Starting Your Business
What are Business Expenses
Business expenses are the costs of carrying on a trade or business.
These expenses are usually deductible if the business is operated
to make a profit.
To be deductible, a business expense must be both ordinary and
necessary. An ordinary expense is one that is common and
accepted in your trade or business. A necessary expense
is one that is helpful and appropriate for your trade or business.
- Accounting/Bookkeeping Expense
- Advertising
- Amortization
- Business Bad Debts
- Business Gifts
- Business Interest
- Car & Truck Expenses
- Casualty Losses
- Commissions
- Contributions
- Depreciation of Business Property
- Dues & Subscriptions
- Educational Expenses
- Entertainment
- Excise Taxes
- Franchise Payments
- Health Insurance Deduction for the Self-Employed
- Home Office/Business Use of Your Home
- Insurance
- Inventory
- Legal Fees
- Licenses
- Patents/Copyrights/Agreements Not to Compete
- Protional Materials - Not Considered Business Gifts
- Rent and Utilities
- Repairs & Maintenance
- Retirement Plan Options
- Start-up Costs
- Supplies & Materials
- Taxes
- Tax Preparation Fee
- Travel & Entertainment