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TAX INSIGHT pp 179-182 | Cite as

Business Taxation

Some Things You Should Know
  • M. Casey Murdock
Chapter

Abstract

Who says you can’t mix business and pleasure? Owning a business provides one of the greatest opportunities to reduce your taxable income by transforming non-deductible personal expenses into deductible business expenses. There are a multitude of opportunities to do so with personal expenses such as meals, transportation, travel, health care, education, your home, and so on. The key to doing this is in understanding what constitutes a legitimate business expense and the appropriate way of accounting for it.

Keywords

Taxable Income Profit Motive Legitimate Business Investment Income Sole Proprietor 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© M. Casey Murdock 2014

Authors and Affiliations

  • M. Casey Murdock
    • 1
  1. 1.CAUSA

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