ChefTara
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ChefTara said:That's what I thought too when I was doing consulting work from home but our accountant said it was allowable. I guess I will have to check on it with him.
Thanks!!!
Tara
BTW soonerchef - LOVE all of your posts - you give such great advice!!
An allowable expense refers to any expense that is necessary and reasonable for the operation of the business. This can include expenses such as office supplies, travel expenses, and advertising costs.
No, personal expenses are not considered allowable expenses as they are not directly related to the operation of the business. Mixing personal and business expenses can lead to tax complications and is generally not recommended.
To ensure that your expenses are allowable, it is important to keep detailed records and receipts for all expenses. You should also consult with a tax professional or refer to the IRS guidelines to determine if an expense is allowable or not.
Yes, there are limitations on allowable expenses. The IRS has specific guidelines and rules for what expenses can be deducted and how much can be deducted. It is important to stay updated on these guidelines to avoid any potential tax issues.
No, you can only deduct allowable expenses that are related to your business. If you have a home-based business, you may be able to deduct a portion of your home expenses, such as rent or utilities, if they are used for your business. It is important to keep accurate records and consult with a tax professional to determine the exact amount that can be deducted.