Business expenses may or may not or only partially be deductible. Which expenses are deductible depends on the local legislation to which your company is bound? Business Expenses that are typically not deductible are for example – Penalties & fines – Political Contributions – Burial, funeral, and cemetery expenses – Legal fees and expenses – Clothes – and so on. Business expenses that ARE deductible typically include things like: car rental, hotel, and meals on a business trip. Employees must always submit receipts and other necessary substantiation to prove their expense. Second, employees must submit receipts and other necessary substantiation to prove their expense. In a lot of cases, employees also need to submit records of how those expenses were related to the business. Dinner, for example, can be deductible but only when it is related to business. For an expense to be deductible, it is the employee’s job to substantiate the claim with not only a receipt but documentation of the work purpose.
What are non-deductible expenses?
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