Introduction: Using Tax Deductions to Keep What You Earn -- Why You Need to Know About Tax Deductions -- Why You Need This Book -- The Ever-Changing Tax Laws -- Home Business Tax Deduction Basics -- How Tax Deductions Work -- How Businesses Are Taxed -- What Businesses Can Deduct -- Adding It All Up: The Value of Tax Deductions -- Are You Really In Business? -- Proving That You Are in Business -- Tax Consequences of Engaging in a Hobby -- Investing and Other Income-Producing Activities -- Avoiding the Start-Up Tax Trap -- What Are Start-Up Expenses? -- When Does a Business Begin? -- How to Deduct Start-Up Expenses -- Expenses for Businesses That Never Begin -- Avoiding the Start-Up Tax Rules Bite -- Home Business Operating Expenses -- Requirements for Deducting Operating Expenses -- Operating Expenses That Are Not Deductible -- How to Report Operating Expense Deductions -- Deducting Long-Term Assets -- Long-Term Assets -- Section 179 Deductions -- Depreciation -- Tax Reporting and Record Keeping for Section 179 and Depreciation -- The Home Office Deduction -- Qualifying for the Home Office Deduction -- Corporation Employees -- Calculating the Home Office Deduction -- IRS Reporting Requirements -- Audit-Proofing Your Home Office Deduction -- Meal and Entertainment Expenses -- What Is Business Entertainment? -- Who You Can Entertain -- Deducting Entertainment Expenses -- Calculating Your Deduction -- Reporting Entertainment Expenses on Your Tax Return -- Car and Local Travel Expenses -- Deductible Local Transportation Expenses -- The Standard Mileage Rate -- The Actual Expense Method -- How to Maximize Your Car Expense Deduction -- Other Local Transportation Expenses -- Reporting Transportation Expenses on Your Tax Return -- Business Travel -- What Is Business Travel? -- Deductible Travel Expenses -- How Much You Can Deduct -- Maximizing Your Business Travel Deductions -- Inventory -- What Is Inventory? -- Maintaining an Inventory -- Deducting Inventory Costs -- IRS Reporting -- Hiring Workers -- Employees Versus Independent Contractors -- Tax Deductions for Employee Pay and Benefits -- Reimbursing Employees for Business-Related Expenditures -- Employing Your Family or Yourself -- Tax Deductions When You Hire Independent Contractors -- Medical Expenses -- The Personal Deduction for Medical Expenses -- Deducting Health Insurance Premiums -- Medical Reimbursement Plans -- Health Savings Accounts -- Retirement Deductions -- Why You Need a Retirement Plan (or Plans) -- Individual Retirement Accounts (IRAs) -- Employer IRAs -- Keogh Plans -- Solo 401(k) Plans -- Additional Home Business Deductions -- Advertising -- Business Bad Debts -- Casualty Losses -- Charitable Contributions -- Dues and Subscriptions -- Education Expenses -- Gifts -- Insurance for Your Business -- Interest on Business Loans -- Legal and Professional Services -- Taxes and Licenses -- Domestic Production Activities -- Record Keeping and Accounting -- Basic Record Keeping for Tax Deductions -- Records Required for Specific Expenses -- How Long to Keep Records -- What If You Don't Have Proper Tax Records? -- Accounting Methods -- Tax Years -- Claiming Tax Deductions for Prior Years -- Reasons for Amending Your Tax Return -- Time Limits for Filing Amended Returns -- How to Amend Your Return -- How the IRS Processes Refund Claims -- Staying Out of Trouble With the IRS -- What Every Home Business Owner Needs to Know About the IRS -- Ten Tips for Avoiding an Audit -- Secondary Sources of Tax Information -- The Tax Law -- Consulting a Tax Professional.
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SUMMARY OR ABSTRACT
Text of Note
Keep more of your hard-earned money!Tax deductions are essential to any business, but even more so when your office is also your home. You can spend thousands on an accountant -- or you can turn to Home Business Tax Deductions and do it yourself!
ACQUISITION INFORMATION NOTE
Source for Acquisition/Subscription Address
OverDrive, Inc.
OTHER EDITION IN ANOTHER MEDIUM
Title
Home business tax deductions.
International Standard Book Number
1413303749
TOPICAL NAME USED AS SUBJECT
Home-based businesses-- Taxation-- Law and legislation-- United States, Popular works.
Income tax deductions for home office expenses-- United States, Popular works.
Home-based businesses-- Taxation-- Law and legislation.