Current expenses are the costs you incur to run your business on a day-to-day basis. These include things like rent, utilities, Internet provider fee, website hosting, marketing costs, and other costs of doing business. Current expenses can be deducted in the year the expense is incurred.
Capital expenses are expenditures that are expected to benefit the business for more than the current year. These include money spent for things such as computers and other equipment, machinery, furniture, vehicle purchases, land, and buildings. Capital expenses are deductible over the useful life of the asset. However, you can write off some or all of the cost of capital expenses in one year using the 179 expense deduction and/or the bonus depreciation.