- The method allowed under Government tax law that allows you to expense certain business activities.
expenditure, charge, business expense
Related Terms and Acronyms
- Business Interest Expense — Definition,
- Interest acquired in business operations can be deducted as a business expense.
- Credit Card (CC) — Acronym, Very Important,
➥ A payment card that gives customers access to a revolving line of credit.
- A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
- Debit Card (DC) — Acronym, Important,
- A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
- Meals and Entertainment (M&E) — Acronym,
- Deductible expenses in your business such as the cost of taking a client to a restaurant (meals) or a sporting event (entertainment). However, these expenses are only partially deductible (50 % in Canada).
- Transaction — Definition,
- Action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge or interest payment.