The Small Business Owners Tax Guide

TAXES, taxes, taxes.  They are a fact of life, especially a business life.  Many, many small business owners overpay taxes each and every year because they are not educated on all of the possible allowable tax deductions they can take, and they don’t plan their expenses properly to take advantage of their deductibility.  No one should overpay taxes — ever. The tax laws are meant to be followed, just like any other law, so if you are allowed to take a deduction, doesn’t it make sense that you would take it?

The wealthy pay a lot less in taxes than you do because they know the rules and TAKE ADVANTAGE OF THE TAX BENEFITS OF OWNING A BUSINESS.  Why don’t you?  Because you haven’t learned the rules.  That ends today. Here’s a book, written in easy-to-understand English (not IRS double-speak) that explains the rules and gives you tips and suggestions on how you, too, can deduct, deduct, deduct.

The Small Business Owner’s Tax Guide: 101 Things You Must Know Today About Reducing Taxes

The IRS says all “ordinary and necessary” expenses you incur in operating your business are tax deductions. Interestingly enough, the IRS has never actually defined “ordinary” or “necessary.”   So sometimes only the actual business owner can know if the expense is ordinary and necessary.  Knowing the rules can help you maximize the value of your tax deductions, tax credits, and tax deferral strategies, dramatically increasing your savings.

It’s your money.  Learn how to keep more of it. (Oh, and the cost of this book … it’s deductible!)

Here’s what you’ll find inside:




Business Structures

Sole Proprietorship



Types of Corporations

Limited Liability Companies

Obtaining an Employer Identification Number

Establishing the Entity of your Choice

Hiring Experts vs. Do-it-Yourself

Tax Preparation Software

Storefront Tax Preparers

Enrolled Agents

Certified Public Accountants

Tax Attorneys

Characteristics to Look For

Record-Keeping Basics


Ledger Books

Checkbook Register

Filing Systems

Cash vs. Accrual Accounting

Ordinary, Necessary, and Reasonable  Business Expenses


Telephone Charges


Internet Service Fees

Software programs

Office Supplies

Office Décor

Office Furniture

Website Costs

Advertising/Marketing Costs


Credit Card Processing Fees


Professional Service Fees

Maintenance Agreements

Banking Fees

Cleaning Services

Education and Reference Resources

Professional Fees/Licenses

State and Local Taxes


Training Seminars, online courses

Child/Dependent Care

Bad Debt

Interest on Business Debt

Business Gifts

Storage Fees


Medical Expenses

Moving Expenses

Professional Associations/Networking Fees

Charity Donations

Cost of Goods Sold

Personal Services to the Business

Payments in Kind

Casualty Losses

Insurance Deductions

Business and Professional liability

Disability Insurance

Automobile Insurance

Health Insurance

Health Savings Accounts

Meals and Entertainment



Vehicle and Mileage Deductions

Record-Keeping Requirement

Deductible vs. Personal Commuting Miles

Standard Mileage Deduction Rates

Actual Expense Deduction

Switching Methods

Multiple Cars

Parking and Tolls, Public Transportation

Owning vs. Leasing

Specialty Vehicles

Sales Tax

Home Office Deduction


Room Method v. Square Footage


Travel Expenses (Deduct Your Vacation!)

Retirement Contributions

Contribution Deductibility Limits

Pension / Retirement Plan start-up costs

Capitalization and Depreciation

Start-up Costs


First-year Conventions

Calculating Depreciation

Section 179 Deductions

Cost Segregation

Energy-Efficiency Improvements


Required Forms

Rules for Independent Contractors

Hiring Family Members

Tax Credits

Employment Credits

Childcare Facilities

Community Development Corporations

Disabled Access Credit

Low-Income Housing Credit

New Markets Tax Credit

Passive Activity Credit

Rehabilitation Credit

Strategies to Manage Taxes

Review your tax return before filing

Pay your estimated taxes

File for an extension

Review previous years and Amend

Manage Timing of Purchases and Income

Limits on Losses

Not-for-Profit Limits

At-Risk Limits

Passive Activities

Net Operating Losses

Special Taxes

Self-Employment Tax

Alternative Minimum Tax

Prepare for an Audit

Correspondence Audit

In-Office Audit

Field Audit

Hobby or Not-for-Profit activities

1031 Exchanges

Reverse Like-Kind Exchanges


Available Now:  The Small Business Owner’s Tax Guide

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