business deduction

Also found in: Thesaurus.
Related to business deduction: Business Expense Deductions
ThesaurusAntonymsRelated WordsSynonymsLegend: deduction - tax write-off for expenses of doing business
entertainment deduction - deduction allowed for some (limited) kinds of entertainment for business purposes
deduction, tax deduction, tax write-off - a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
References in periodicals archive ?
From press reports, TEI understands that consideration is being given to a proposal to deny a business deduction for interest paid by corporations on income tax underpayments.
The reason is that section 172(d)(4)(C) treats a deduction for casualty or theft losses allowable under section 165(c)(2) or (3) as a business deduction, including for a noncorporate taxpayer.
Special use valuation and the qualified family-owned business deduction each reduce the taxable estate, the amount to which graduated estate tax rates are applied, and, ultimately, an estate's tax liability.
19), any deductible casualty loss will be deemed a business deduction.
A similar conclusion allowing the interest as a business deduction was reached in the Eighth Circuit.
A taxpayer bought the property it occupied as a tenant and was allowed a business deduction for the portion of the purchase price attributable to an excessive lease.
Dentures: Not allowed as a business deduction for an actor (to enable him to enunciate without a hiss).
With this shift CPAs must be prepared to justify expenses for the use of such aircraft as a business deduction for their employers or clients.
Even if the deduction remains intact when Congress is finished, it appears the administration's health care reform package could eliminate this business deduction and reduce the deduction for C corporations.
A business deduction must be "ordinary and necessary" to the production of income in your business.
In addition, other factors may apply, such as applicable discounts and premiums that affect FMV--for example, owning a minority or controlling block of shares--and the availability to an estate of the section 2057 qualified family-owned business deduction.
62-2 is an inference that the usual strict standards for ANY business deduction should be re-asserted, especially for the benefit of those who wish to draft a plan for granting reimburseable (non-taxable) payments to employees.

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