Glossary

Paying Personal Expenses

Paying personal expenses refers to the expenses of an individual that are not related to business or investment purposes. Personal expenses are not deductible unless specifically allowed under the tax law. Two examples of deductible personal expenses are medical expenses and personal property tax paid on personal-use property. Deductible expenses are returned when an employee creates and sends an invoice to the company, and in return the company will give them the money to pay those personal expenses.

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