Tax Deductions for Professionals
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Reduce your tax burden with the only "know how" guide to deductions for professionals.WINNER of the Publishers Marketing Association's Benjamin Franklin AwardIf you're ready to hold on to more of your hard-earned money, turn to Tax Deductions for Professionals. Comprehensive, easy to read and filled with interesting examples, the book is organized into practical categories featuring common deductions. Plus -- unlike any other book on the market -- Tax Deductions for Professionals can help you choose the best legal structure for your practice, the most important business (and tax) decision you'll make.Learn how to make the right decisions to take full advantage of the deductions available to you. Plus, find out about putting money into retirement accounts, the tax implications of owning the building you work in, and deducting the cost of continuing education, professional fees and other expenses.The new edition is completely updated with the latest tax numbers and laws for 2010 returns. Accounting Today Aimed at anyone who runs a professional practice, including doctors, dentists, lawyers, engineers, architects and even chiropractors -- to say nothing of accountants.
Your Tax Deduction Companion1. Tax Deduction BasicsHow Tax Deductions WorkThe Value of a Tax DeductionWhat Professionals Can Deduct2. Choice of Business EntityTypes of Business EntitiesLimiting Your LiabilityThe Four Ways Business Entities Are TaxedComparing Tax TreatmentsShould You Change Your Business Entity or Tax Treatment?3. Operating ExpensesRequirements for Deducting Operating ExpensesOperating Expenses That Are Not Deductible4. Meal and Entertainment ExpensesWhat Is Business Entertainment?Who You Can EntertainDeducting Entertainment ExpensesCalculating Your DeductionExpenses Reimbursed by Clients5. Car and Local Travel ExpensesDeductible Local Transportation ExpensesThe Standard Mileage RateThe Actual Expense MethodOther Local Transportation ExpensesReporting Transportation Expenses on Schedule CWhen Clients Reimburse YouProfessionals With Business Entities6. Long Distance Travel ExpensesWhat Is Business Travel?What Travel Expenses Are DeductibleHow Much You Can DeductMaximizing Your Business Travel DeductionsTravel Expenses Reimbursed by Clients7. The Home Office DeductionQualifying for the Home Office DeductionCalculating the Home Office DeductionHow to Deduct Home Office ExpensesAudit-Proofing Your Home Office Deduction8. Deductions for Outside OfficesIf You Rent Your OfficeIf You Own Your OfficeIf You Lease a Building to Your Practice9. Deducting Long-Term AssetsLong-Term AssetsSection 179 DeductionsDepreciationTax Reporting and Record Keeping forSection 179 and DepreciationLeasing Long-Term Assets10. Start-Up ExpensesWhat Are Start-Up Expenses?Starting a New PracticeBuying an Existing PracticeExpanding an Existing PracticeWhen Does a Professional Practice Begin?How to Deduct Start-Up ExpensesOrganizational Expenses11. Medical ExpensesThe Personal Deduction for Medical ExpensesSelf-Employed Health Insurance DeductionDeducting Health Insurance as an Employee Fringe BenefitAdopting a Medical Reimbursement PlanHealth Savings Accounts12. Retirement DeductionsWhy You Need a Retirement Plan (or Plans)Types of Retirement PlansIndividual Retirement Accounts—IRAsIRAs for BusinessesQualified Retirement PlansKeogh PlansSolo 401(k) PlansRoth 401(k) Plans13. InventoryWhat Is Inventory?Do You Have to Carry an Inventory?Deducting Inventory CostsIRS Reporting14. More DeductionsAdvertisingBusiness Bad DebtsCasualty LossesCharitable ContributionsClothingDisabled Access Tax CreditLicense Fees, Dues, and SubscriptionsEducation ExpensesGiftsInsurance for Your PracticeInterest on Business LoansLegal and Professional ServicesTaxesDomestic Production Activities15. Hiring Employees and Independent ContractorsEmployees Versus Independent ContractorsTax Deductions for Employee Pay and BenefitsReimbursing EmployeesEmploying Your FamilyTax Deductions When You Hire Independent Contractors16. Professionals Who IncorporateAutomatic Employee StatusPaying YourselfEmployee Fringe BenefitsShareholder Loans17. How You Pay Business ExpensesYour Practice PaysUsing Personal Funds to Pay for Business ExpensesYour Client Reimburses YouAccountable Plans18. Amending Tax ReturnsReasons for Amending Your Tax ReturnTime Limits for Filing Amended ReturnsHow to Amend Your ReturnHow the IRS Processes Refund Claims19. Staying Out of Trouble With the IRSAnatomy of an AuditThe IRS: Clear and Present Danger or Phantom Menace?How Tax Returns Are Selected for AuditsTax Shelters, Scams, and SchemesTen Tips for Avoiding an Audit20. Record Keeping and AccountingRecording Your ExpensesDocumenting Your DeductionsAccounting MethodsTax Years21. Help Beyond This BookSecondary Sources of Tax InformationThe Tax LawConsulting a Tax ProfessionalIndex
