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How to Categorize Business Expenses?

Nanonets

Expense Categories with Tax Benefits Understanding how to categorize expenses and assets in your business according to IRS guidelines is a strategic approach to financial management that can significantly affect your bottom line. The IRS stipulates that to qualify for tax deductions, expenses must be both "ordinary and necessary."

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How to streamline your Expense Reimbursement process

Nanonets

Non-compliance with IRS or International Guidelines Misclassification of expenses can lead to tax compliance issues. Software Subscriptions:  Up to $500 annually per employee for professional development-related subscriptions. Client Entertainment:  Maximum of $100 per person per event.

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