Business owners, sadly, a comprehensive list does not exist. The IRS does not provide a complete list of expenses that are deductible for businesses. Instead, Internal Revenue Code 162(a) states that a deductible business expense is any expense that is both ordinary and necessary.
This is where I come in. I work with my clients to determine what is ordinary and necessary for their business. Every business is different and so every business needs advice and guidance to make sure that they are taking every possible tax deduction to which they are entitled.
By IRS definition, ORDINARY is defined as common and accepted in your industry and NECESSARY is defined as helpful and appropriate for a particular trade or business. Broad definitions!
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