Deduct It!

by Fishman, Stephen

• ISBN13: 9781413300208
• ISBN10: 1413300200
• Format: Paperback
• Copyright: 2004-05-01
• Publisher: Nolo

Table of Contents

Introduction
How to Use This Book
Who Can Use This Book	p. 2
Why You Need to Know About Tax Deductions	p. 3
The Ever-Changing Tax Laws	p. 4
Icons Used in This Book	p. 5
Tax Deduction Basics
How Tax Deductions Work	p. 3
How Businesses Are Taxed	p. 6
The Value of a Tax Deduction	p. 11
What Businesses Can Deduct	p. 14
All About Audits	p. 19
Beating the Hobby Loss Rule
What Is a Business?	p. 3
Tax Consequences of Being a Hobbyist	p. 12
Income-Producing Activities	p. 13
Start-Up Expenses
What Are Start-Up Expenses?	p. 3
Starting a New Business	p. 4
Buying an Existing Business	p. 7
Expanding an Existing Business	p. 8
When Does a Business Begin?	p. 9
Avoiding the Start-Up Tax Rule	p. 11
How to Deduct Start-Up Expenses	p. 12
Expenses for Businesses That Never Begin	p. 16
Organizational Expenses	p. 18
Business Operating Expenses
Requirements for Deducting Operating Expenses	p. 2
Operating Expenses That Are Not Deductible	p. 11
Tax Reporting	p. 11
Deducting Long-Term Assets
Long-Term Assets	p. 3
Section 179 Deductions	p. 7
Depreciation	p. 19
Bonus Depreciation	p. 44
Tax Reporting and Record Keeping for Section 179 and Depreciation	p. 49
Inventory
What Is Inventory?	p. 2
Deducting Inventory Costs	p. 5
Maintaining an Inventory	p. 8
Determining the Value of Inventory	p. 9
The Home Office Deduction
Qualifying for the Home Office Deduction	p. 2
C Corporation Employees	p. 13
Calculating the Home Office Deduction	p. 14
IRS Reporting Requirements	p. 26
Audit-Proofing Your Home Office Deduction	p. 27
Deducting an Outside Office or Workplace	p. 29
Car and Local Travel Expenses
Deductible Local Transportation Expenses	p. 2
The Standard Mileage Rate	p. 10
The Actual Expense Method	p. 13
How to Maximize Your Car Expense Deduction	p. 28
Other Local Transportation Expenses	p. 32
Reporting Transportation Expenses on Your Tax Return	p. 33
Business Travel
What Is Business Travel?	p. 2
What Travel Expenses Are Deductible	p. 9
How Much You Can Deduct	p. 11
Maximizing Your Business Travel Deductions	p. 26
Meal and Entertainment Expenses
What Is Business Entertainment?	p. 2
Who You Can Entertain	p. 3
Deducting Entertainment Expenses	p. 4
Calculating Your Deduction	p. 9
Hiring Workers
Employees Versus Independent Contractors	p. 2
Tax Deductions for Employee Pay and Benefits	p. 6
Reimbursing Employees for Business-Related Expenditures	p. 14
Employing Your Family or Yourself	p. 19
Tax Deductions When You Hire Independent Contractors	p. 29
Retirement Deductions
Why You Need a Retirement Plan (or Plans)	p. 3
Individual Retirement Accounts--IRAs	p. 6
Employer IRAs	p. 9
Keogh Plans	p. 11
Solo 401(k) Plans	p. 13
Medical Expenses
The Personal Deduction for Medical Expenses	p. 2
Deducting Health Insurance Premiums	p. 3
Adopting a Medical Reimbursement Plan	p. 9
Health Savings Accounts	p. 16
Additional Deductions
Advertising	p. 3
Business Bad Debts	p. 5
Casualty Losses	p. 11
Charitable Contributions	p. 15
Clothing	p. 16
Dues and Subscriptions	p. 17
Education Expenses	p. 17
Gifts	p. 19
Insurance for Your Business	p. 20
Interest on Business Loans	p. 21
Legal and Professional Services	p. 27
Taxes and Licenses	p. 28
Record Keeping and Accounting
Basic Record Keeping for Tax Deductions	p. 2
Records Required for Specific Expenses	p. 15
How Long to Keep Records	p. 28
What If You Don't Have Proper Tax Records	p. 29
Accounting Methods	p. 30
Tax Years	p. 36
Help Beyond This Book
Secondary Sources of Tax Information	p. 2
The Tax Law	p. 9
Consulting a Tax Professional	p. 16
Index
Table of Contents provided by Ingram. All Rights Reserved.