ABA Tax Accounting | Payroll Service

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ABA Tax Accounting | Payroll Service | St. Paul, MN Accounting Firm

What constitutes a trade or business expenses
SmallBusiness Accounting  - what must a taxpayer show in order to treat expenditureas a deductible trade or business expense? In order to deduct expenditure as atrade or business expense, generally taxpayers must show: • The existence of atrade or business; • A sufficientconnection between the expenditure and the trade or business; • That theexpenditure was ordinary and necessary for the trade or business; • That the expensewas incurred while the taxpayer was “carrying on the trade or business”; and • That theexpenditure does not violate a specific public policy limitation.
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