which of the following are tax deductible expenses for a corporation? / course hero

Which of the following are tax-deductible expenses for a corporation?

A corporation can deduct employee salaries, health benefits, tuition reimbursement, and bonuses. In addition, a corporation can reduce its taxable income by deducting insurance premiums, travel expenses, bad debts, interest payments, sales taxes, fuel taxes, and excise taxes.

Which is a deductible tax expense *?

A tax deductible expense is any expense that is considered “ordinary, necessary, and reasonable” and that helps a business to generate income. The total income amount or gross income is used as the basis to calculate how much the individual or organization owes the government for the specific tax period..

What is tax-deductible work expenses?

These deductions include travel expenses, insurance premiums, depreciation on property, rent, utilities, advertising, tax advisory fees and the cost of goods and labor. The entire expense is deductible; there are no limits depending on your adjusted gross income.

Which of the following are not tax-deductible expenses?

1- Typically non-deductible expenses:Penalties & Fines.Political Contributions.Burial, funeral, and cemetery expenses.Legal fees and expenses.Clothes.May 15, 2020

Which expenses are tax deductible in India?

Various Types of Tax Deductions in IndiaPublic Provident Fund (PPF) ... Life Insurance Premiums. ... National Saving Certificate (NSC) ... Bank Fixed Deposits (FDs) ... Senior Citizen Savings Scheme (SCSS) ... Post Office Time Deposit (POTD) ... Unit-linked Insurance Plans (ULIP) ... Home Loan EMIs.More items...

Which is a deductible expense quizlet?

Expenses incurred in connection with conducting a trade or business activity or in connection with production of income are generally deductible, but personal expenses are generally not deductible. A deduction will be allowed for an expenditure unless the Internal Revenue Code specifically disallows it.

How can a business deduct employee expenses?

Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form 2106, Employee Business Expenses, to take the deduction.Nov 16, 2020

Can an S Corp shareholder deduct unreimbursed business expenses?

S corporation shareholders generally cannot deduct unreimbursed business expenses on Schedule E because the shareholders are categorized as employees when performing services for the corporation.Jan 21, 2013

What expenses can I claim as an employee?

Expenses for which tax relief for employees may be claimed Examples include professional fees and subscriptions, travel and subsistence costs, additional costs of working from home, cost of repairing tools or specialist clothing, phone calls, etc.

What are non-deductible expenses for an S corporation?

Non-Deductible Business ExpensesAdditional Medicare taxes. ... Clothing for work. ... Commuting to and from work. ... Dues to a country club. ... Exploratory costs. ... Fines and penalties. ... Gifts to business associates, customers, vendors, etc. ... Half of meals.More items...•Feb 10, 2020

What are non-deductible expenses for company?

Business Expenses That Are Not Tax DeductibleFines and Penalties. ... Super Guarantee Charge (SGC) ... Client Entertainment Expenses. ... Gifts Are Usually Tax Deductible Unless it is a Gift of Entertainment or Lacks Any Connection to Generating Earnings. ... The GST Component of Expenses. ... Private Expenses. ... Personal Use of Business Items.Jan 5, 2019

What is non-deductible?

Definition of nondeductible : not deductible especially : not deductible for income tax purposes a nondeductible contribution.