DEFINITION of 'Business Expenses'

Any expenses incurred in the ordinary course of business. Business expenses are deductible and are always netted against business income.

BREAKING DOWN 'Business Expenses'

Although it is not necessary to include receipts for business expenses when you file your tax return, many tax preparers will ask for detailed, itemized copies of your expenses before they will submit the return. Business owners should keep these kinds of records for a minimum of seven to 10 years from the date of filing.

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