Publication 535 - Introductory Material
Introduction
This publication discusses common business expenses and explains what is and is not deductible. The general rules for deducting business expenses are discussed in the opening chapter. The chapters that follow cover specific expenses and list other publications and forms you may need.
Comments and suggestions
We welcome your comments about this publication and your suggestions for future editions. You can write to us at the following address:
Internal Revenue Service
Business Forms and Publications Branch
SE:W:CAR:MP:T:B
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224
Ordering forms and publications
Visit www.irs.gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received.
National Distribution Center
P.O. Box 8903
Bloomington, IL 61702-8903
Tax questions
If you have a tax question, visit www.irs.gov or call 1-800-829-4933. We cannot answer tax questions sent to either of the addresses above.
What's New for 2007
The following items highlight some changes in the tax law for 2007. More information on changes in the tax law for 2007 can be found in Publication 553, Highlights of 2007 Tax Changes.
Standard mileage rate. . The standard mileage rate for the cost of operating your car, van, pickup, or panel truck in 2007 is 48.5 cents a mile for all business miles.
Self-employed health insurance deduction. Partners and more-than-2% shareholders in an S corporation may be able to claim this deduction when the policy is in the name of the partner or shareholder. See chapter 6.
Environmental cleanup costs. The election to deduct qualified environmental cleanup costs expired for costs paid or incurred after December 31, 2007. See chapter 7.
What's New for 2008
The following items highlight some changes in the tax law for 2008. More information on changes in the tax law for 2008 can be found in Publication 553.
Standard mileage rate. The standard mileage rate for the cost of operating your car, van, pickup, or panel truck in 2008 is 50.5 cents a mile for all business miles.
Marginal production of oil and gas. For tax years beginning after December 31, 2007, the temporary suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas is scheduled to expire. See chapter 9.
Reminders
IRS e-file (Electronic Filing)
You can file your tax returns electronically using an IRS e-file option. The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. You can use one of the following IRS e-file options.
- Use an authorized IRS e-file provider.
- Use a personal computer.
- Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site.
For details on these fast filing methods, see your income tax package.
