Financial expenses: what they are and how they are deducted
Posted: Sun Dec 22, 2024 5:39 am
In the world of finance and accounting, financial expenses occupy a relevant place. They are a key aspect for many companies and individuals, and understanding what they are and how they can be deducted is essential for effective financial management.
In this article, we will explore in detail what these expenses represent and how they can be properly leveraged.
What are financial expenses?
Financial expenses are those disbursements derived from obtaining financial resources , such as loans, credits, debt issuance, among others. They include interest, bank commissions, expenses for issuing securities, among other costs related to financing.
Financial expenses are philippines country code mobile number part of the deductible expenses of economic activity, both for the self-employed and for companies.
Any company that uses external financing, whether it is provided by banks, individuals or other companies, will have these items in its results.
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Types of financial expenses
The most common financial charges are fees and interest. Fees usually arise from transactions with banks or credit institutions. There are fees for account maintenance, credit card fees, loan opening and cancellation fees...
These amounts are fully deductible and are justified by the contract in which they are established or the bank statement in which they are detailed.
In this article, we will explore in detail what these expenses represent and how they can be properly leveraged.
What are financial expenses?
Financial expenses are those disbursements derived from obtaining financial resources , such as loans, credits, debt issuance, among others. They include interest, bank commissions, expenses for issuing securities, among other costs related to financing.
Financial expenses are philippines country code mobile number part of the deductible expenses of economic activity, both for the self-employed and for companies.
Any company that uses external financing, whether it is provided by banks, individuals or other companies, will have these items in its results.
You might be interested in: What to do with invoices for deductible expenses from previous years ?
Types of financial expenses
The most common financial charges are fees and interest. Fees usually arise from transactions with banks or credit institutions. There are fees for account maintenance, credit card fees, loan opening and cancellation fees...
These amounts are fully deductible and are justified by the contract in which they are established or the bank statement in which they are detailed.