Deduct It!: Lower Your Small Business Taxes

By Stephen Fishman and Stephen Fishman J.D.

Book Overview

Reduce your taxes

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 about new tax rules for deducting a net operating loss,
the expanded employee retention tax credit, and COVID-19 sick and family leave
tax credits. The book also covers 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.

This edition covers amended and extended tax laws for business owners affected by the coronavirus (COVID-19) pandemic.

• Format: Paperback
• Language: English
• ISBN: 1413329241
• ISBN13: 9781413329247
• Release Date: November 2021
• Publisher: NOLO
• Length: 464 Pages
• Weight: 1.59 lbs.
• Dimensions: 1.1" x 6.9" x 8.9"

Customer Reviews

Great book!

Great book. Just one comment. A lot of the text in this book is identical to the text in Tax Deductions for Professionals. You don't need both books; choose one.

Worth every dollar x 10

If you are unsure if you are MAXIMIZING your tax deductions for your small bizness, I guarantee that if you read this book you'll find more ways to save your hard earned money!

J Vasquez

This book is amazing. It's hard to set it down. Well organized with clear explanations and examples. A must for new business owners. It will help you steer away from IRS audits. The capital expense section will show you how to deduct the cost of this book.

Explaining the Rules, Both Written and Understood

The income tax laws of the United States clearly allow you do deduct business expenses. But from this basic rule has come an incredibly complex set of subsidiary rules that further define what are legitimate deductions and what are not allowed. The strength of this book is that it explains these rather complex (arcane even) IRS rules in plain common sense language that the average businessman can follow. And further it gives hints and tips that are based on what is known about how the IRS really operates - these are the real rules instead of the written rules. For instance -- Filing by mail reduces your chance of being audited. Why, because the IRS doesn't transcribe all of the information on the printed return to electronic form where it can be analyzed by computer. If you file electronically, everything you enter is available for the computer to analyze. You'll never know if information like this kept you from being audited, but it's certainly information that you'd want to know. In this book there is a wealth of such information that can't help but be of use as you prepare your tax forms.

Excellent Tips

At first glance, I thought, "Okay. It's a textbook." Yet, as I read this book it became a walk through finding what I wanted - excellent tips on small business deductions. Mr. Fishman has managed to convert tax law and accounting into an easy to follow source for anyone who has or plans to have a small business. And there were many sections that surprized me. One example was "The basic rule is that, no matter what month and day of the year you buy an asset, you treat it as being placed in service on July 1 -the midpoint of the year. This means that you get one-half year of depreciation for the first year that you own an asset." Another great part in this book is that he identifies excellent details about the difference between deductions for the homebased small business deductions that are local travel (within your county), versus travel that is outside of your area. Some of the well-placed, noteworthy websites in this this book are: Kelly Blue Book www.kbb.com Edmunds www.edmunds.com NADA Guides www.nadaguides.com Tax websites: www.unclefed.com www.taxguru.net