Deduct It!: Lower Your Small Business Taxes

by Stephen Fishman

Completely updated for 2015 returns!





Deduct It! shows you how to maximize your business deductions—quickly, easily and legally. Easy to read and full of real-world examples, Deduct It! will pay for itself many times over. It covers deductions for:





start-up and operating expenses


travel, meals and entertainment


home offices (including new IRS rules)


health care


equipment and inventory


Obamacare





Includes detailed information on the new health care law (Obamacare) and how it affects small business owners, including the health insurance mandate for individuals and businesses with employees, credits and deductions under the new law, IRS penalties for noncompliance, and Obamacare's impact on HRAs (Health Reimbursement Arrangements) and HSAs (Health Savings Accounts).





Deduct It! shows you how to avoid problems with the IRS, including having your business classified as a hobby. It also explains how to amend your tax return if necessary. Whether your enterprise is just starting or well established, this book is indispensable to your financial success.

Genres: Business, Finance, Taxation, Nonfiction, Reference, Money

544 pages, Kindle Edition

First published May 1, 2004

Reviews

[Sjors · Rating 4 out of 5]

I read the 15th Edition (2018).

Good overview of the relevant regulations. After this, you will be ready to consume the raw IRS guidance on the required forms and schedules. Book could be improved by incorporating IRS Form 1040 Schedule C and discussing, by expense category, what items can be deducted. Where do I deduct my Zoom subscription? Can I deduct my Nespresso machine?

Death and Taxes, amirite?

[Conrad · Rating 5 out of 5]

Well written and brilliantly edited, like the other Nolo books I have read. If all books were so well edited, everyone would return to reading. And as a small business owner, I found it full of useful information.

[Christina · Rating 4 out of 5]

3.5 stars. Skimmed through this helpful and practical guide. Well-laid out and content is accessible. This answered almost all the questions I had about taxes and self-employment. A good reference.

[Bob · Rating 4 out of 5]

This was a very helpful book.

[Sarah Schwab · Rating 4 out of 5]

This book gave me a handle on what to look out for to manage my small business deductions. Practice will make perfect.

[Rachel Blom · Rating 4 out of 5]

It's not a fun read, obviously, but it is a good one. Deduct it! makes taxes for small business understandable and gives plenty of info to fill out your tax returns and prepare for next season so you can maximize your profits.

The only downside is that this book contained almost the same info as Tax Deductions for Home Businesses. Don't understand why they publish two different titles with basically the same info...Hence the one star deduction.

[Eric · Rating 1 out of 5]

This book runs through a lot of tax law related to running a small business and different things that your business can do to reduce its tax burden.

[Cara]

Just skimmed, but this book has cleared up a lot of questions I had about the details of how to deduct business trips and a few other things like that. Good stuff.

[Elizabeth Peterson · Rating 3 out of 5]

Need to read the current version. Good info for a cursory understanding of how business deductions work with taxes, but not reliable otherwise. (I had the 2010 version from the library).