| Startup Expenses | Costs associated with starting up your business, such as registration, staffing, inventory purchases, and office setup, are considered capital expenses and can be amortized over several years. | These are initial expenses incurred when launching a business, including legal fees for incorporation, hiring employees, purchasing inventory, and setting up office space. These costs are treated as capital investments and can be deducted over time rather than in a single year. |
| Business and Office Supplies | Items used exclusively for your business, such as office furniture and stationery, are deductible. However, items expected to last more than a year should be listed under depreciation. | This category includes tangible assets necessary for business operations, like desks, chairs, pens, and paper. While some supplies are deductible immediately, others are considered long-term assets and must be depreciated over their useful lives. |
| Software, Electronics, and Online Apps | Necessary business software and apps, including accounting software and online subscriptions used for business, are deductible. | Expenses related to purchasing or subscribing to software programs, electronic devices, and online applications essential for business operations can be deducted in the year they are incurred. |
| Domain Registration and Web Hosting | Costs related to your business website, including domain registration and hosting fees, are tax-deductible. | This covers expenses associated with establishing and maintaining a business website, such as registering a domain name and paying for hosting services, which are considered necessary for business operations and are therefore deductible. |
