Not to be a spoil sport, but discussions like these always befuddle me.
If it is a business expense, it is deductible. If it is not a business expense it is not. That is just how income, expenses, and taxes work.
There is no magic, no loop holes, no surprises. Most likely if you think there is magic, loop holes, and surprises, you are doing something fraudulent.
I also don’t understand this. Did you spend the money to in the interests of generating revenue for your business? Deduct it. Did you spend the money for any other reason? Don’t deduct it. Was it a mix of both? Deduct some of it.
Not to be a spoil sport, but discussions like these always befuddle me.
If it is a business expense, it is deductible. If it is not a business expense it is not. That is just how income, expenses, and taxes work.
There is no magic, no loop holes, no surprises. Most likely if you think there is magic, loop holes, and surprises, you are doing something fraudulent.
I also don’t understand this. Did you spend the money to in the interests of generating revenue for your business? Deduct it. Did you spend the money for any other reason? Don’t deduct it. Was it a mix of both? Deduct some of it.
For an “S” corp yes. It’s this simple. Other corporations it gets a little more complicated.