- ordinary and necessary expenses
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n.Expenses that are normal, expected, and appropriate to the conduct of a business.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
ordinary and necessary expenses
Look at other dictionaries:
Ordinary And Necessary Expenses - O & NE — Expenses incurred by individuals for their business or primary employment. Ordinary and necessary expenses are categorized as such for income tax purposes, and these expenses are generally considered tax deductible in the year they are incurred.… … Investment dictionary
ordinary — 1. noun At common law, one who had exempt and immediate jurisdiction in causes ecclesiastical. Also a bishop; and an archbishop is the ordinary of the whole province, to visit and receive appeals from inferior jurisdictions. Also a commissary or… … Black's law dictionary
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Public Policy Limitation on Deduction for Business Expenses — Brief Introduction: Deduction for Business Expenses Section 162(a) of the Internal Revenue Code allows for taxpayers to deduct ordinary and necessary expenses paid or incurred in carrying on a trade or business from their gross income. [26 U.S.C … Wikipedia
Form 2106-EZ: Unreimbursed Employee Business Expenses — A tax form distributed by the Internal Revenue Service (IRS) and used by employees deducting ordinary and necessary expenses related to their jobs. Ordinary expenses are those generally considered as common in a particular line of business;… … Investment dictionary
ordinary — or·di·nary adj: of a kind to be expected from the average person or in the normal course of events; broadly: of a common kind or degree an ordinary proceeding compare extraordinary Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
running expenses — noun plural : daily, current, or ordinary and necessary expenses : operating costs … Useful english dictionary
necessary — This word must be considered in the connection in which it is used, as it is a word susceptible of various meanings. It may import absolute physical necessity or inevitability, or it may import that which is only convenient, useful, appropriate,… … Black's law dictionary
necessary — This word must be considered in the connection in which it is used, as it is a word susceptible of various meanings. It may import absolute physical necessity or inevitability, or it may import that which is only convenient, useful, appropriate,… … Black's law dictionary
