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LSDefine

Simple English definitions for legal terms

business expense

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A quick definition of business expense:

Business expenses are the costs that a business has to pay to keep running. These costs can be things like rent, supplies, and salaries for employees. When a cost is considered a business expense, it means that the business can take it off their taxes and pay less money to the government. To be a business expense, the cost has to be something that is normal and necessary for that type of business. Sometimes, a cost can be both for business and personal use, and in those cases, the court will decide how much of the cost can be deducted from taxes.

A more thorough explanation:

A business expense is a cost incurred by a business in order to operate. These expenses are tax deductible, meaning they can be subtracted from the business's taxable income. To qualify as a business expense, the cost must be:

  • Ordinary, accepted, and common in the business's trade
  • Necessary, appropriate, and useful in operating the business

For example, a restaurant may deduct the cost of food and supplies used to prepare meals, while a law firm may deduct the cost of legal research materials.

In some cases, an expense may be both business-related and personal, such as a cell phone used for both business and personal calls. In these cases, the court will determine whether the expense is primarily business or personal. For example, if a self-employed individual uses their personal vehicle for business purposes 80% of the time, they may deduct 80% of the vehicle's expenses as a business expense.

Overall, business expenses are important for businesses to track and deduct in order to reduce their taxable income and increase their profits.

Business and Professions Code - by state | business invitee

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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