Personal Expense - Law Dictionary Search Results
Home Dictionary Name: personal expensePersonal 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....
personal expense
personal 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 ...
personal injury protection (pip)
personal injury protection (pip) That part of an insurance policy, in many cases a no-fault policy, which provides protection against personal injury and related losses, as opposed to damage to your vehicle, up to a specific per-person dollar amount. PIP may include benefits for medical expenses, loss of work income, and accidental death and funeral expenses. ...
Funeral expenses
Funeral expenses. An executor or administrator should bury the deceased testator or intestate suitably to the estate left, and the expense of the burial will be allowed before all other debts and charges; but if the personal representative be extravagant, he commits a devastavit, for which he will be answerable to the creditors or legatees....
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. ...
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 ...
ordinary and necessary business expense
ordinary and necessary business expense : ordinary and necessary expense at expense ...
Expensive
Occasioning expense calling for liberal outlay costly dear liberal as expensive dress an expensive house or family...
business expense
business expense see expense ...
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