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Study hard, for the well is deep, and our brains are shallow.
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Legal Definitions - ordinary and necessary expense
Ethics is knowing the difference between what you have a right to do and what is right to do.
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Definition of ordinary and necessary expense
Definition: An expense that is normal or usual and helpful or appropriate for the operation of a particular trade or business and that is paid or incurred during the taxable year.
Examples:
- Office supplies
- Advertising costs
- Employee salaries and benefits
- Rent for business property
- Travel expenses for business purposes
These examples illustrate the definition because they are expenses that are common and necessary for running a business. They are considered tax-deductible because they are essential for the operation of the business.
The law is a jealous mistress, and requires a long and constant courtship.
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Simple Definition
An ordinary and necessary expense is money spent to achieve a specific result, especially in business. It is a cost that is normal, helpful, and appropriate for the operation of a particular trade or business and is paid or incurred during the taxable year. Examples of ordinary and necessary expenses include rent, utilities, salaries, and supplies. These expenses are tax-deductible, meaning they can be subtracted from a business's income to reduce the amount of taxes owed.
Where you see wrong or inequality or injustice, speak out, because this is your country. This is your democracy. Make it. Protect it. Pass it on.
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