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Investments do not count as business debts.Documents to show the debt is worthless - copies of unpaid invoices, collection letters, bankruptcy notices, etc.Documents to support the payment obligation - written notes, guarantees, etc.
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How to learn art of deduction book pdf free#
Case: The tax court allowed a gas station owner to deduct the cost of providing free beer to customers as a good-will advertising expense since it improved business.Goodwill advertising: brand building that fosters a positive image for your business.
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Web site design, development and maintenance.Reasonable in amount: reasonableness is dependent on the circumstances and not limited to a specific dollar amount.Directly related to your business: not personal.Current expense: will benefit your business for less than one year.A necessary expense is one that's appropriate or helpful in developing or maintaining your business. Ordinary and necessary: An expense is ordinary if it's common to your profession.Advertising activities include most of the things you do to get the word out about your business or draw attention to a product or sale.
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