Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

deductible business expense

Read a random definition: jurisprudentia naturalis

A quick definition of deductible business expense:

A deductible business expense is a type of expense that a business can subtract from its income when calculating how much tax it owes. The Internal Revenue Service (IRS) allows businesses to deduct expenses that are considered "ordinary and necessary" for producing income. However, there are some expenses that cannot be deducted, such as commuting costs, and others that must be depreciated over time. Courts will generally allow expenses that are typical for the industry of the business and directly related to its profit objectives.

A more thorough explanation:

Deductible business expense refers to the expenses that a business can deduct from its taxable income. The Internal Revenue Service (IRS) allows businesses to deduct expenses that are considered "ordinary and necessary" for producing income. This means that any expense that is essential for the operation of the business and is commonly incurred in the industry can be deducted.

For example, a restaurant can deduct the cost of food, rent, utilities, and employee salaries as deductible business expenses. However, expenses that are not directly related to the business's operations, such as political donations, cannot be deducted.

It is important to note that some expenses may have limitations or specific rules for deduction. For instance, expenses related to commuting to work cannot be deducted, and major equipment must be capitalized and depreciated over time.

In summary, deductible business expenses are the expenses that a business can deduct from its taxable income, as long as they are considered "ordinary and necessary" for producing income and are directly related to the business's operations.

deductible | deduction

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
LSD+ is ad-free, with DMs, discounts, case briefs & more.