475 Tax Deductions for Businesses and Self-Employed Individuals: An A-to-Z Guide to Hundreds of Tax Write-Offs

by Bernard B. Kamoroff C.P.A.

Overview

Are you paying more taxes than you have to? The IRS is certainly not going to tell you about a deduction you failed to take, and your accountant is not likely to take the time to ask you about every deduction you’re entitled to. As former IRS Commissioner Mark Everson admitted, “If you don’t claim it, you don’t get it. That’s money down the drain for millions of Americans.” This invaluable book, updated to reflect changes in tax law, not only lists the individual items that are deductible—from Internet domain name costs to theft losses—but also explains where to list them on your income tax form. “Tax law isn’t easy,” the author explains, “but this book is.” The twelfth edition will be completely updated to include new changes in tax law, a chapter on home-based businesses, and include a special “jump out” highlights in the A-to-Z listings for any deduction that has special rules for home-based businesses.

Product Details

ISBN-13:	9781493032198
Publisher:	Rowman & Littlefield Publishers, Inc.
Publication date:	02/01/2018
Sold by:	Barnes & Noble
Format:	eBook
Pages:	240
Sales rank:	320,109
File size:	4 MB

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.

Table of Contents

Preface A Treasure Hunt xi Chapter 1: Introduction to Tax Deductions 1 Relax 1 Who Is This Book For? 2 Business Legal Structure 2 How to Use This Book to Your Best Advantage 3 Expense Categories 5 Is Every Possible Tax Deduction Listed? 6 Isn’t This What You Pay Your Accountant For? 6 Will Your Deductions Trigger an Audit? 7 When in Doubt, Deduct 8 Tax Loopholes and Tax Secrets 9 Federal versus State Laws 9 Keeping Records 9 When Can You Take a Deduction? 10 Cash Method versus Accrual Accounting 10 Structuring—and Wording—Transactions to Your Best Tax Advantage 11 Timing Transactions to Your Best Tax Advantage: Year-End Strategies 12 Year-End Payments 12 Paying Business Expenses: You or Your Business? 13 Multiple Businesses 13 Home-based Businesses 14 On-Demand Workers 15 Hobby Income and Losses 17 “I Wish I Had This Book Last Year”: Amending Prior Years’ Tax Returns 18 One Last Caution 18 Chapter 2: Terminology 19 Self-employed Individuals and Independent Contractors 19 Employer / Employee 20 What Is a Tax Deduction? 20 Tax Write-Off 21 Personal versus Business 21 Capitalized Expenses 21 “Significant” Costs 22 Customers, Clients, and Etc. 22 IRS Audits 23 Tax Credits versus Tax Deductions 23 Chapter 3: The Four Basic Rules for All Expenses 25 Rule 1: Business Related 26 Rule 2: Ordinary Expenses 26 Rule 3: Necessary Expenses 27 Rule 4: Not “Lavish or Extravagant” 27 And One More. .. The $25 Million Dollar Rule 28 Chapter 4 475 Tax Deductions, A to Z 29 About the Author 233

Editorial Reviews

A great tax deduction resource.

From the Publisher

Packed with hundreds of tax tips you and your accountant probably never heard of. A terrific book.

Jane Applegate

This A-to-Z guide to hundreds of legitimate write-offs is like found money for business owners.

Deborah L. Jacobs

PRAISE FOR A PREVIOUS EDITION
A great tax deduction resource.

American Home Business Association

PRAISE FOR A PREVIOUS EDITION Packed with hundreds of tax tips you and your accountant probably never heard of. A terrific book.
— Jane Applegate, Syndicated Columnist

Small Business

This A to Z guide to hundreds of legitimate write-offs is like found money for business owners.
— Deborah L. Jacobs

Working Life