Business Deduction
/ˈbɪznɪs dɪˈdʌkʃən/
Definitions
- (n.) An expense incurred in the operation of a trade or business that is deductible from gross income for tax purposes.
The company claimed a business deduction for office supplies purchased during the year.
Forms
- business deduction
- business deductions
Related terms
See also
Commentary
Business deductions must be ordinary and necessary to qualify under tax law; precise documentation is critical for substantiation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.