Deduct It!: Lower Your Small Business Taxes
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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.
IntroductionYour Tax Deduction Companion1. Tax Deduction BasicsHow Tax Deductions WorkHow Businesses Are TaxedThe Value of a Tax DeductionWhat Businesses Can Deduct2. Beating the Hobby Loss RuleWhat Is a Business?Tax Consequences of Being a HobbyistIncome-Producing Activities3. Start-Up ExpensesWhat Are Start-Up Expenses?Starting a New BusinessBuying an Existing BusinessExpanding an Existing BusinessWhen Does a Business Begin?How to Deduct Start-Up ExpensesExpenses for Businesses That Never BeginOrganizational ExpensesAvoiding the Start-Up Tax Rule's Bite4. Business Operating ExpensesRequirements for Deducting Operating ExpensesOperating Expenses That Are Not DeductibleTax Reporting5. Deducting Long-Term AssetsLong-Term AssetsSection 179 DeductionsDepreciationTax Reporting and Record Keeping for Section 179 and DepreciationLeasing Long-Term Assets6. InventoryWhat Is Inventory?Deducting Inventory CostsMaintaining an InventoryDetermining the Value of Inventory7. Office ExpensesQualifying for the Home Office DeductionCorporation EmployeesCalculating the Home Office DeductionIRS Reporting RequirementsAudit-Proofing Your Home Office DeductionDeducting an Outside Office or Workplace8. Car and Local Travel ExpensesDeductible Local Transportation ExpensesThe Standard Mileage RateThe Actual Expense MethodHow to Maximize Your Car Expense DeductionOther Local Transportation ExpensesWhen Clients or Customers Reimburse YouReporting Transportation Expenses on ScheduleCCorporations, LLCs, and Partnerships9. Business TravelWhat Is Business Travel?What Travel Expenses Are DeductibleHow Much You Can DeductMaximizing Your Business Travel DeductionsHow to Deduct Travel ExpensesTravel Expenses Reimbursed by Clients or Customers10. Meal and Entertainment ExpensesWhat Is Business Entertainment?Who You Can EntertainDeducting Entertainment ExpensesCalculating Your DeductionReporting Entertainment Expenses on Your Tax Return11. Hiring WorkersEmployees Versus Independent ContractorsTax Deductions for Employee Pay and BenefitsReimbursing Employees for Business-Related ExpendituresEmploying Your Family or YourselfTax Deductions When You Hire Independent Contractors12. Retirement DeductionsWhy You Need a Retirement Plan (or Plans)Individual Retirement Accounts -- IRAsEmployer IRAsKeogh PlansSolo 401(k) Plans13. Medical ExpensesThe Personal Deduction for Medical ExpensesDeducting Health Insurance PremiumsAdopting a Medical Reimbursement PlanHealth Savings Accounts14. Additional DeductionsAdvertisingBusiness Bad DebtsCasualty LossesCharitable ContributionsClothingDues and SubscriptionsEducation ExpensesGiftsInsurance for Your BusinessInterest on Business LoansLegal and Professional ServicesTaxes and LicensesDomestic Production Activities15. Record Keeping and AccountingBasic Record Keeping for Tax DeductionsRecords Required for Specific ExpensesHow Long to Keep RecordsWhat If You Don't Have Proper Tax Records?Accounting MethodsTax Years16. Claiming Tax Deductions for Prior YearsReasons for Amending Your Tax ReturnTime Limits for Filing Amended ReturnsHow to Amend Your ReturnHow the IRS Processes Refund Claims17. Staying Out of Trouble With the IRSWhat Every Business Owner Needs to Know About the IRSTen Tips for Avoiding an Audit18. Help Beyond This BookSecondary Sources of Tax InformationThe Tax LawConsulting a Tax ProfessionalIndex
