Are there guidelines to follow for business expenses?
The main concept to follow for business expenses is to include all disbursements directly related to your business. These types of expenses include direct materials , office supplies, capital items including equipment and buildings, advertising, insurance, professional fees, meals and entertainment, travel, vehicle expenses, rent of space or equipment etc. It is important to seek advise from a professional for proper recording of expenses and the types of documentation needed to support expenses namely vehicle expense documentation, mileage logs, business purpose documentation for meals and entertainment, capitalization of fixed assets and receipt retention rules for direct expenses.
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