Tax Deductions 2
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Once I'm in business, what expenses can I deduct?
Any product or service purchased for use by or in your business is deductible if it IS ordinary and reasonable for the type of business you run. Schedule C filers will generally find their deductions fall into these broad categories:
- deductible business expenses
- depreciable business property
- the home office deduction
- cost of goods sold (if you are a manufacturer or sell products)
What kinds of expenses are deductible business expenses?
The specific expenses that will be deductible for your business depend on what you do and what would be ordinary and necessary for your business. Some typical examples of expenses follow.
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