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

by Bernard B. Kamoroff

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:	9781493040186
Publisher:	Rowman & Littlefield Publishers, Inc.
Publication date:	02/01/2019
Edition description:	Thirteenth Edition
Pages:	248
Product dimensions:	6.90(w) x 8.90(h) x 0.70(d)

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

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

Deborah L. Jacobs

A great tax deduction resource.

American Home Business Association

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

Jane Applegate

A great tax deduction resource.

From the Publisher

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

Working Life