Business Expense (Noun)
Meaning
Ordinary and necessary expenses incurred in a taxpayer's business or trade.
Classification
Nouns denoting possession and transfer of possession.
Examples
- Air travel was a significant business expense for our sales team.
- The company reimbursed employees for business expenses incurred during conferences and meetings.
- To qualify as a business expense, the cost must be directly related to the operation of the business.
- She kept track of all her business expenses throughout the year to deduct them from her taxable income.
- Meals with clients and colleagues can be claimed as business expenses on the company's tax return.