Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

ordinary and necessary business expense

Read a random definition: officina brevium

A quick definition of ordinary and necessary business expense:

An ordinary and necessary business expense is money spent by a business to operate and promote itself. This can include things like rent, salaries, and advertising costs. These expenses are tax-deductible, meaning the business can subtract them from their income when calculating how much they owe in taxes. It's important for businesses to keep track of their expenses and make sure they are necessary and reasonable for the operation of the business.

A more thorough explanation:

Definition: An expense that is normal or usual and helpful or appropriate for the operation of a particular trade or business and that is paid or incurred during the taxable year.

Examples:

  • Office supplies
  • Advertising costs
  • Employee salaries and benefits
  • Travel expenses for business trips

These examples illustrate how ordinary and necessary business expenses are expenses that are common and necessary for running a business. They are expenses that are directly related to the operation of the business and are incurred during the taxable year. These expenses are tax-deductible, which means that they can be subtracted from the business's taxable income, reducing the amount of taxes owed.

ordinary ambassador | ordinary and necessary expense

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
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
LSD+ is ad-free, with DMs, discounts, case briefs & more.