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LSDefine

Simple English definitions for legal terms

trade or business

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A quick definition of trade or business:

Trade or Business: A trade or business is any activity that someone does to make money. If someone can show that they are trying to make a profit, they can take certain expenses off their taxes as trade-or-business expenses.

A more thorough explanation:

Definition: Trade or business refers to any business or professional activity that a taxpayer engages in with the intention of earning a profit. If the taxpayer can demonstrate that their primary purpose is to make a profit, they may be able to deduct certain expenses as trade-or-business expenses under the Internal Revenue Code.

  • A freelance graphic designer who creates logos and designs for clients is engaged in a trade or business.
  • A small business owner who runs a bakery and sells baked goods to customers is engaged in a trade or business.
  • A musician who performs at local venues and sells their music online is engaged in a trade or business.

These examples illustrate the definition of trade or business because each individual is engaging in an activity with the intention of earning a profit. They are conducting a business or professional activity that is not a hobby or personal pursuit, but rather a means of generating income. As a result, they may be able to deduct certain expenses related to their trade or business when filing their taxes.

tradename | trade practice

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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
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
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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