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Can I deduct the business expense of credit card purchases?
If you are deducting business expenses it is same whether they are on credit or cash or check. Deduct them with written records of who, what, when, where and why, the same as any other business expense. There must be a valid business reason for the expense. If you charge it in 2008 and don't pay until 2009, it goes in 2008. - HR Block preparer
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.
Is expense an asset or liabilty?
It is neither. An expense is not entered into the Balance Sheet but reduced from the revenue in the Profit and Loss Account to calculate profit. Note: However, a deferred expenditure (written off by the business over a number of years) is considered to be a fictitious assets until it is paid off. eg. preliminary expenses of a business.
Can you write off business credit card payments?
Yes, business credit card payments can be written off as a business expense if the charges are for legitimate business-related purchases. However, it's important to keep detailed records and receipts for all transactions to substantiate the expenses during tax reporting. Interest and fees associated with the business credit card can also be deductible if they relate directly to business operations. Always consult a tax professional for specific guidance tailored to your situation.
What is the difference between deferred and prepaid expenses?
Prepaid expense is measurable with objectivity, but deferred revenue expense is optional and subjective being based on judgment of the accountant. The latter is usually written off at the time of admission of a partner, unless a decision to the contrary is taken, but pre-paid expense cannot be written off till its benefit is consumed.
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.
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 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.
Can I deduct the business expense of credit card purchases?
If you are deducting business expenses it is same whether they are on credit or cash or check. Deduct them with written records of who, what, when, where and why, the same as any other business expense. There must be a valid business reason for the expense. If you charge it in 2008 and don't pay until 2009, it goes in 2008. - HR Block preparer
What has the author Alan Purchase written?
Alan Purchase has written: 'Small business computer systems in Western Europe' -- subject(s): Data processing, Small business
Where can you get facts in normal English on taxes for business exemptions?
What you need is an actual tax professional to consult. Their fees can be written off as a business expense, as well.
Can you write off therapy as a business expense?
Yes, therapy can be written off as a business expense if it is directly related to your work and is necessary for your job performance. However, it is important to consult with a tax professional to ensure compliance with tax laws.
What has the author Hongbin Cai written?
Hongbin Cai has written: 'Eat, drink, firms and government' -- subject(s): Business enterprises, Expense accounts, Political aspects of Business enterprises, Political corruption
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.
How can cash be written off?
Cash can be written off as a business expense when it is spent on necessary purchases for the operation of the business, such as supplies or equipment. This expense can be recorded in the company's financial records to reduce taxable income, resulting in lower taxes owed. It is important to keep detailed records of these cash transactions for accurate reporting and compliance with tax laws.
Is it possible to write off a vacation as a business expense?
In general, vacations are not considered a legitimate business expense that can be written off for tax purposes. However, there are some specific situations where a portion of a trip that is primarily for business purposes may be deductible. It is important to consult with a tax professional to determine if your specific situation qualifies for this deduction.
Ethics of Corporate Business Travel?
The economic recession has led to many employers ending expense accounts or significantly tightening restrictions on business travel. Things that would have been easily written off as a business expense five years ago are being covered out-of-pocket by executives today. Don't get caught making fraudulent expenditures -- research corporate expense account policies and accountability before taking a business trip. Additionally, business schools are increasingly offering ethics classes about corporate business travel and expense accounts. Taking a seminar or reading a book about business ethics can ensure that all expenses incurred during a business trip are ethical and properly documented for reimbursement.
