Non-business Expenses
Some systems distinguish between an active trade or business and the holding of assets to produce income. In such systems, there may be additional limitations on the timing and nature of amounts that may be claimed as tax deductions. Many of the rules, including accounting methods and limits on deductions, that apply to business expenses also apply to income producing expenses.
Read more about this topic: Tax Deduction
Famous quotes containing the words non-business and/or expenses:
“I hold that the parentheses are by far the most important parts of a non-business letter.”
—D.H. (David Herbert)
“Good government cannot be found on the bargain-counter. We have seen samples of bargain-counter government in the past when low tax rates were secured by increasing the bonded debt for current expenses or refusing to keep our institutions up to the standard in repairs, extensions, equipment, and accommodations. I refuse, and the Republican Party refuses, to endorse that method of sham and shoddy economy.”
—Calvin Coolidge (1872–1933)