Are expenses tax deductible?

Question

2.04K viewsTax

0

Beckmann 0 Comments

Are all expenses tax deductible? How can I find a list of the allowable for tax deduction expenses or a list with the disallowed expenses? Are penalties for late submission of tax return allowable?

1 Answer

score 0 · Answer 1 · 2012-12-02T21:38:23+00:00

There are a lot of expenses that are allowable for tax purposes and a lot of expenses that are not allowable for tax purposes. Each country has its own tax rules and an expense that is deductible in country A might not be deductible in country B. For example, in the UK a quick test is whether the expense was wholly and necessarily incurred for the trade. For example, if you had to pay a fine because you submitted your tax return late, then this is not an deductible expense.

On the other hand, the following are allowable expenses: purchases, sundry expenses, interest on loans, electricity, rental, insurance policy and many many more.