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What Partners Need to Know About Partnership Expense Deductions
Posted by Mark Thurber on Mon, Feb 11, 2013 @ 09:17 AM

Several Criteria Must be Met to Deduct

In most partnerships, especially professional service partnerships, it is commonplace for partners to incur related business expenses for which the partnership does not reimburse them. Often, partners will deduct these expenses on their personal income tax returns “above the line” (as a deduction from adjusted gross income). In order for these deductions to be possible, several elements must be present.

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Topics: Mark Thurber, tax, compliance, business expenses, partnership expense deductions

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