Business Taxation

M. Casey Murdock

Chapter Chapter 16 in Tax Insight, 2013, pp 181-184 from Springer

Abstract: Abstract Who says you can’t mix business and pleasure? Owning a business provides one of the greatest opportunities to reduce your taxable income by transforming non-deductible personal expenses into deductible business expenses. There are a multitude of opportunities to do so with personal expenses such as meals, transportation, travel, health care, education, your home, and so on. The key to doing this is in understanding what constitutes a legitimate business expense and the appropriate way of accounting for it.

Keywords: Taxable Income; Profit Motive; Legitimate Business; Investment Income; Sole Proprietor (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/978-1-4302-4738-8_16

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