What Costs Constitute Organizational Expenses For Tax Deduction?
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Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? If you want to deduct a larger portion of your start up cost in the first year, a new business will want to begin operations as early as possible and hold off incurring some of those expenses until after business begins.
The following are however exempted from tax: –
- Medical or Dental expenses incurred by the employee;
- Retirement gratuities and compensation loss of office;
- The cost of passage to or from Nigeria incurred by the employee;
- Interest on loans for developing an owner-occupied residential house;
- Leave allowance, which is computed as 10% of annual basic salary subject to a maximum of N7, 500 per annum.