475 Tax Deductions for Businesses and Self-Employed Individuals: An A-to-Z Guide to Hundreds of Tax Write-Offs Paperback – Oct 16 2011
There is a newer edition of this item:
Customers Who Bought This Item Also Bought
No Kindle device required. Download one of the Free Kindle apps to start reading Kindle books on your smartphone, tablet, and computer.
To get the free app, enter your e-mail address or mobile phone number.
This A to Z guide to hundreds of legitimate write-offs is like found money for business owners. (Deborah L. Jacobs, Syndicated Columnist Working Life)
Packed with hundreds of tax tips you and your accountant probably never heard of. A terrific book. (Jane Applegate, Syndicated Columnist Small Business)
A great tax deduction resource.
About the Author
Bernard B. Kamoroff is a C.P.A. with 30 years of experience specializing in small business. A University of California lecturer, he is the author of five books on business and taxes. He lives in Willits, California.
Most Helpful Customer Reviews on Amazon.com (beta)
If all of this sounds daunting to someone considering entering into business for themselves, this book gives sound advice as to how to protect yourself if an audit does come your way - the book simply does not advocate anything illegal; the tax deductions/credits are there for a reason & you should use them to their fullest extent.
Why I think this book will become ever more important (?). I think it will because this is the new economy that Americans are forced to operate within. If they cannot find full time employment, but can find a reasonable part-time position (or two), they can also mobilize their skill set as a business and offset their tax burden significantly. The IRS only requires that one show intent to make profit for a business to be valid and for appropriate deductions to count. If the American people can sever their liability into a company that operates in the red and have the option for pass through taxation (taxed only once; not two entities) on their income tax, then they can substantially reduce their tax obligations through their small business. This could turn a part-time salary of say $20k net into something more akin to $24-26K net, depending on the deductions one takes.
At minimum, the IRS expects start-ups to operate in the red for the first 3-5 years; this is why the LLC (among other reasons) has become so popular in the past 5-10 years. Even the middle-class that retains respectably high wages can reduce their tax burden, depending on what they are willing to capitalize their LLC with. A new car can be purchased by an LLC and amortized over a period of years; a home office space can be deducted from one's mortgage based on the relative amount of square footage it takes up within one's home; even books and magazines can be deducted in some instances. There is just so much money the government allows as deductions that can and will (as people learn) be used to reduce peoples' taxable incomes. This book explains a lot of those deductions in thorough detail and can help tremendously, particularly for the underemployed who have marketable skills that they can generate at least some profit from (and everybody has something they can do that another cannot).