In these turbulent times when the company's top line (revenue) is affected, the only way to increase the bottom line (profit) is to focus on reducing costs. This Jewelry Retouching Service will increase cash flow and enable sustainable business. Before we get started, let's understand a few things about expenses!
According to the IRS, project costs " must be normal and necessary " to be tax deductible . Normal means common and accepted practice, which inevitably means the practice required for business.
Transactions are in the form of cash and credit. For cash transactions, payments are settled immediately, and for credit, payments are settled at a later date.
Expenses generally fall into the categories of operating expenses (administrative expenses, transaction costs, etc.) and non-operating expenses (banking fees, interest on equipment business loans, etc.).