deductible business expenses

• Tax Deductible Business Expenses

Tax deductible expenses are almost any "ordinary, necessary, and reasonable" expenses that help to earn business income. Deductible expenses ...

• Encyclopedia of Small Business
• J-Z

• Wagering losses not deductible, gambling business expenses deductible.

The Tax Court held that a taxpayer engaged in the trade or business of gambling could not deduct wagering losses in excess of his wagering gains but c...

• Journal of Accountancy
• Vol. 211 Nbr. 5, May 2011

• Travel, Meal, &Amp; Entertainment Expense Deductions in U.S. Tax Court Cases

Travel and entertainment expenses for business have always been deductible. These expenses are considered an integral part of businesses maintaining client relationships and developing new potential clients. This article will discuss selected US Tax Court cases involving travel, meal and entertainment expenses. Cases will be cited from court decisions and the actual IRS code. Throughout the research of applicable cases it became apparent that when travel, meal and entertainment expenses were disallowed by the courts, it almost always involved a lack of proper substantiation on the part of the taxpayer, whether corporate or individual, under IRS Code, Section 274(d). The substantiation requirements of Section 274(d) are strict and objective in nature. Individual taxpayers and corporation...

• Southern Business Review
• Vol. 33 Nbr. 2, July 2008

• Fair or fraud: which business expenses are deductible?

You've got a sharp pencil, a calculator and your tax forms--and a stack of receipts that you hope will reduce your tax burden. But take care: deductin...

• Utah Business
• Vol. 24 Nbr. 9, September 2010

• Hedging the Irs-a Policy Justification for Excluding Liability and Insurance Proceeds

Uncertainty about tax results is an ever-present obstacle to business transactions despite the extensive number of Internal Revenue Code sections and Treasury Regulations. Some insurance companies now provide an insurance product to protect taxpayers against adverse tax consequences from proposed transactions. Ironically, this new insurance product, labeled "tax insurance," poses uncertain tax consequences itself. This Article argues that if the adverse tax consequences arise (that is, the taxpayer has additional tax liability) and the insurance company is contractually required to cover that liability, the tax insurance proceeds are not includable in the insured's gross income. As part of the reasoning that underlies this conclusion concerning tax insurance, the Article examines and de...

... premiums paid for a tax policy are deductible. Part IV considers the proper tax treatment of pay... company reimbursed the fund for those expenses, and the ruling addressed the issue of whether tha...

• Yale Journal on Regulation
• Vol. 26 Nbr. 1, January 2009

• Rev. Proc. 2007-70

announces 50.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 19 cents as the optional rate for use of an automobile as a medical or moving expense for 2008. The procedure also provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical or charitable purposes.

• United States. Internal Revenue Bulletin
• August 21, 2009

• Sec. 212 expenses deductible prior to becoming trade or business.

P is one of six individuals in the Pacific Northwest qualified to teach eventing at the beginning novice, novice, training and preliminary levels. In ...

• The Tax Adviser
• Vol. 38 Nbr. 3, March 2007

• Celebrity Deductions

Celebrities often pay extraordinary legal fees. Huge legal fees should prompt celebrities and their advisers to ask: Are such whopping fees deductible? And if so, how? Legal expenses are deductible as business expenses if paid in a trade or business. Deductions for trade or business expenses are much more useful than deductions for investment expenses because of various percentage limitations and the alternative minimum tax. Legal expenses of a personal nature yield no deduction. Yet, what is considered "personal" can be debated. Celebrities may be in a unique position regarding legal fees since few personal decisions are not in the public eye, and few are devoid of economic consequences. Not all expenses in connection with personal, living or family expenses are deductible, according t...

• California CPA
• Vol. 75 Nbr. 3, September 2006

• Deductible business travel expenses.

Updated information on rules for per diem allowances and optional methods for computing deductible business travel costs, including transition rules f...

• California CPA
• Vol. 71 Nbr. 5, November 2002

• The Business Trip: Is Your Vacation Tax-Deductible?

The cost of a pure business trip is 100 percent deductible. Unreimbursed hotel, airfare, car expenses, cleaning, telephone, tips, are all 100 percent deductible as well. Up to 50 percent of the cost of meals are deductible. In general, travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job.

• Intelligencer Journal Lancaster New Era - Saturday Edition
• August 01, 2011