What Are miscellaneous expenses? Definition and examples
They’re expensed in the period in which they are incurred, directly affecting the net income of the business. Keep in mind that as a small business owner, you have some restrictions, such as on the amount of interest that’s deductible for purchases of vehicles and vacant land. If you have a home office, deduct interest Car Dealership Accounting on your home mortgage as an expense related to the business use of your home. You can’t deduct legal and other fees related to buying a capital property, but you can add such fees to the property cost. Michelle Payne has 15 years of experience as aRead More →