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Deductions & credits
You can’t deduct as a business expense, anything illegal. So for example, if you were doing burnouts in the parking lot and hit a light pole and the responding cop wrote you a ticket, the cost of the damage is probably not a deductible business expense.
But in general, your damage payment would be a business expense just like an insurance premium or the deductible in the event of a covered loss.
July 26, 2021
7:35 PM
1,944 Views