What business expenses are deductible?

IRS tax deduction explanation
2015 was the first year with speaking revenue.


How long does it take to start a business?

Personally, it took six years of spending (on average $1,000/month) without making a dime. In year seven (2015) i finally made my first dime.

i told my tax professional i have carried a deep fear the IRS would tell me, “You have been deducting expenses for six years without any income. Is this a hobby or a business?”

In year seven, 2015, i was blessed to not only have income, but have enough income that removed any doubt whether it’s a hobby or a business.

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is one that is common and accepted in your field of business.

A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary.




This website is about our home health. To leave this site to read today’s post on my mental attitude website, click here.

By jeff noel

Retired Disney Institute Keynote Speaker and Prolific Blogger. Five daily, differently-themed personal blogs (about life's 5 big choices) on five interconnected sites.