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Home Business Tax Deductions: Keep What You Earn [Paperback]

Stephen Fishman

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Book Description

November 2010 Home Business Tax Deductions

Keep your hard-earned money in your home business! Completely updated for 2013 returns.

Tax deductions are essential to any business, especially 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 entrepreneurs write off:

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

This edition of Home Business Tax Deductions is completely updated with all the latest tax information, eligibility requirements, and deductions for 2013 returns, including up-to-date information on how the latest laws could affect a home business.
 

--This text refers to an alternate Paperback edition.

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Review

"Fishman translates complicated tax-law jargon into words you can understand and apply to your home-based business without a CPA."  Paul Tulenko, syndicated business columnist

--This text refers to an alternate Paperback edition.

About the Author

Stephen Fishman is the author of many Nolo books, including Tax Deductions for Professionals, Deduct It! Lower Your Small Business Taxes, Every Landlord's Tax Deduction Guide and Home Business Tax Deductions — plus many other legal and business books. He received his law degree from the University of Southern California. After time in government and private practice, he became a full-time legal writer.

--This text refers to an alternate Paperback edition.

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Amazon.com: 4.7 out of 5 stars  32 reviews
10 of 10 people found the following review helpful
5.0 out of 5 stars SO GLAD I FOUND THIS BOOK NOW! Feb. 3 2011
By Kristin - Published on Amazon.com
Format:Paperback|Vine Customer Review of Free Product
I am in the process of starting up a new branch of my personal training business, and have been worried about how to keep correct records, and filing my taxes properly (and to my best advantage).

For me, this book is a GOLDMINE of information! I am so thrilled to have it--it answered all of my questions and will serve as a valuable tool throughout the year.

It starts with the basics: Using personal stories and examples that are applicable to a home business owner, the author begins with describing how deductions work, how business are taxed, and how you can use this information to best benefit you, to get the greatest value from your deductions.

You have to prove you are a real business and this book teaches you exactly how to do that. I remember back in the 80's you could just create a business so that your hobby could be a tax deduction. Not anymore.

Start up expenses: There are certain expenses you can write off, and some you cannot. There are certain rules you have to follow when you start a business, and there are even accomodations for businesses that never actually get off of the ground. There are also pitfalls (set ups, in my opinion) within the IRS that will bit you in the butt if you don't handle them properly--which this book tells you exactly how to do. Inventory is covered--how to start it up, maintain it, and deduct the costs thereof. It walks you through how to report your inventory to the IRS.

Operating in your home gives you certain tax benefits (we all know that). But, again, unlike the 80's, where you could write off soooo much, now those write offs are limited. This book lays out exactly what those limitations are and how to make the most of your write offs. It walks you through the Home-Office deduction and how to meet the IRS requirements for your deduction(s).

Long-term assets, depreciation, special tax forms--all covered in this book.

We've all heard about meal, entertainment, car, local and business travel expenses being great write offs. It's a lot harder now than in the past, but you CAN do it,and maximize those deductions with the tools in this book.

Now, part of my business includes hiring workers/contractors. This book covers all of it--employees or contractors; tax deductions and employee benefits, and even employing your family members and what that will entail , for you. It even goes over the NEW HEALTH CARE REFORM BILL and how it affects your business. It goes over medical expenses, insurance, tax credits, medical reimbursement plans, and health savings accounts. Wow.

Retirement? It's covered in this book. How to plan for YOUR retirement with a Retirement Plan (or plans). IRA's, employer IRA's, Keoghs, 401K's...it's all there.

It goes through lists of additional home business deductions, from advertising to charitable contributions, to education, to legal services...it's amazing--the more you read, the more you realize you "could have" written off.

It gives 10 tips to avoid an audit, previous year deductions and revisiting past tax years. SO much information is included in this book, I wish I could give you an adequate overview, but it'd be so long, you might as well buy the book. ;)

(10 Tips overview: Be Neat, Thorough, and Exact in your records and filings; Mail Your Return by Certified Mail; Don't File Early; Don't File Electronically; Form a Business Entity; Explain Items the IRS Will Question; Avoid Ambiguous or General Expenses; Report All of Your Income; Watch Your Income-to-Deduction Ratio; Beware of Abnormally Large Deductions...the book spends pages and pages describing each one of these in detail, but I thought this would pique your interest.)

There are spreadsheets and org charts to follow to make sure you are considering the right expenses for the right deductions. The examples are SO clear and concise, you can't mess it up.

If you own your own home business, or are considering starting up a home business, this book is mandatory for you!
And, if there are updates--you can even retrieve updates to the codes at their website, Nolo . com.
4 of 4 people found the following review helpful
5.0 out of 5 stars An excellent, easy to read reference May 9 2011
By Tell It Like It Is - Published on Amazon.com
Format:Paperback|Vine Customer Review of Free Product
Here's the bottom line: if you own a business and file a Schedule C with your Form 1040, you are at least 20 times more likely to be audited than if you filed as any type of corporation (LLC, S Corp, or C Corp). It will only cost you a few hundred dollars annually to maintain a corporation and the hassle factor is really no more than properly maintaining a Schedule C entity. If you are going to run a home business of any type, read this book first. It will help you set up things properly so as to minimize your headaches down the road. An excellent starting point.
4 of 4 people found the following review helpful
5.0 out of 5 stars Learning More and More About Taxes Feb. 25 2011
By Lorenzo M. in the Hollywood CA Area - Published on Amazon.com
Format:Paperback|Vine Customer Review of Free Product
Home Business Tax Deductions is another of No Lo amazing books!

This book gives you a number of real-world examples and is a very easy read. Ypou'll be very surprised when you find this book is written ina very invisting and engaing way. You will definately learn so much in just the first few chapters and it will be a reference you return to often!

You will learn how to avoid the tax tragedy of being classified by the IRS as a hobby instead of a legitimate business. In fact, if you claimed any business deductions and were later found to be a hobby which can cost your more, you could find yourselves thousands of dollars in debt to Uncle Sam, thanks to back taxes and penalty fees. But this book gives very easy-to-implement techniques that will help you prove that you are, in fact, a business and hw to report it and most inmportantly keep accurate records for it.

In addition, it gives you the answers to common questions about what constitutes legitimate business deductions, from business lunches (does it count if you talk about business and pleasure?) to the cost of gas used to drive to grocery store with details on how to report it. Also, you can deduct the gas if you used the trip to purchase business supplies (such as paper or envelopes) along with your family's groceries and the details abut reporting them.

You'll also learn the ins and outs of the all-important home office deductions, business issues, along with the tax requirements of hiring workers and there needs, from full-fledged employees to independent contractors. Finally, this book gives ten tips to staying out of trouble with the IRS and avoid audits and pitfalls in taxes..

This book also translates complex tax laws into concepts that those of us who didn't attend law school can easily understand. Also it takes you step by step on where to go and what to do.

Home Business Tax Deductions is updated yearly to reflect changes to tax laws which as you know they change constantly. The paperback version is the best and complete with contents and guideto help your research. Another great No Lo learning tool. 2-2011
3 of 3 people found the following review helpful
5.0 out of 5 stars STELLAR Guide for Those Owning Home-Based Businesses! Feb. 12 2011
By Mary S. - Published on Amazon.com
Format:Paperback|Vine Customer Review of Free Product
This book is going to save me a fortune! We are getting ready to do our taxes next weekend and I feel like such a dummy for not knowing exactly how many tax deductions my home-based business was entitled to take. Fortunately, my business is still young and I've got many years to do better in my record keeping.

If you are even thinking about starting a home-based business, start with this book. It is a priceless resource and truthfully, they could sell this book for a few hundred dollars and it would be worth every single penny. We won't even need a tax consultant because of this book. Anything and everything you might have had a question about is covered in this book. It is filled with real-life scenarios and examples to give you a complete understanding of the tax laws. This went to press before some of the new laws, but they cover both sides of whether the "Bush Tax Cuts" would be extended or not, so you know the ramifications either way.

If you own a home biz, get this book and take a weekend to read it. You will definitely find additional deductions for your business, saving you lots of money!
2 of 2 people found the following review helpful
5.0 out of 5 stars Very Helpful July 18 2012
By Kitten Kisser - Published on Amazon.com
Format:Paperback|Vine Customer Review of Free Product
I have only read two books on small business/home business & this is one of them. The difference between the two is like night & day. The other was a Dummies book that left me feeling scared & stupid. It felt like the authors were trying to convince the reader not to have their own business. This book on the other hand instills confidence. Rather than remind one of all the nasty bits it tells you & encourages you to hold on to what you earn - legally & without making it feel impossible or scary.

Well written & laid out in a manner that is easy to understand. This one is a keeper! If you are running your own home business or even if you are thinking about it, this book is worth adding to your library. Filled with useful no nonsense tips & advice to make the small business owner confident come tax time.

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