IRS publication 463 informs you on how you can deduct your business expenses from your taxes. There is a range of business related expenses you can deduct from your taxes. These include gifts, transportation, travel related expenses and entertainment expenses. All these different expenses fall under two major categories of deductible business expenses. Those are necessary and ordinary business expenses.
The first category includes the money you spend on something that is highly beneficial for your business or necessary for business operation. The second category of ordinary expenses includes the money all business owners in your area spend on running their companies.
IRS publication 463 explains all the ins and outs of deducting those expenses from your business taxes. The document also teaches you how to fill out the right forms for deducting those expenses. Now, not all the business owners should take time to read IRS publication 463. It offers some interest mainly to employees or sole business proprietors, who have business related expenses that can be deducted from their taxes. The document also offers a range of hints for other business owners, referring them to the right publications applicable for their businesses and tax related issues.