PROFESSIONAL TAX SERVICE | 616 E. 8th St Ste 9, Traverse City, MI 49686

What Expenses May I Deduct For My Business?

Most expenses you incur for your business are deductible. They must be both ordinary and necessary. Ordinary expenses are those that are common and accepted in your type of business.  Necessary expenses are those that are appropriate and helpful to your business. Examples are:

  • Advertising
  • Car and Truck expenses
  • Commissions and Fees
  • Contract labor
  • Depreciation and section 179 expense deduction
  • Employee benefit programs
  • Insurance (other than health)
  • Interest
  • Legal and Professional services
  • Office expense
  • Pension and profit-sharing plan
  • Rent or lease of a vehicle, machinery, or equipment
  • Repairs and maintenance
  • Supplies
  • Taxes and Licenses
  • Travel, meals, and entertainment
  • Wages
  • Other

This is not intended as a thorough, in-depth analysis of specific issues or tax advice.  Please call us for specific tax advice.