Can I Expense That? Should I? [E062]

This week Hunt covers a listener request regarding grey-area expenses that can be deducted by your business, but should they always be?

• What does the IRS look at on my expenses if I was ever to be audited?

• How does satisfying the requirement of "ordinary and necessary" expenses for my business shift my possible deductions?

• How am I taxed if I buy a personal asset from myself for my business?

• What are some downfalls to going overboard in writing off expenses in my business that affect me in the short term and long term?

Thanks to our sponsor partner NAPA TRACS

NAPATRACS.com

Paar Melis and Associates – Accountants Specializing in Automotive Repair

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