Business Deduction (Noun)
Meaning
Tax write-off for expenses of doing business.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company was able to claim a business deduction for the cost of traveling to the conference in Chicago.
- As a freelancer, she was eligible for a business deduction on her home office expenses, including her computer and printer.
- The restaurant owner took a business deduction for the cost of food and supplies used for catering the corporate event.
- He was able to write off his business deduction for the new equipment as a depreciation expense over several years.
- The accountant advised the small business owner to keep receipts for all expenses, as they may be eligible for a business deduction at tax time.