oboloo Glossary

Business Expense For Taxes

oboloo Glossary

Business Expense For Taxes

Business expenses are the costs that a business incurs in order to keep running. They include items such as salaries, rent, advertising, office supplies, utilities and any other costs associated with business operations. Business expenses are deductible for income taxes if they are necessary and ordinary; this means that the expense must be reasonable, common and appropriate for the business activity at hand. Effectively managing business expenses is essential in ensuring that a business meets its financial goals.