Recent Articles

Deductible Expenses

The Internal Revenue Service defines a business expense as ‘ordinary’ and ‘necessary’. Ordinary expenses are those costs typically incurred in your industry. So a restaurant would not ordinarily purchase vaccines. And a medical practice would not purchase 50 heads of lettuce. So it is important to understand the concept of ordinary. Necessary expenses are those costs you must incur to fulfill your mission or purpose as a business operation.

Hobbies – Business Perspective and Tax Compliance

02/08/2014

Many people turn their hobbies into a business function.  Not so much to make a living or make big profits, but more to help offset the costs of the hobby.  Whenever you go to one of those community fairs, the vendors at the respective booths are [...]

Internal Revenue Service (IRS) Definition of an Expense

04/03/2013

The Internal Revenue Service defines a business expense as ‘ordinary’ and ‘necessary’.  Ordinary expenses are those costs typically incurred in your industry.  So a restaurant would not ordinarily purchase vaccines.  And a medical [...]