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What is IRS Publication 535, Business Expenses?

IRS Link to Publication — Found Here

Businesses can refer to Pub. 535 to get a better grasp on what expenses can help lower their corporate tax bill. Many of the costs required to do business can be deducted or depreciated.

The guide addresses employee compensation, inventory, research and development, and much more. Many of the expenses that could fall into the category of “overhead” can be deducted by a business.

Publication 535 is a useful guide which enumerates most of the possible business expenses that can be deducted, describes the extent two which they can be deducted, and describes how to go about filing for these deductions. Some common deductions include employee’s pay, rent, interest payments, insurance, inventory, and more.

Taxes themselves can be deducted in certain circumstances. Other types of deductions and expenses addressed here include capital expenses, drilling and exploration costs, employee compensation, and purchases and sales of real estate and equipment.

Keywords: overhead, depreciation, inventory carrying costs, capital expenses, cost of sales, Research and Development (R&D),