Deduct it! Lower your small business taxes
Book - 2004
Saved in:
- Subjects
- Genres
- Handbooks and manuals
Law for laypersons - Published
-
Berkeley, Calif. :
Nolo
[2004]-
- Language
- English
- Physical Description
- volumes ; 23 cm
- Bibliography
- Includes index.
- ISBN
- 9781413331356
- Introduction
- 1. Tax Deduction Basics
- How Tax Deductions Work
- How Businesses Are Taxed
- The Value of a Tax Deduction
- What Businesses Can Deduct
- Tax Credits
- Businesses That Lose Money
- 2. Are You Really in Business?
- What Is a Business?
- Tax Consequences of Being a Hobbyist
- 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?
- Claiming the Deduction
- If Your Business Doesn't Last 15 Years
- Organizational Expenses
- 4. Business Operating Expenses
- Requirements for Deducting Operating Expenses
- Operating Expenses That Are Not Deductible
- Tax Reporting
- 5. Deducting Long-Term Assets
- What Is a Long-Term Asset?
- Deducting Inexpensive Property: The De Minimis Safe Harbor and Materials and Supplies Deduction
- Deducting Long-Term Personal Property: Section 179, Bonus Depreciation, Regular Depreciation
- Section 179 Expensing
- Bonus Depreciation
- Deducting Repairs and Improvements
- Regular Depreciation
- Deducting Real Property
- Intangible Assets
- Tax Reporting and Record Keeping
- Leasing Long-Term Assets
- 6. Inventory
- What Is Inventory?
- Deducting Inventory Costs
- 7. Office Expenses
- Qualifying for the Home Office Deduction
- Corporation Employees
- Calculating the Home Office Deduction
- Simplified Home Office Deduction Method
- IRS Reporting Requirements
- Deducting an Outside Office or Workplace
- 8. Car and Local Travel Expenses
- Deductible Local Transportation Expenses
- The Standard Mileage Rate
- The Actual Expense Method
- Other Local Transportation Expenses
- Tax Credits and Deductions for Electric Vehicles
- When Clients or Customers Reimburse You
- Reporting Transportation Expenses on Schedule C
- 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. The Pass-Through Tax Deduction
- You Must Have a Pass-Through Business
- You Must Have Qualified Business Income
- You Must Have Taxable Income
- Deduction for Taxable Income Up to $182,100 ($364,200 if Married)
- Deduction for Income Above $182,100 ($364,200 if Married)
- Taking the Pass-Through Deduction
- Strategies to Maximize the Pass-Through Deduction
- 11. Hiring Workers
- Employees vs. Independent Contractors
- Tax Deductions and Credits 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)
- Employer IRAs
- Keogh Plans
- Solo 40l(k) Plans
- 13. Medical Expenses
- The Affordable Care Act (ACA)
- The Personal Deduction for Medical Expenses
- Deducting Health Insurance Costs
- Sick Leave and Family Leave Tax Credits for the Self-Employed
- Tax Credits for Employee Health Insurance
- Adopting a Health Reimbursement Arrangement
- Health Savings Accounts
- 14. Additional Deductions
- Advertising
- Business Bad Debts
- Casualty Losses
- Charitable Contributions
- Clothing
- Dues and Subscriptions
- Education Expenses
- Entertainment and Meals
- Gifts
- Insurance for Your Business
- Interest on Business Loans
- Legal and Professional Services
- Taxes and Licenses
- 15. Using Cryptocurrency in Your Business
- What Is Cryptocurrency?
- Why You Might Want to Use Cryptocurrency in Your Business
- Tax Treatment of Cryptocurrency
- IRS Reporting of Cryptocurrency Transactions
- Record Keeping for Cryptocurrency Transactions
- Accounting for Cryptocurrency Transactions
- How to Report Cryptocurrency Revenue to the IRS
- 16. Record Keeping and Accounting
- What Records Do You Need?
- Records Required for Specific Expenses
- How Long to Keep Records
- What If You Don't Have Proper Tax Records?
- Accounting Methods
- 17. Staying Out of Trouble With the IRS
- What Every Business Owner Needs to Know About the IRS
- Nine Tips for Avoiding an Audit
- Index