When you prepare your income taxes, the general rule is that you write off your daily operating business purchases, such as office supplies or mileage on your business vehicle, as expenses and your purchases of long-term business assets, such as factories and equipment, as depreciation. In case you are in search for someone to write my essay on business than writing service online is the best decision.

Daily Operating Expenses

An excellent guide to the daily operating expenses that you can deduct is Federal Schedule C. The IRS cautions that these expenses must be necessary and ordinary to the operation of the business. They must also be reasonable and directly related to the business. Among the operating expenses the IRS lists as being deductible on Schedule C are the following:

Advertising

Car and Truck Expenses

Commissions and Fees

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Contract Labor

Depletion

Depreciation (transferred from Federal Tax Form 4562)

Employee Benefit Programs

Insurance (other than health)

Interest on Mortgages or Other Interest

Legal and Professional Services

Office Expense

Pension and Profit-Sharing Plans

Rent or Lease (Vehicles, Machinery, Property)

Repairs and Maintenance

Supplies

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Taxes and Licenses

Travel, Meals, and Entertainment

Utilities

Wages

The exclusion of expenses that are not necessary and ordinary prevents a taxpayer who is in a budget-oriented car leasing business, for example, from buying a pleasure boat and expensing its maintenance and operations costs. If any writer is required by you to write my paper for me on business than find best writers on the web.

Since the company's clients are relatively low-income persons looking primarily at price as the criterion for leasing the car, it's unlikely that in the ordinary course of business the company would be taking them on pleasure cruises.

If the company were a very high-end leasing company -- one that leased the most expensive cars and other recreational vehicles, including boats -- the argument that this kind of entertainment expense was necessary to gain favor with its wealthy clients might be defensible. 

The other limitation on these expenses, that they must be reasonable and directly related to the business, is illustrated by the same example. It would likely not be held reasonable for the budget-oriented leasing company to expense maintenance expenses on a boat its customers would probably never see. Similarly, the boat has no direct relation to the business of a budget-oriented car leasing company but could be directly related to selling a high-end client on the pleasures of a yacht lease.  Do check this words to minutes converter application to count articulations of your business essay.