What can be deductible as business expenses

If you're hoping to start a business or you are already in business,
whether it's full-time or an additional stream to your current income,
maximizing and understanding your deductions can help you keep more
of your hard-earned money.

According to IRS, Business expenses are the costs of carrying on a trade
or business, and they are usually deductible if the business is operated to
make profit.

For a business expense to be deductible, it must be both ordinary and
An ordinary expense is one that is common and accepted in your
A necessary expense is one that is helpful and appropriate for your

So, an expense does not have to be indispensable to be considered
Even though an expense may be ordinary and necessary, you may not be
allowed to deduct the expense in the year it has been paid or incurred.
And in some cases, you may not be allowed to deduct the expense at all.

Below are some of the common business expenses that may be partially
or fully tax deductible: