Deduct It!: Lower Your Small Business Taxes » (Revised)

Stephen Fishman is the author of many Nolo books, most recently Tax Deductions for Professionals. Other titles include Deduct It! Lower Your Small Business Taxes, Every Landlord's Tax Deduction Guide and Home Business Tax Deductions: Keep What You Earn-plus many other legal and business books. He received his law degree from the University of Southern California in 1979. After time in government and private practice, he became a full-time legal writer in 1983.

The fastest way for any small business to make more money is to pay less to the IRS. Recent changes in the tax law make this easier to do than ever before - yet many entrepreneurs continue to pay more than is necessary.

Let Deduct It! show you how to maximize the business deductions you re entitled to quickly, easily and legally.

Comprehensive yet easy to read with many interesting and relevant examples the book is organized into practical, easy-to-use categories featuring common deductions, including:

*start-up expenses

*operating expenses

*health deductions

*vehicles

*entertainment

*meals

*travel

*home offices

*inventory

*equipment

*and many more

 

Deduct It! is indispensable to your venture, whether you re just starting out or have been established for years. The book also provides basic information on how different business structures are taxed and how tax deductions work.

Accounting Today

Delves deeply into the complex thicket of available deductions, with real-life examples on deducting everything from start-up expenses to car and travel expenses and the costs of benefits.

Introduction

Your Tax Deduction Companion

1. Tax Deduction Basics
How Tax Deductions Work
How Businesses Are Taxed
The Value of a Tax Deduction
What Businesses Can Deduct

2. Beating the Hobby Loss Rule
What Is a Business?
Tax Consequences of Being a Hobbyist
Income-Producing Activities

3. Start-Up Expenses
What Are Start-Up Expenses?
Starting a New Business
Buying an Existing Business
Expanding an Existing Business
When Does a Business Begin?
How to Deduct Start-Up Expenses
Expenses for Businesses That Never Begin
Organizational Expenses
Avoiding the Start-Up Tax Rule's Bite

4. Business Operating Expenses
Requirements for Deducting Operating Expenses
Operating Expenses That Are Not Deductible
Tax Reporting

5. Deducting Long-Term Assets
Long-Term Assets
Section 179 Deductions
Depreciation
Tax Reporting and Record Keeping for Section 179 and Depreciation
Leasing Long-Term Assets

6. Inventory
What Is Inventory?
Deducting Inventory Costs
Maintaining an Inventory
Determining the Value of Inventory

7. Office Expenses
Qualifying for the Home Office Deduction
Corporation Employees
Calculating the Home Office Deduction
IRS Reporting Requirements
Audit-Proofing Your Home Office Deduction
Deducting an Outside Office or Workplace

8. Car and Local Travel Expenses
Deductible Local Transportation Expenses
The Standard Mileage Rate
The Actual Expense Method
How to Maximize Your Car Expense Deduction
Other Local Transportation Expenses
When Clients or Customers Reimburse You
Reporting Transportation Expenses on ScheduleC
Corporations, LLCs, and Partnerships

9. Business Travel
What Is Business Travel?
What Travel Expenses Are Deductible
How Much You Can Deduct
Maximizing Your Business Travel Deductions
How to Deduct Travel Expenses
Travel Expenses Reimbursed by Clients or Customers

10. Meal and Entertainment Expenses
What Is Business Entertainment?
Who You Can Entertain
Deducting Entertainment Expenses
Calculating Your Deduction
Reporting Entertainment Expenses on Your Tax Return

11. Hiring Workers
Employees Versus Independent Contractors
Tax Deductions for Employee Pay and Benefits
Reimbursing Employees for Business-Related Expenditures
Employing Your Family or Yourself
Tax Deductions When You Hire Independent Contractors

12. Retirement Deductions
Why You Need a Retirement Plan (or Plans)
Individual Retirement Accounts -- IRAs
Employer IRAs
Keogh Plans
Solo 401(k) Plans

13. Medical Expenses
The Personal Deduction for Medical Expenses
Deducting Health Insurance Premiums
Adopting a Medical Reimbursement Plan
Health Savings Accounts

14. Additional Deductions
Advertising
Business Bad Debts
Casualty Losses
Charitable Contributions
Clothing
Dues and Subscriptions
Education Expenses
Gifts
Insurance for Your Business
Interest on Business Loans
Legal and Professional Services
Taxes and Licenses
Domestic Production Activities

15. Record Keeping and Accounting
Basic Record Keeping for Tax Deductions
Records Required for Specific Expenses
How Long to Keep Records
What If You Don't Have Proper Tax Records?
Accounting Methods
Tax Years

16. Claiming Tax Deductions for Prior Years
Reasons for Amending Your Tax Return
Time Limits for Filing Amended Returns
How to Amend Your Return
How the IRS Processes Refund Claims

17. Staying Out of Trouble With the IRS
What Every Business Owner Needs to Know About the IRS
Ten Tips for Avoiding an Audit

18. Help Beyond This Book
Secondary Sources of Tax Information
The Tax Law
Consulting a Tax Professional

Index