IRS Publication 535, Business Expenses

Publication 535 was an IRS guide for self-employed individuals and small businesses detailing common business expenses and their deductibility. It explained the rules for deducting expenses, categorized common deductions, and provided guidance on record-keeping.

NOTE: IRS Publication 535, Business Expenses, is discontinued in 2023.

Why was Publication 535 Discontinued?

The IRS discontinued Publication 535 in favor of consolidating the information into other, more specific publications. This aimed to provide more detailed and up-to-date information on each topic in a single location.

Where can I find information about business expenses now?

The IRS provides information about business expenses in several publications and resources:

A. Publication 334, Tax Guide for Small Business (For 2023): This publication offers a comprehensive overview of tax topics for self-employed individuals and small businesses, including information on business expenses.

B. Guide to Business Expense Resources: This IRS webpage provides links to various resources on specific business expense topics, such as home office expenses, travel expenses, and vehicle expenses.

C. Topic No. 501, Business Expenses: This IRS webpage offers a general overview of business expenses, including the basic requirements for deductibility.

D. Schedule C (Form 1040), Profit or Loss from Business: This form is used to report business income and expenses for tax purposes. The instructions for the form include information on which expenses are deductible.