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malikteel
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Question About Tax Write-Offs. I’m a Music Producer and after investing a couple of thousand into it, I’m trying to learn the necessities and details of the tax deductions side of filing ta

 
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JulieC14
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Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Question About Tax Write-Offs. I’m a Music Producer and after investing a couple of thousand into it, I’m trying to learn the necessities and details of the tax deductions side of filing ta

In order for an expense to be deductible as a business expense, the expenses must be both ordinary and necessary.  Per the IRS, the definitions of "ordinary" and "necessary" are as follows: 

  • An ordinary expense is one that is common and accepted in your trade or business.
  • A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.  

 

Please see this IRS link for more information on what types of expenses are deductible related to your business:  Deducting Business Expenses

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JulieC14
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Question About Tax Write-Offs. I’m a Music Producer and after investing a couple of thousand into it, I’m trying to learn the necessities and details of the tax deductions side of filing ta

In order for an expense to be deductible as a business expense, the expenses must be both ordinary and necessary.  Per the IRS, the definitions of "ordinary" and "necessary" are as follows: 

  • An ordinary expense is one that is common and accepted in your trade or business.
  • A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.  

 

Please see this IRS link for more information on what types of expenses are deductible related to your business:  Deducting Business Expenses

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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