List and define the criteria for an expenditure to be deductible on Schedule C.
An expense should be ordinary,necessary,and reasonable.For an expense to be ordinary,it must be customary or usual in the taxpayer's particular business.The "necessary" criterion refers to an expense that is appropriate and helpful rather than one that is essential to the taxpayer's business.The expense must also be reasonable in amount and reasonable in relation to its purpose.

Question

Quizplus · Accepted Answer

The Answer of List and define the criteria for an expenditure to be deductible on Schedule C.
An expense should be ordinary,necessary,and reasonable.For an expense to be ordinary,it must be customary or usual in the taxpayer's particular business.The "necessary" criterion refers to an expense that is appropriate and helpful rather than one that is essential to the taxpayer's business.The expense must also be reasonable in amount and reasonable in relation to its purpose.

List and Define the Criteria for an Expenditure to Be