What EXPENSES means: For federal income tax purposes, expenses are divided into four categories: Trade or business expenses,Expenses in connection with production of income, in connection with management, conservation, or maintenance of property held for production of income,expenses in connection with the determination, collection, or refund of any tax, andPersonal, family, or living expenses. Expenses in the first three categories are generally deductible in determining taxable income. Expenses in the fourth category are not deductible, except in a few cases (medical expenses, charitable contributions, etc.) in which they are specifically allowed by law. Expenses are to be distinguished from "capital expenditures," defined elsewhere in this glossary.
- Definition Exchange:
- Dictionary A transfer of property for other property or services. Some exchanges produce currently taxable income while others can be structured so as to defer any tax liability expenses definition.
- Definition Exemption:
- Dictionary taxpayer, spouse, and each dependent that is subtracted from income that would otherwise be taxed. The allowable amount must be reduced if adjusted gross income exceeds a specified amount. See our expenses explain.
- Definition Excludable Amount Of Pension:
- Dictionary The portion of pension distributions that is not taxable expenses what is.
- Definition Employer-Funded Retirement Plan:
- Dictionary A retirement plan funded in full or in part by employer contributions on behalf of employees expenses meaning.
How works Expenses meaning in Tax definitions E .
