Business expenses that are not for services but for some sort of property get divided into two categories. The first generally gets used up in the year that they are bought. These expenses can include computer paper and other office supplies. These expenditures get taken as deductions in the year they are bought and are said to be expensed. The second are assets that typically last for more than a year and are said to be depreciated. These can include office equipment and office buildings. There are various rules that allow deductions over different periods of years as well as one set of rules (Section 179) that allow you to deduct certain of these expenses immediately under certain circumstances.
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