I own my own business. Is there a list of business expenses that I can use as a reference to determine what to write-off against my business income?

  1. Advertising
  2. Bad debts
  3. Bank fees
  4. Business use of the home (see more details related to Home Office Deduction)
  5. Car and truck expenses
  6. Depreciation
  7. Dues paid to business organizations
  8. Education expenses related to the business
  9. Employees' pay
  10. Insurance
  11. Interest
  12. Legal and professional fees
  13. Licenses and regulatory fees
  14. Moving expenses
  15. Pension plan payments
  16. Rent expenses
  17. Repairs of business property
  18. Subscriptions to business-related publications
  19. Supplies and materials
  20. Taxes
  21. Telephone
  22. Travel
  23. Meals and entertainment
  24. Utilities directly related to business activities

Please note: As a general rule any "ordinary and necessary" expense you pay in order to operate a business and earn your business income is a valid business expense. But whether or not an expense is ordinary and necessary depends on what the business does. A fashion model, for example, may have clothing and make-up as a valid business expenses. An accountant, on the other hand, would have a hard time justifying this.