475 Tax Deductions for All Small Businesses, Home Businesses, and Self-Employed Individuals

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.

• Preface A Treasure Hunt xiChapter 1:Introduction to Tax Deductions 1Relax 1Who Is This Book For? 2Business Legal Structure 2How to Use This Book to Your Best Advantage 3Expense Categories 5Is Every Possible Tax Deduction Listed? 6Isn’t This What You Pay Your Accountant For? 6Will Your Deductions Trigger an Audit? 7When in Doubt, Deduct 8Tax Loopholes and Tax Secrets 9Federal versus State Laws 9Keeping Records 9When Can You Take a Deduction? 10Cash Method versus Accrual Accounting 10Structuring—and Wording—Transactions toYour Best Tax Advantage 11Timing Transactions to Your Best Tax Advantage:Year-End Strategies 12Year-End Payments 12Paying Business Expenses: You or Your Business? 13Multiple Businesses 13Home-based Businesses 14On-Demand Workers 15Hobby Income and Losses 17“I Wish I Had This Book Last Year”: AmendingPrior Years’ Tax Returns 18One Last Caution 18Chapter 2:Terminology 19Self-employed Individuals and IndependentContractors 19Employer / Employee 20What Is a Tax Deduction? 20Tax Write-Off 21Personal versus Business 21Capitalized Expenses 21“Significant” Costs 22Customers, Clients, and Etc. 22IRS Audits 23Tax Credits versus Tax Deductions 23Chapter 3:The Four Basic Rules for All Expenses 25Rule 1: Business Related 26Rule 2: Ordinary Expenses 26Rule 3: Necessary Expenses 27Rule 4: Not “Lavish or Extravagant” 27And One More . . . The $25 Million Dollar Rule 28Chapter 4 475 Tax Deductions, A to Z 29About the Author 233

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