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:
TABLE OF CONTENTS
Introduction
Business Structures
Sole Proprietorship
Partnerships
Corporations
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
Software
Ledger Books
Checkbook Register
Filing Systems
Cash vs. Accrual Accounting
Ordinary, Necessary, and Reasonable Business Expenses
Rent
Telephone Charges
Utilities
Internet Service Fees
Software programs
Office Supplies
Office Décor
Office Furniture
Website Costs
Advertising/Marketing Costs
Postage
Credit Card Processing Fees
Cellphones
Professional Service Fees
Maintenance Agreements
Banking Fees
Cleaning Services
Education and Reference Resources
Professional Fees/Licenses
State and Local Taxes
Inventory
Training Seminars, online courses
Child/Dependent Care
Bad Debt
Interest on Business Debt
Business Gifts
Storage Fees
Uniforms
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
Meals
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
Eligibility
Room Method v. Square Footage
Drawback
Travel Expenses (Deduct Your Vacation!)
Retirement Contributions
Contribution Deductibility Limits
Pension / Retirement Plan start-up costs
Capitalization and Depreciation
Start-up Costs
Depreciation
First-year Conventions
Calculating Depreciation
Section 179 Deductions
Cost Segregation
Energy-Efficiency Improvements
Employees
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
Conclusion
