Family Office Definition: Business Expense Deduction

Business Expense Deduction definition:  Business Expense Deduction reduce taxable income for business-related expenses. Deductible expenses include transportation, lodging, meals, and car rentals when travelling for business purposes.  Home offices or cars that are used for both personal and business purposes are only deductible to the extent that they are used for business (as a percentage).  To be considered deductible, the expense must be both ordinary and necessary for your type of business.

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