Home business tax deductions Keep what you earn
Book - 2004
Saved in:
- Subjects
- Genres
- Law for laypersons
- Published
-
Berkeley, Calif. :
Nolo
©2004-
- Language
- English
- Physical Description
- volumes : illustrations ; 23 cm
- Publication Frequency
- Annual, 2010-
- Bibliography
- Includes index.
- ISBN
- 9781413331332
- ISSN
- 19322402
- Introduction
- 1. Some Tax Basics
- How Tax Deductions Work
- How Businesses Are Taxed
- What Businesses Can Deduct
- Adding it All Up: The Value of Tax Deductions
- Businesses That Lose Money
- Annual Dollar Limit on NOL Deduction
- 2. Is Your Home Business Really a Business?
- Proving That You Are in Business
- Tax Consequences of Engaging in a Hobby
- Investing and Other Income-Producing Activities
- 3. Getting Your Business Up and Running
- What Are Start-Up Expenses?
- When Does a Business Begin?
- If Your Business Doesn't Last 15 Years
- Expenses for Businesses That Never Begin
- Avoiding the Start-Up Tax Rule's Bite
- 4. Home Business Operating Expenses
- Requirements for Deducting Operating Expenses
- Operating Expenses That Are Not Deductible
- How to Report Operating Expense Deductions
- 5. Deducting Long-Term Assets
- Long-Term Assets
- Deducting Inexpensive Property: The De Minimis Safe Harbor and Materials and Supplies Deduction
- General Rules for Deducting Long-Term Personal Property
- Section 179 Expensing
- Bonus Depreciation
- Deducting Repairs and Improvements
- Regular Depreciation
- Deducting Business Vehicles
- Tax Reporting and Record Keeping
- Leasing Long-Term Assets
- 6. The Home Office Deduction
- Qualifying for the Home Office Deduction
- Corporation Employees
- Calculating the Home Office Deduction
- Simplified Home Office Deduction Method
- IRS Reporting Requirements
- Audit-Proofing Your Home Office Deduction
- 7. 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
- 8. Getting Around Town: Car and Local Travel Expenses
- Deductible Local Transportation Expenses
- The Standard Mileage Rate
- The Actual Expense Method
- Tax Credits and Deductions for Electric Vehicles
- Other Local Transportation Expenses
- Reporting Transportation Expenses on Your Tax Return
- When Clients or Customers Reimburse You
- 9. Leaving Town: Business Travel
- What Is Business Travel?
- Deductible Travel Expenses
- How Much You Can Deduct
- Maximizing Your Business Travel Deductions
- Travel Expenses Reimbursed by Clients or Customers
- 10. Inventory
- What Is Inventory?
- Deducting Inventory Costs
- 11. Hiring Help: Employees and Independent Contractors
- Employees Versus Independent Contractors
- Tax Deductions and Credits for Employee Pay and Benefits
- Employing Your Family or Yourself.
- Tax Deductions When You Hire Independent Contractors
- 12. What If You Get Sick? Deducting Medical Expenses
- The Affordable Care Act (ACA)
- The Personal Deduction for Medical Expenses
- Deducting Health Insurance Premiums
- Sick Leave and Family Leave Tax Credits for the Self-Employed
- Tax Credits for Employee Health Insurance
- Health Reimbursement Arrangements
- Health Savings Accounts
- 13. Deductions That Can Help You Retire
- Why You Need a Retirement Plan (or Plans)
- Individual Retirement Accounts (IRAs)
- Employer IRAs
- Keogh Plans
- Solo 401(k) Plans
- 14. More Home Business Deductions
- Advertising
- Business Bad Debts
- Casualty Losses
- Charitable Contributions
- 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 of Your Income and Expenses
- Records Required for Specific Expenses
- How Long to Keep Records
- What If You Don't Have Proper Tax Records?
- Accounting Methods
- Tax Years
- 17. Businesses Owned by Spouses
- An Employer-Employee Arrangement
- Establish a Qualified Joint Venture
- Form a Business Entity
- Do Nothing
- 18. Nine Tips for Avoiding an IRS Audit
- Tip #1: Be Thorough and Exact
- Tip #2: Don't File Early
- Tip #3: File Electronically
- Tip #4: Form a Business Entity
- Tip #5: Explain Items the IRS Will Question
- Tip #6: Avoid Ambiguous or General Expenses
- Tip #7: Report All of Your Income
- Tip #8: Watch Your Income-to-Deduction Ratio
- Tip #9: Beware of Abnormally Large Deductions
- Index