Read more
This invaluable book not only lists the individual items that are deductible but also explains where to list them on your income tax form. The fourteenth edition is completely updated to include new changes in tax law.
List 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
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.
