what is the meaning of of section 162 for business owner ?

Answer 1

It means a certain proportion of expenses incurred wholly in the process of business or trade are eligible for tax deductions subject to the conditions met therein.

Answer 2

Are you referring to IRS Code Section 162? All that amounts to is that a business can deduct from its gross income any ordinary and necessary business expenses, not including any capital expenditures (like buying cars, office furniture, machinery, etc.).

Is that what you were asking?

Answer 3

ive heard of a section 8 but not a 162...