deductibility
Expense write-off status
Deductibility is whether something qualifies to be subtracted from a total, almost always in tax contexts.
The deductibility of an expense determines if it can reduce taxable income: Check with your accountant about the deductibility of home office costs.
Something with full deductibility can be subtracted entirely; partial deductibility allows only a portion.
Listed separately, point-by-point
- write-offsCancelled debts or expenses
- exemptionsReleases from obligation
- creditsUnits toward graduation
- IRSFederal tax collector
1040 · taxpayer · dependents · audit · threshold · phase-out · limitations · caps
Asset value reduction over time
- amortizationGradual debt reduction schedule
- GAAPFinancial reporting conventions
- bookkeepingRecording financial transactions systematically
- accrualsAmounts accumulated over time
ledger · capitalization · expensing · straight-line · accelerated
Transaction documentation
- invoicesItemized payment demands
- travelMovement between locations
- mealsScheduled eating occasions
- entertainmentAgreeable diversion of attention
mileage · equipment · supplies · self-employment · ordinary · necessary · substantiation · documentation
Gradual discontinuation process
- ceilingRoom's upper surface
- capCovering for top
- thresholdPoint of beginning
- floorIndoor walking surface
limitation · carryforward · carryback · disallowance · suspended · excess · unused
itemized
Listed separately, point-by-point
- write-offsCancelled debts or expenses
- exemptionsReleases from obligation
- creditsUnits toward graduation
IRS · 1040 · taxpayer · dependents · audit · threshold · phase-out · limitations · caps · qualifying
depreciation
Asset value reduction over time
- amortizationGradual debt reduction schedule
- GAAPFinancial reporting conventions
- bookkeepingRecording financial transactions systematically
accruals · ledger · capitalization · expensing · straight-line · accelerated
receipts
Transaction documentation
entertainment · mileage · equipment · supplies · self-employment · ordinary · necessary · substantiation · documentation · reimbursement
phase-out
Gradual discontinuation process
floor · limitation · carryforward · carryback · disallowance · suspended · excess · unused
deductibilitytaxability
Subject to government levy
disallowance · assessability · ineligibility · tax liability · capitalization
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