naekelsey
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MHouting said:I got this from my accountant.....
Law states: 'To be deductible, a business expense must be ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary.' If you find you need to practice more than a couple times, within reason, claim them.
pkd09 said:Thank you Marcy.....that verbage from the accountant is priceless.
The number of times you can practice a tax deductible recipe depends on the specific tax laws in your country. In general, if you are practicing the recipe for business purposes, you can deduct the expenses incurred for each practice session. However, it is always best to consult a tax professional for specific advice.
Yes, you can claim the cost of ingredients used in practicing a tax deductible recipe as a business expense. Just make sure to keep track of the receipts and document how the ingredients were used for business purposes.
It depends on the laws in your country or state. In some places, you may need a business license to claim tax deductions for recipe practice, while in others it may not be required. It's best to research the specific laws in your area or consult a tax professional.
Again, this depends on the tax laws in your country. In some places, there may be limits on the amount you can claim for recipe practice, while in others there may be no limitations. It's best to consult a tax professional for specific advice.
No, tax deductions for recipe practice are only applicable for business purposes. If you are practicing recipes for personal use, you cannot claim these expenses as tax deductions.