MLchartDataset catalogue

Deductible business expense

Term · Law · MLC-T-LAW-001513

An ordinary and necessary cost incurred by a business in the course of earning income that can be subtracted from gross revenue to reduce taxable income. These expenses must be directly related to the business activity and not lavish or extravagant. Examples include rent, salaries, and advertising costs, subject to Internal Revenue Service regulations.

Table 1. Record
IdentifierMLC-T-LAW-001513
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-001513",
  "term": "Deductible business expense",
  "field": "Law",
  "definition": "An ordinary and necessary cost incurred by a business in the course of earning income that can be subtracted from gross revenue to reduce taxable income. These expenses must be directly related to the business activity and not lavish or extravagant. Examples include rent, salaries, and advertising costs, subject to Internal Revenue Service regulations.",
  "url": "https://mlchart.com/terminology/law/deductible-business-expense/"
}

Record 1,378 of 5,441 in Law terminology (MLC-0107). Request the full dataset.