The chair and board members are reimbursed for allowable expenses
as per institutional policy.
Per the Income Tax Act, increases in general provisions for bad and doubtful debts are considered tax disallowable expenses, while decreases in general provisions are considered tax allowable expenses
After the taxpayer's gross income is determined, the allowable expenses
are separated in several categories: 1) allowable living expenses, which are based on national and local standards; 2) other necessary expenses that meet certain criteria regarding their necessity; and 3) other conditional expenses that may be allowable under the circumstances of the particular taxpayer (IRM 5.
The IRS has four main categories of allowable expenses
which are capped based on national and regional trends.
include the cost of raw materials, consumables and services required for carrying out the activities, interest paid on loans used in the activities (except interest paid to a related party), salaries, wages and similar payments made to employees, rent, insurance premiums, bad debts and depreciation (according to certain rates).
9 billion (about P53 billion) from the Malampaya consortium on the grounds that this should be paid on top of the government's 60 percent share of net proceeds; that is, after allowable expenses
com, said: "Recent reports have found that 571,000 claimed allowable expenses
in 2013 at a total cost of [euro]70.
You can use your returns to claim tax relief on pension contributions and other allowable expenses
that your employer doesn't reimburse you for.
S's monthly Social Security benefits are $2,500, and his monthly allowable expenses
are $3,000 per month.
Phil said: "A landlord must pay tax on profit just like any other business but only after costs - known as allowable expenses
- have been deducted.
include housing, utilities and food.
Rental profits arise where income exceeds allowable expenses
incurred in the year.