Allowable Corp Expenses
Posted by taxguru on July 21, 2006
I have a hunch this may have been a student’s homework question, but I gave a brief answer anyways.
Q:
Subject: allowable corporate expenses
Hello,
I was wondering if you know where I could find information on “allowable corporate expenses.” I’ve looked everywhere and can’t seem to find anything.Thank you,
A:
There is no such thing as an all inclusive list of allowable corporate expenses, if that’s what you are looking for.
The general definition of an allowable corporate expense would be anything that is spent in the pursuit of the company’s business goals, which normally would include earning a profit.
If you’re not sure about something in particular, you should consult with your professional tax advisor to see if s/he thinks it would be proper.
I hope this helps.
Good luck.
Kerry Kerstetter
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