Publication 334 |
2001 Tax Year |
Introduction
You can deduct the costs of running your business. These costs are
known as business expenses. These are costs you do not have to
capitalize or include in the cost of goods sold.
To be deductible,
a business expense must be
both ordinary and necessary. An ordinary expense is one
that is common and accepted in your field of business. A
necessary expense is one that is helpful and appropriate
for your business. An expense does not have to be indispensable to be
considered necessary.
For more information about the general rules for deducting business
expenses, see chapter 1 in Publication 535,
Business Expenses.
If you have an expense that is partly for business and partly
personal, separate the personal part from the business part.
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