Use this form to summarize and organize your tax-deductible business expenses.  In order to deduct expenses in your trade or business, you must show that the expenses are “ordinary and necessary.”  An ordinary expense is one that is customary in your particular line of work.  A necessary expense is one that is appropriate, but not necessarily essential in your business.  The application of these terms to you relies heavily on the “facts and circumstances” of your unique situation.  A business expense deduction must also take into account any reimbursement you have received, or could have received, or could have received for that expense from your employer or another source.

The information provided is an abbreviated summary of the rules for business expenses applicable to specific roles.  For additional details as to specific business expenses, the records required, and the various governmental regulations.  Please contact one of our staff.