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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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