Entertainer Jason Derulo had a big night in Los Angeles earlier this week. After all, he was promoting his single which totally makes it a business expense, right? To claim a deduction for business expenses, Section 162 of the Tax Code requires that the expense is "ordinary and necessary." According to the Internal Revenue Service (IRS), an ordinary expense is one that is common and accepted in your trade or business. Business expenses are very facts and circumstances specific.

Source: Forbes March 08, 2017 19:39 UTC