Book
Deduct it! : lower your small business taxes / Stephen Fishman, J.D.
"Deduct It! shows you how to maximize your business deductions--quickly, easily, and legally. Whether your business is just starting or well established, this book is indispensable to your financial success. It covers deductions for: start-up and operating expenses; travel and meals; home offices; medical expenses; equipment and inventory; and more. Learn about new tax rules for deducting a net operating loss, the expanded employee retention tax credit, and COVID-19 sick and family leave tax credits. The book also covers everything you need to know about the 20% pass-through deduction. Easy to read and full of real-world examples, Deduct It! will pay for itself many times over. This edition covers amended and extended tax laws for business owners affected by the coronavirus (COVID-19) pandemic." -- Description provided by publisher.
Record details
- ISBN: 9781413329247
- ISBN: 1413329241
- Physical Description: 436 pages : illustrations ; 23 cm
- Edition: Seventeenth edition.
- Publisher: [Berkeley, California] : Nolo, 2022.
- Copyright: ©2021.
Content descriptions
| General Note: | "Includes Cares Act tax law changes"--Cover. Includes index. |
| Formatted Contents Note: | Introduction -- Tax deduction basics -- Are you really in business? -- Start-up expenses -- Business operating expenses -- Deducting long-term assets -- Inventory -- Office expenses -- Car and local travel expenses -- Business travel -- Pass-through tax deduction -- Hiring workers -- Retirement deductions -- Medical expenses -- Additional deductions -- Record keeping and accounting -- Staying out of trouble with the IRS. |
Search for related items by subject
| Subject: | Small business > Taxation > Law and legislation > United States > Popular works. Tax deductions > United States > Popular works. United States. |
| Genre: | Law for laypersons. Popular works. |
Available copies
- 1 of 1 copy available at Missouri Evergreen. (Show)
- 1 of 1 copy available at North Kansas City.
Holds
- 0 current holds with 1 total copy.
Show Only Available Copies
| Location | Call Number / Copy Notes | Barcode | Shelving Location | Status | Due Date |
|---|---|---|---|---|---|
| North Kansas City Public Library | 343.7305 FISHMAN 2021 (Text) | 0001002386736 | Nonfiction | Available | - |
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Deduct It! : Lower Your Small Business Taxes
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Table of Contents
Deduct It! : Lower Your Small Business Taxes
| Section | Section Description | Page Number |
|---|---|---|
| Introduction | p. 1 | |
| 1 | Tax Deduction Basics | p. 5 |
| How Tax Deductions Work | p. 6 | |
| How Businesses Are Taxed | p. 9 | |
| The Value of a Tax Deduction | p. 18 | |
| What Businesses Can Deduct | p. 22 | |
| Businesses That Lose Money | p. 26 | |
| 2 | Are You Really in Business? | p. 31 |
| What Is a Business? | p. 32 | |
| Tax Consequences of Being a Hobbyist | p. 39 | |
| 3 | Start-Up Expenses | p. 41 |
| What Are Start-Up Expenses? | p. 42 | |
| Starting a New Business | p. 43 | |
| Buying an Existing Business | p. 46 | |
| Expanding an Existing Business | p. 47 | |
| When Does a Business Begin? | p. 47 | |
| Claiming the Deduction | p. 50 | |
| If Your Business Doesn't Last 15 Years | p. 50 | |
| Organizational Expenses | p. 51 | |
| 4 | Business Operating Expenses | p. 53 |
| Requirements for Deducting Operating Expenses | p. 54 | |
| Operating Expenses That Are Not Deductible | p. 61 | |
| Operating Expenses Paid With Paycheck Protection Program Loans | p. 62 | |
| Tax Reporting | p. 64 | |
| 5 | Deducting Long-Term Assets | p. 65 |
| What Is a Long-Term Asset? | p. 67 | |
| Deducting inexpensive Property; The De Minimis Safe Harbor and Materials and Supplies Deduction | p. 69 | |
| Deducting Long-Term Personal Property: Bonus Depreciation, Section 179, Regular Depreciation | p. 77 | |
| Bonus Depreciation | p. 82 | |
| Section 179 Expensing | p. 86 | |
| Deducting Repairs and Improvements | p. 87 | |
| Regular Depreciation | p. 89 | |
| Deducting Real Property | p. 95 | |
| Intangible Assets | p. 98 | |
| Tax Reporting and Record Keeping | p. 99 | |
| Leasing Long-Term Assets | p. 101 | |
| 6 | Inventory | p. 103 |
| What Is Inventory? | p. 104 | |
| Deducting Inventory Costs | p. 106 | |
| 7 | Office Expenses | p. 111 |
| Qualifying for the Home Office Deduction | p. 112 | |
| Corporation Employees | p. 123 | |
| Calculating the Home Office Deduction | p. 125 | |
| Simplified Home Office Deduction Method | p. 134 | |
| IRS Reporting Requirements | p. 137 | |
| Deducting an Outside Office or Workplace | p. 138 | |
| 8 | Car and Local Travel Expenses | p. 143 |
| Deductible Local Transportation Expenses | p. 144 | |
| The Standard Mileage Rate | p. 154 | |
| The Actual Expense Method | p. 157 | |
| Other Local Transportation Expenses | p. 171 | |
| When Clients or Customers Reimburse You | p. 171 | |
| Reporting Transportation Expenses on Schedule C | p. 172 | |
| Corporations, LLCs, and Partnerships | p. 173 | |
| 9 | Business Travel | p. 179 |
| What Is Business Travel? | p. 180 | |
| What Travel Expenses Are Deductible | p. 187 | |
| How Much You Can Deduct | p. 190 | |
| Maximizing Your Business Travel Deductions | p. 201 | |
| How to Deduct Travel Expenses | p. 203 | |
| Travel Expenses Reimbursed by Clients or Customers | p. 206 | |
| 10 | The Pass-Through Tax Deduction | p. 207 |
| You Must Have a Pass-Through Business | p. 208 | |
| You Must Have Qualified Business Income | p. 210 | |
| You Must Have Taxable Income | p. 211 | |
| Deduction for Taxable Income Up to $164,900 ($329,800 if Married) | p. 211 | |
| Deduction for Income Above $164,900 ($329,800 if Married) | p. 212 | |
| Taking the Pass-Through Deduction | p. 219 | |
| Strategies to Maximize the Pass-Through Deduction | p. 219 | |
| 11 | Hiring Workers | p. 227 |
| Employees Versus Independent Contractors | p. 228 | |
| Tax Deductions and Credits for Employee Pay and Benefits | p. 232 | |
| Reimbursing Employees for Business-Related Expenditures | p. 248 | |
| Employing Your Family or Yourself | p. 254 | |
| Tax Deductions When You Hire Independent Contractors | p. 261 | |
| 12 | Retirement Deductions | p. 265 |
| Why You Need a Retirement Plan (or Plans) | p. 267 | |
| Employer IRAs | p. 275 | |
| Keogh Plans | p. 278 | |
| Solo 401(k) Plans | p. 279 | |
| 13 | Medical Expenses | p. 283 |
| The Affordable Care Act (ACA) | p. 285 | |
| The Personal Deduction for Medical Expenses | p. 292 | |
| Deducting Health Insurance Costs | p. 293 | |
| Sick and Family Leave Tax Credits for the Self-Employed | p. 301 | |
| Tax Credits for Employee Health Insurance | p. 304 | |
| Adopting a Health Reimbursement Arrangement | p. 304 | |
| Health Savings Accounts | p. 315 | |
| 14 | Additional Deductions | p. 325 |
| Advertising | p. 327 | |
| Business Bad Debts | p. 330 | |
| Casualty Losses | p. 336 | |
| Charitable Contributions | p. 341 | |
| Clothing | p. 343 | |
| Dues and Subscriptions | p. 343 | |
| Education Expenses | p. 344 | |
| Entertainment and Meals | p. 347 | |
| Gifts | p. 352 | |
| Insurance for Your Business | p. 353 | |
| Interest on Business Loans | p. 354 | |
| Legal and Professional Services | p. 358 | |
| Taxes and Licenses | p. 360 | |
| 15 | Record Keeping and Accounting | p. 365 |
| What Records Do You Need? | p. 366 | |
| Records Required for Specific Expenses | p. 378 | |
| How Long to Keep Records | p. 386 | |
| What If You Don't Have Proper Tax Records? | p. 387 | |
| Accounting Methods | p. 388 | |
| 16 | Staying Out of Trouble With the IRS | p. 393 |
| What Every Business Owner Needs to Know About the IRS | p. 394 | |
| Eight Tips for Avoiding an Audit | p. 402 | |
| Index | p. 407 |
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