Business Expense - Law Dictionary Search Results
Home Dictionary Name: business expenseordinary and necessary business expense
ordinary and necessary business expense : ordinary and necessary expense at expense ...
business expense
business expense see expense ...
expense
expense : financial burden or outlay ;specif : an item of business outlay chargeable against revenue for a specific period busi·ness expense : an expense made in furtherance of one's business esp. as part of the cost of operating a business in the taxable year in which the expense is incurred compare capital expense and personal expense in this entry NOTE: Business expenses are generally tax deductible in the year the expense is incurred. capital expense : an expense made in a business that will provide a long-term benefit : capital expenditure NOTE: Capital expenses are not tax deductible as business expenses but may be used for depreciation or amortization. mov·ing expense : an expense incurred in changing one's residence that is tax deductible if incurred for business reasons (as when one's job requires relocation) or·di·nary and nec·es·sary expense : an expense that is normal or customary and helpful and appropriate for the operation of a ...
operating expenses
operating expenses The expenses of a business not directly associated with the making of a product or providing of a service, such as administrative, technical or selling expenses ...
entertainment expenses
entertainment expenses Employment expenses that have an element of entertainment that is directly related to conducting business. ...
home office expense
home office expense Expenses arising from operating a business in a qualified manner in your home. ...
Personal expenses
Personal expenses, would include expenses on the person of the assessee or to satisfy his personal needs, such as clothes, food, etc. or purposes not related to the business for which the deduction is claimed, State of Madras v. G.J. Coelho, AIR 1965 SC 321: (1964) 8 SCR 60: (1964) 2 SCJ 400: (1964) 1 SCWR 258: (1964) 53 ILR 186....
bad debt expense
bad debt expense An expense account that reflects the amount of your company's accounts that are not collectable, that is the amount of your company's accounts that are "bad debts." A "bad debt expense" account is an expense account of your company. A typical company makes an estimate as to how much it has in bad debts on a periodic (usually monthly) basis. For example, your company estimates that it has about $1,200 per year in accounts that are not collectable. Your company would make the following accounting entries each month: a debit to your "bad debt expense" account in the amount of $100, and a credit to your "allowance for bad debts" account in the amount of $100. When you actually decide that a particular debt is not collectable, you would not make an entry to the "bad debt expense" account. Instead, you would debit your company's "allowance for bad debts" account for the amount of the bad debt and credit your accounts receivable account for that amount. ...
adjusted gross income
adjusted gross income : an individual's gross income decreased by the amount of deductions allowed esp. for business expenses ...
overhead
overhead : business expenses (as rent or insurance) not chargeable to a particular part of the work or product ...
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