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HOME BUSINESS TAX DEDUCTIONS: Keep What You Earn
 
Manufacturer: NOLO
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Product Description
Keep your hard-earned money in your home business!

Completely updated for 2008 returns

Tax deductions are essential to any business, but even more so when your office is also your home. Don't spend thousands on an accountant --turn to Home Business Tax Deductions and do it yourself!

Home Business Tax Deductions will help you write off:

  • your home office
  • start-up and operating expenses
  • vehicles and travel
  • entertainment and meals
  • health insurance and medical bills
  • inventory
  • equipment

    The 5th edition is completely updated with all the latest tax information, eligibility requirements and deductions for 2008 returns. Home Business Tax Deductions also covers how to avoid being classified as a hobby business, steer clear of home-business tax scams, stay out of trouble with the IRS and take special deductions if your business loses money.

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    Customer Reviews
    Very Helpful
     
    Review Date: June 24, 2010
    Reviewer: Madelyn Pryor, Mesa, AZ United States
    I have just started helping my husband run his business and I ordered this to have a better understanding of what I can and can't deduct based on the time we spend working at home. It is a very helpful book, but also technical. Do not expect to spend an easy evening reading this as leisure, but it will help as a concordance to find the answers to what you need. Recommended.
    Another great NOLO book!
     
    Review Date: May 16, 2010
    Reviewer: Evan Jacobs, Los Angeles, CA
    Wow, I love these NOLO books! You can always count on them to be well written, thorough and easy for non-professionals to use. This book is no exception delivering valuable insight on the tax issues related to businesses. I highly recommend.
    Not just a book on tax deductions
     
    Review Date: March 13, 2010
    Reviewer: Derek G, Redneck, South Carolina
    If we need any more evidence that our tax system is broken, consider the fact a 485 page book can be written solely on the subject of tax deductions. That's not to say that this is just a large list. Instead it's a guide to teach the reader how to file taxes the way the professionals do with an emphasis on sole proprietorship. It starts off with a primer of how taxes work along with an up to date description of the current brackets and the income levels necessary to move from one bracket to the next (i.e. you have to make over $372,950 to be taxed at the 35% bracket an you are only taxed at that rate for income exceeding this amount.) Next is the most important chapter to read for those deciding whether to start a home business, determining whether your business is really a business or whether it will be classified as a hobby by the IRS. Chapter three involves start up expenses including how to prove when your business begins and how to deduct start up expenses properly.

    Chapter four involves operating expenses as they relate to a home business. A wonderful highlight includes pg 73 entitled "A Deductible Day in the Life of a Home Business Owner" that goes through the day to day activities a part-time baby photographer is allowed to deduct as she goes through her business. It's a must read as many people don't realize just how favorable a home business can be from a tax standpoint. Highlights like these are sprinkled throughout each chapter and they illuminate the rather dry subject of tax preparation with real world examples.

    Chapter five involves deductions of assets considered long-term by the government. Usually this refers to depreciation of property and equipment but it highlights the most common traps a taxpayer can fall into; deducting items that are also uses for personal use (i.e. computers and cellphones) as well as Section 179 depreciation do's and don'ts and when standard depreciation is better than Section 179. Home office deduction follows with its own chapter. The chapter will teach you how to qualify for a home office deduction and how things change if you file a corporation.

    Future chapters involve the most common deductions home business owners are aware of; meal, entertainment, inventory and automobile and travel expenses. What people may not realize is local travel is also deductible as long as it is used solely for business purposes. Leasing vs buying an automobile is covered, leasing a luxury car is covered, and tips are given so you can maximize your mileage deductions effectively.

    Chapter 11 shows you how the IRS distinguishes between whether the worker you hired is considered an actual employee or an independent contractor and what you must do in each case. Chapter 12 talks about medical expenses and the plans available such as medical reimbursement or HSA and how to set them up. It also answers the question of whether or not a HSA is a good deal. This is followed in chapter 13 with a list of the different retirement plans that are available to you; traditional, Roth, simple, employer and SEP-IRA's along with Keogh and Solo 401(k) plans. Chapter 14 wraps up with a list of the potential deductions not already covered such as advertising, bad debt, casualty losses, charitable contributions, gifts, and insurance among others.

    Chapters 15-18 finish with the many methods available to protect yourself against getting in trouble with the IRS. This includes proper record keeping and accounting methods along with accepted ways to prove your deducted expenses are legitimate, how to claim tax deductions for prior years, the groups that tend to be targeted for audit, and the types of deductions that tend to be hot button issues for the IRS and may increase your chances of being flagged for an audit. You are also given additional avenues for research tax information both from the IRS and useful tax resources on the Internet. If the task of recordkeeping, accounting, and tax filing presents too much of a challenge, tips are given on how to find a qualified tax professional.

    I've always found Nolo books to be of exceptional quality and this book is no exception. I will be surprised if you don't discover at least one area of your business that you did not take advantage of available deductions even if you are the most experienced home or small business owner. If you fall into this category, this book is a must-read.
    Very useful
     
    Review Date: February 26, 2010
    Reviewer: webebuyers, Indiana
    I learned a lot reading this book. There are many different deductions you can legally take that you would never think of and many that you think you could take but need to be wary of and make sure you figure them right.

    I strongly recommend this book!
    Home Business Tax Deductions for 2009
     
    Review Date: February 24, 2010
    Reviewer: W. DEMEDIO, Oz
    This book is a must for anyone who files schedule C and works based at or out of their homes. It includes all the ins and outs of what to deduct, what not to deduct and what will raise red flags at the IRS. Fully updated for Tax Year 2009, Home Business Tax Deductions Keep What You Earn will definitely help you do what the title says. It is from NOLO, fully reviewed by Expert Tax Attorneys.

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