Synopses & Reviews
Small business owners that want to learn how to save money by maximizing their business tax deductions (resulting in lower tax bills). Useful for any type of small business owner (sole proprietor, partnership, LLC, corporation). If you elect to work from home, the federal government is prepared to help you out by allowing you to deduct your home office expenses from your taxes. This is so whether you own your home or apartment or are a renter. Although this tax deduction is commonly called the home office deduction, it is not limited to home offices. You can also take it if, for example, you have a workshop or studio at home. Because some people claim that the home office deduction is an audit flag for the IRS, many self-employed people who may qualify for it are afraid to take it. Although taking the home office deduction might increase your chance of being audited, the chances are still relatively small. Also, you have nothing to fear from an audit if you're entitled to the deduction. However, if you intend to take the deduction, you should also make the effort to understand the requirements and set up your home office so as to satisfy them
Synopsis
Keep more of your hard-earned money Completely updated for 2008. Tax deductions are essential to any business, but even more so when your office is also your home. You can spend thousands on an accountant -- or you can turn to Home Business Tax Deductions and do it yourself Home Business Tax Deductions will help you write off your home office, start-up and operating expenses, vehicles and travel, entertainment and meals, health insurance and medical bills, inventory equipment and much more The 4th edition is completely updated with all the latest tax information and numbers for 2008, and provides new information on tax planning. Home Business Tax Deductions also covers how to avoid being classified as a hobby business, steer clear of home-business tax scams, stay out of trouble with the IRS and take special deductions if your business loses money.