Home Business Tax Deductions: Keep What You Earn

by Stephen Fishman J.D.

Overview

Pay less to the IRS

For any home business, claiming all the tax deductions you are entitled to is essential to your business’s financial success. Don’t miss out on the many valuable deductions you can claim. Here, you’ll find out how to deduct:

• start-up costs
• home office expenses
• vehicles, meals, and travel expenses
• medical expenses, and
• retirement expenses.

You’ll also learn how to keep accurate, thorough records in case the IRS ever comes calling. Easy to read and full of real-life examples, this book can help you take advantage of all the valuable deductions you are entitled to.

The 16th edition is updated to cover changes under the Tax Cuts and Jobs Act.

Product Details

ISBN-13:	9781413332223
Publisher:	NOLO
Publication date:	12/01/2024
Sold by:	Barnes & Noble
Format:	eBook
Pages:	432
File size:	4 MB

About the Author

Stephen Fishman has dedicated his career as an attorney and author to writing useful, authoritative, and recognized guides on business, taxation, and intellectual property matters for small businesses, entrepreneurs, independent contractors, and freelancers. He is the author of 20 books and hundreds of articles, and has been quoted in The New York Times, Wall Street Journal, Chicago Tribune, and many other publications. Among his books are Every Landlord’s Tax Deduction Guide, Deduct It! Lower Your Small Business Taxes, and Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Gig Workers of All Types, published by Nolo. He is a two-time recipient of the Independent Book Publishers Association’s Benjamin Franklin Award.

Table of Contents

Introduction 1. Some Tax Basics 2. Is Your Home Really a Business? 3. Getting Your Business Up and Running 4. Home Business Operating Expenses 5. Deducting Long-Term Assets 6. The Home Office Deduction 7. The Pass-Through Tax Deduction 8. Getting Around Town: Car and Local Travel Expenses 9. Leaving Town: Business Travel 10. Inventory 11. Hiring Help: Employees and Independent Contractors 12. What if You Get Sick? Deducting Medical Expenses 13. Deductions that Can Help You Retire 14. More Home Business Deductions 15. Record Keeping and Accounting 16. Businesses Owned by Spouses 17. Eight Tips for Avoiding an IRS Audit Index

Interviews

Understanding tax deductions is an essential part of any home business—without the money saved by taking deductions, many home businesses couldn’t get started or operate profitably. This book covers all you need to know about the Tax Cuts and Jobs Act to make sure you that you are taking advantage of all the tax deductions to which you are entitled. Practical and organized by chapter into the most commonly used home business tax deductions, this book shows how to plan for and take advantage of the tax breaks available to home business owners. From home office expenses to start-up expenses to health care costs to travel, and meals, this book shows home business owners how to deduct their business-related expenses and pay less to the IRS.

Editorial Reviews

"Whether you're going to start or have already started your business, you need this book." Paul Tulenko, syndicated business columnist

From the Publisher