What kind of business expenses are tax deductable? are things like cost for office furniture, electronics?

Question

and day-to-day expenses tax deductable?

Answer 1

yes, however furniture and computers have diferent depreciation rates, check out the IRS website for more information. You can also choose how to depreciate your assests, straight line or some type of weighted deprciation where more is taken off in the beginning of your assets life, and less later on. Some improvements can also be considered capital improvements and you may be able to deduct the entire sum up front. If in doubt, see a tax proffesional.  

Answer 2

Any expenses incurred in the production of business income is deductible if they are ordinary and necessary.  So if you spent any money that you would not have spent if you didn't have this business, then it is probably deductible.

Things with a life of over one year - furniture, computers, equipment, etc. have to be depreciated over their life which is defined by the IRS - for most things it is either 5 or 7 years.  If you run your business out of your home, you may be eligible to deduct some of the expenses of having your home too.