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What else can I help you with?
Can I write off a business trip as a tax deduction?
Yes, you can write off a business trip as a tax deduction if it is necessary for your business and meets the IRS criteria for deductible expenses.
Can you be sued as an authorized user by primary card holder after he has written off credit card charges as business expense on his tax return?
Yes. It could be written off as business expenses before the debt was collected and adjusted on tax forms afterwards. It really depends on if it was reported as a loss or an expenditure attributed to business dealings. A prudent person would probably leave it as a business expense write off, to avoid the possibility of haggling with the IRS.
What is off balance sheet items?
Off balance sheet items means assets which is used by business but not shown in business like lease asset etc.
Can you write off a trip for business on your taxes?
Yes, you can potentially write off a business trip on your taxes if it is necessary for your work and meets certain criteria set by the IRS.
Is it possible for me to write off a vacation as a business expense?
No, you generally cannot write off a vacation as a business expense unless the trip is primarily for business purposes and meets specific criteria set by the IRS.
Does the IRS ever send letters in the mail asking for grocery bills?
If you have taken grocery bills off on your taxes, the IRS could ask for receipts. People may take deductions on business expenses for groceries purchased for a business lunch or dinner.
Can you write off business credit card if you are out of business?
only if your are writing it off in the same year you went out of business, if not you should have already written it off.
Can you write off books as a business expense?
Yes, books can be written off as a business expense if they are directly related to your business activities and are used for business purposes.
Can you write off giveaways as a business expense?
Yes, giveaways can be written off as a business expense if they are considered ordinary and necessary for your business operations.
In what ways can one cancel IRS debts?
One can simply pay off the IRS debts. Another way one can cancel IRS debts is to get loans from banks to pay off the debts. Also, one can borrow money from peers to pay off IRS debts.
Can you write off gifts as a business expense?
Yes, gifts given to clients or employees can be written off as a business expense, but there are limitations on the amount that can be deducted.
Why does a business written off debt as bad?
When a business has debt to collect, it is listed as accounts receivable on their books. This is considered as asset. When it becomes clear that the business cannot collect the debt, it must be written off as bad debt. This is done to remove it from the AR listing.
