Sentences with phrase «truck as a business expense»
He said that it was created so that he could deduct the costs for his truck as a business expense.
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If you buy assets for your business that have a useful life of more than one year — a truck, a computer, furniture, a rototiller, whatever — those purchases are commonly characterized as capital expenses.
The IRS defines an eligible business expense as ordinary and necessary — essentially, something that's common in your particular area of business and needed to efficiently do business, such as a truck for a moving company.