n. 1 an arrangement by which expenses incurred in the course of a person’s work are refunded by his employer or deducted from his income for tax purposes. 2 a record of such expenses. What is the meaning of at the company’s expense? 1. Paid for by someone, as inRead More →
“The cost of hairstyling and makeup expenses for same-day film appearances or photo shoots are deductible,” according to Therese Tippie, a CPA and tax manager at EP Wealth Advisors in California. “However, the cost to maintain a physical appearance is not deductible.” Can you deduct hair and nails? Personal GroomingRead More →
These include materials, sales taxes, labor, transportation, and interest incurred to finance the construction of the asset. Intangible asset expenses can also be capitalized, such as trademarks, filing and defending patents, and software development. Can you capitalize certification costs? A ccording to an Internal Revenue Service audit position paper, allRead More →
Drawings from business accounts may involve the owner taking cash or goods out of the business – but it is not categorised as an ordinary business expense. It is also not treated as a liability, despite involving a withdrawal from the company account, because this is offset against the owner’sRead More →
Depreciation is an operating expense if the asset being depreciated is used in an organization’s main operating activities. Depreciation is a non-operating expense if the asset being depreciated is used in a peripheral or incidental activity of an organization. What do operating expenses include? What Is an Operating Expense? AnRead More →
Rent or mortgage payments. Renter’s insurance or homeowner’s insurance. Cell phone service. Internet service. Health, disability or life insurance premiums. Property taxes. Childcare expenses. Student loan or car loan payments. What is considered a fixed expense? Fixed expenses: These are costs that largely remain constant, such as your monthly rent.Read More →
What Constitutes a “Drawing” from the Business? The definition of the drawing account includes assets, and not just money/cash, because money or cash or funds is a type of asset. It is a current asset. What are drawings in accounting examples? The word drawings refer to a withdrawal of cashRead More →
As with employees, some companies reimburse expenses and others do not. Generally, all amounts paid to an independent contractor are reported as taxable income on a 1099. … To keep it simple, most companies would prefer to include any expense reimbursements to contractors as 1099 income or not reimburse expensesRead More →
Generally speaking, if you wear your glasses or contacts at all outside of the work environment, they are technically considered dual purpose and you cannot claim the cost as an exclusive business expense. … For example, you may have one pair of glasses which you keep just for work, andRead More →
Even if the parents reconcile, child support is not usually automatically terminated. … However, either parent can petition to end the child support order with the court. The court has the discretion to decide whether or not to end the order. Can child support ever be forgiven? The Debt ReductionRead More →