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Archive for July, 2011|Monthly archive page

One Minute Accounting

In Uncategorized on July 23, 2011 at 2:44 am

Your general business credit for the year consists of your carryforward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carryback of business credits from later years. You subtract this credit directly from your tax.

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One Minute Accounting

In Uncategorized on July 14, 2011 at 3:06 pm

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.