What are the business costs are tax deductible?

What are the business costs are tax deductible

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There are three simple questions you can ask to determine whether a cost is tax deductible: The first question is: "Is the cost reasonable, ordinary or necessary?" For example, it would make little sense for a doctor to purchase medical equipment, and you would pay for an ordinary broker for advertising. On the other hand, there are some expenses that are not allowed: the life of a corporate officer, gold club memberships, and breast implants, becausefall within the "normal and reasonable" categories.

In cases where a car because a company logo painted on it, is also stretching the "reasonable" category. The second question is: "There is a bona fide purpose?" To consider examples of items that have a clear business purpose, also have a work phone and electricity for lighting office. On the other hand, some commercial purposes may be obscure. One of my clients in tax matters Solutions has a heatingCompany.

This client loves to travel, and bought a $ 80,000 RV. "It would be deductible?" He wondered. Even if he prove his RV, which was a reasonable cost, could not you define a bona fide purpose. As fiscal Solutions has pointed out, was able to deduct the mortgage interest is one in a calendar, but could not deduct as operating expenses necessary or appropriate RV. The last question is: "If any of these expenses?" If each of us has these costsas food, medical insurance, and clothing, then you probably can not deduct from your taxes.

http://www.taxhelp.pannipa.com/2010/03/07/what-are-the-business-costs-are-tax-deductible/

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