475 Tax Deductions for All Small Businesses, Home Businesses, Self - Professionals, Contractors, Consultants, Stores Shops, Gig Workers,

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

By Bernard B. Kamoroff

Product details

• Authors: Bernard B. Kamoroff, Kamoroff Bernard B.
• Publisher: Rowman and Littlefield
• Languages: English
• Product format: Paperback / Softback
• Released: 01.09.2022
• EAN: 9781493073726
• ISBN: 978-1-4930-7372-6
• No. of pages: 268
• Subjects: Guides > Law, job, finance > Taxes; Social sciences, law, business > Business > Miscellaneous; BUSINESS & ECONOMICS / Personal Finance / General, Personal finance, Small businesses & self-employed, BUSINESS & ECONOMICS / Small Business, BUSINESS & ECONOMICS / Public Finance, LAW / Taxation, Small businesses and self-employment, Public finance, Public finance and taxation, BUSINESS & ECONOMICS / Freelance & Self-Employment, Corporate Tax, Corporate and business tax laws