Deduct it! : lower your small business taxes
Edition
20th edition.
Publication Information
El Segundo, CA : Nolo, 2024.
Physical Description
450 pages : illustrations ; 23 cm
Summary
"Deduct It! shows you how to maximize your business deductions--quickly, easily, and legally. Whether your business is just starting or well established, this book is indispensable to your financial success. It covers deductions for: start-up and operating expenses, travel and meals, home offices, medical expenses, equipment and inventory, and more. Learn the rules for deducting: net operating losses, state income taxes with a pass-through entity, and cryptocurrency given to a charity. This book also has updated information on Section 179 expensing and everything you need to know about the 20% pass-through deduction. Easy to read and full of real-world examples, Deduct It! will pay for itself many times over--especially if the newly beefed-up IRS comes calling. This edition has a new section on tax credits and deductions for electric vehicles"--
Notes
Includes index.
Contents
- Introduction
- Tax deduction basics
- Are you really in business?
- Start-up expenses
- Business operating expenses
- Deducting long-term assets
- Inventory
- Office expenses
- Car and local travel expenses
- Business travel
- The pass-through tax deduction
- Hiring workers
- Retirement deductions
- Medical expenses
- Additional deductions
- Using cryptocurrency in your business
- Record keeping and accounting
- Staying out of trouble with the IRS.