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Business & farm
Hello laurensaltman
According to the IRS, a business expense is considered deductible, if it is "ordinary and neccessary". Ordinary meaning that the expense is one that is common and accepted in your industry. Neccessary meaning that the expense helpful and appropriate for your trade or business. In short, any business-related meals, clothing for business-purposes, equipment you use for your business, as long as it meets the ordinary and neccessary criteria and you are able to justify the reason for these expenses, then they are deductible for business purposes.
Please refer to this link
‎November 13, 2024
12:46 PM
16,028 Views