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What are deductible expenses?

Deductible Business expenses are the cost of running and operating a business. These expenses are generally deductible if the business operates to make a profit.

Deductible expenses can include business expenses that are both ordinary and necessary.

An ordinary expense is one that is common and accepted by your trade of business.

A necessary expense is one that is helpful and appropriate for your trade of business.

Some examples of deductible business expenses include

  • Car and Truck expenses
  • Salaries and wages
  • Contract Labor
  • Rent on Business property
  • Depreciation
  • Supplies
  • Utilities
  • Taxes
  • Repairs
  • Insurance
  • Commissions
  • Advertising
  • Travel
  • Home Office
  • Meals and entertainments
  • Rent on Machinery and Equipment
  • Interest on Business Indebtedness
  • Mortgage Interest

It is important to note what tax deductions you qualify for and best practice is to consult with your CPA or Tax professional.


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