Each year, the U.S. Small Business Administration recognizes the contributions of small businesses to the success of the economy. This week, National Small Business Week is May 23-29.

There are many expenses in owning a small business. Although not every expense can be used as a business deduction, certain portions of car, travel, business use of your home, entertainment and gift expenses can be claimed. Knowing which expense is deductible and keeping good records is vital. For a specific lists of deductions, see Publication 463, Travel, Entertainment, Gift and Car Expenses and Publication 535, Business Expenses.