21:12
Yeah, that's fair! For some people it can help a lot. I'm just saying in general I don't think it is necessary unless you are trying to finetune a very specific area (or get to the high 170s because that is another thing in and of itself) OR are just terrible at the test. I tutor the test and I find that most people can improve just as much through self-study.
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LSDefine
Simple English definitions for legal terms
organizational expense
Read a random definition: non solvendo pecuniam ad quam clericus
A quick definition of organizational expense:
An organizational expense is money spent while setting up a company or other organization. It is a type of business expense that is charged against revenue for a specific period. Examples of organizational expenses include legal fees, incorporation fees, and accounting fees. These expenses are not tax-deductible and are usually amortized over a period of time.
A more thorough explanation:
An organizational expense is an expenditure of money, time, labor, or resources incurred while setting up a corporation or other entity. It is a type of business expense that is charged against revenue for a specific period.
Examples of organizational expenses include legal fees, accounting fees, and state filing fees incurred during the process of incorporating a business. These expenses are not deductible in the year they are incurred but must be amortized over a period of time.
For instance, if a business spends $10,000 on legal fees and other expenses to incorporate, it cannot deduct the entire amount in the year it was incurred. Instead, it must spread the expense over a period of 180 months (15 years) and deduct $56 per month as an organizational expense.
The purpose of amortizing organizational expenses is to match the expense with the period in which the business benefits from it. This ensures that the business does not receive an unfair tax advantage by deducting the entire expense in the year it was incurred.