't been excluded 2.

Not exact matches

On a business level, if your pet generates income for you, you'll likely be able to fully deduct your «ordinary and necessary» pet expenses.

If you are an employee and have ordinary and necessary business - related expenses for travel away from home, local transportation, entertainment, and gifts, you may be able to deduct these expenses.

Also, if the fines are paid to a nongovernmental entity, the payment is tax deductible so long as it is an ordinary and necessary business expense.

When it comes to deducting business expenses from taxable income, the general rule is that the expense is deductible if it is ordinary and necessary in the regular course of business.

Essentially, business expenses can be deductible if they are ordinary and necessary, and your business operates to make a profit.

How to Get the Deduction Remember that if you're trying to claim your working pets to deduct business expenses, you'll likely have to convince the IRS that keeping the animal is «ordinary and necessary.»