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What Are Examples of Business Expenses?Payroll (employees and freelance help)Bank fees and interest.Rent.Utilities.Insurance.Company car.Equipment or Equipment rental.Software.More items...

Let's take a look at some of the major categories of expenses you'll take on and how you can manage them more efficiently:Wages and benefits.Rent (or mortgage).Equipment.Utilities and office supplies.Theft.Other losses.Professional fees.Marketing and advertising.More items...?Mar 9, 2018

Here's how to categorize your small business expenses:Review and reconcile your bank accounts on a regular basis. Each time you spend money, determine what you're spending it on. Assign that transaction to a category. Run a Profit and Loss report that will identify where you're spending the most.

What are business expense categories? Business expense categories are classifications that you can use to organize your expenses to inform internal financial control and tax filings. For example, if your company paid for airfare for a business trip, you may categorize that as a travel expense.

If you're self-employed, you use a Schedule C form to report your self-employed income and expenses. It's also known as Form 1040....You can categorize these types of transactions as interest:Other interest.Business loan interest.Mortgage interest.Credit card interest.

Here's how to categorize your small business expenses:Review and reconcile your bank accounts on a regular basis. Each time you spend money, determine what you're spending it on. Assign that transaction to a category. Run a Profit and Loss report that will identify where you're spending the most.

According to the Internal Revenue Service (IRS), business expenses are ordinary and necessary costs incurred to operate your business. Examples include inventory, payroll and rent. Fixed expenses are regular and don't change much things like rent and insurance.