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Browse: Home / MONEY / Taxes

What is the meaning of allowing an expense in taxation?

: What is the meaning of allowing an expense in taxation?
I am confused between deductible, not deductible and allowing and disallowing. My taxation notes say that provision for bad debts are not allowed whereas actual bad debts are allowed.
I am having difficulty in understanding how accounting profits are adjusted to come up with taxable profits….. what items should be added to accounting profits what should be subtracted?

Answers and Views:

Answer by Mike
For a list of deductible personal expenses, visit www.irs.gov.

If you are self employed or have a small business you can claim what are known as Section 179 expenses.

Generally, you should be able to write off bad debts to your business or personal account.

Always best to check with your tax advisor.

For payroll processing, I like PayChex and they are offering 30 days free right now at 888-924-1776.

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