Small Business Tax Tips: To Deduct Or Not Deduct?

Dear Son, if you become a small business entrepreneur, seek out tax tips and clarification. Here’s one of the most basic, yet powerful, straight from “IRS Tax Tips, January 24, 2011”:

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary.

Next Blog

By jeff noel

Retired Disney Institute Keynote Speaker and Prolific Blogger. Five daily, differently-themed personal blogs (about life's 5 big choices) on five interconnected sites.