Tax blog
Tax Court Sides with IRS: Businesses Must Prove Expense Deductions
Lack of Proper Documentation Leads to Denied Tax Deductions Self-employed individuals can deduct “ordinary and necessary” business expenses, just like large corporations. However, they must follow strict substantiation rules to claim these deductions. In a recent case—Kalk, TC Memo 2024-82
February 18, 2025
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