Is That Business Expense a Tax Deduction?
#spacer{clear:left}#abc #sidebar{margin-top:1.5em}zSB(3,3)If you’re feeling uncertain about whether or not a business expense will qualify as a tax deduction, it’s not surprising. As you see from this Business Expenses definition, the basic rule is that business expenses are costs related to earning income. The costs have to be reasonable in terms of the type of business you’re engaged in, of course. But writing off business expenses as tax deductions is more complicated. In some cases, such as meal and entertainment expenses, you can only claim a percentage of the business expense as a tax deduction. In others, the potential tax deduction is limited by frequency; you can only claim the expenses related to attending two conventions in one year, for example. And then there’s the whole issue of Capital Cost Allowance. The
