What is deductible?
Speaking of deductible expenses and bad advice, there is a lot of bad advice floating around about what is a business expense and how you can convert personal expenses into business expenses.
The IRS, as directed by Congress, has a lot of rules about what is a deductible business expense and under what circumstances the expenses are deductible. Also there are rules about how and what constitutes itemized deductions.
Your family vacation is probably not deductible, and you cannot hire your 6 year old as your Chief Financial Officer.
Listen to your tax professional - please.
Notice and Disclaimer: This blog is designed to provide accurate and authoritative information for education purposes only. This blog is not an attempt to provide legal, accounting or financial planning advice, such advice should always be obtained from licensed, certified and/or qualified professionals.
Readers should be aware this is a dynamic area; professional advisors and reference sources should be consulted regularly for updates. Sources for state and local laws should be consulted when necessary.
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