Small Business Tax Deductions

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1 Small Business Tax Deductions 13 th Edition Stephen Fishman, J.D.

2 Chapter 1 Tax Deduction Basics... 1 Learning Objectives... 1 Introduction... 1 How Tax Deductions Work... 1 Types of Tax Deductions... 1 You Only Pay Taxes on Your Business Profits... 2 You Must Have a Legal Basis for Your Deductions... 2 You Must Be in Business to Claim Business Deductions... 2 How Businesses Are Taxed... 2 Basic Business Forms... 3 Tax Treatment... 3 Spouses Who Co-Own a Business... 5 The Value of a Tax Deduction... 6 Federal and State Income Taxes... 6 Self-Employment Taxes... 7 Total Tax Savings... 8 What Businesses Can Deduct... 8 Start-Up Expenses... 9 Operating Expenses... 9 Capital Expenses... 9 Inventory Businesses That Lose Money Figuring a Net Operating Loss Carrying a Loss Back Carrying a Loss Forward Review Questions Review Answers Chapter 2 Are You Really in Business? Learning Objectives Introduction What Is a Business? Profit Test Behavior Test Tax Consequences of Being a Hobbyist Income-Producing Activities Tax Consequences of Income-Producing Activities Types of Income-Producing Activities Professional Trading in Stocks Real Estate as a Business Review Questions Review Answers Chapter 3 Start-Up Expenses Learning Objectives Introduction What Are Start-Up Expenses? Starting a New Business Common Start-Up Expenses Costs That Are Not Start-Up Expenses Buying an Existing Business Expanding an Existing Business When Does a Business Begin? Retail Businesses... 30

3 Manufacturers Knowledge Workers Service Providers An Existing Business Claiming the Deduction If Your Business Doesn t Last 15 Years Expenses for Businesses That Never Begin General Start-Up Costs Organizational Expenses Avoiding the Start-Up Tax Rule s Bite Review Questions Review Answers Chapter 4 Business Operating Expenses Learning Objectives Introduction Requirements for Deducting Operating Expenses Ordinary and Necessary Current Expense Business-Related Reasonable Operating Expenses That Are Not Deductible Tax Reporting Review Questions Review Answers Chapter 5 Deducting Long-Term Assets Learning Objectives Introduction What Is a Long-Term Asset? Repairs Versus Improvements: The New IRS Regulations Routine Maintenance Safe Harbor Real Property Improvements How Do the Rules Affect Prior Years? Methods for Deducting Business Assets Deducting Inexpensive Property The De Minimis Safe Harbor The Materials and Supplies Deduction Rules for Deducting Any Long-Term Asset What Property Is Eligible Real Versus Personal Property Mixed-Use Property Listed Property When Depreciation Starts and Ends How Much You Can Deduct Disposing of Long-Term Assets Section Property You Can Deduct Calculating Your Deduction Recapture Under Section Bonus Depreciation How It Works Property that Qualifies for Bonus Depreciation Placed In Service Date Class-Wide Requirement Calculating the Bonus Amount Opting Out of the Bonus ii

4 Regular Depreciation When to Use Regular Depreciation Depreciation Period First-Year Depreciation Depreciation Methods Depreciation Tables Depreciation Rules for Listed property Computer Software Real Property Intangible Assets Natural Resources Depreciation Recapture Tax Reporting and Record Keeping Leasing Long-Term Assets Leasing Versus Purchasing Leases Versus Installment Purchases Review Questions Review Answers Chapter 6 Inventory Learning Objectives Introduction What Is Inventory? Supplies Are Not Inventory Incidental Supplies Long-Term Assets Deducting Inventory Costs Computing the Cost of Goods Sold IRS Reporting for Cost of Goods Sold Maintaining an Inventory When You Provide Services and Sell Merchandise Supplies for Providing a Service Determining the Value of Inventory Taking Physical Inventory Identifying Inventory Items Sold During the Year Valuing Your Inventory Review Questions Review Answers Chapter 7 Office Expenses Learning Objectives Introduction Qualifying for the Home Office Deduction Threshold Requirement: Regular and Exclusive Business Use Additional Requirements Storing Inventory or Product Samples at Home Corporation Employees Calculating the Home Office Deduction How Much of Your Home Is Used for Business? What Expenses Can You Deduct? Simplified Home Office Deduction Method How the Simple Method Works Is the Simplified Method a Good Deal? IRS Reporting Requirements Sole Proprietors LLCs and Partnerships Corporations iii

5 Filing 1099-MISCs Audit-Proofing Your Home Office Deduction Show You re Following the Rules Keep Good Expense Records Deducting an Outside Office or Workplace Renting an Outside Workplace Buying an Outside Workplace Review Questions Review Answers Chapter 8 Car and Local Travel Expenses Learning Objectives Introduction Deductible Local Transportation Expenses Travel Must Be for Business Commuting Is Not Deductible The Standard Mileage Rate How the Standard Mileage Rate Works Requirements to Use the Standard Mileage Rate The Actual Expense Method How the Actual Expense Method Works Record-Keeping Requirements Vehicle Depreciation Deductions Leasing a Car How to Maximize Your Car Expense Deduction Use the Method That Gives the Largest Deduction Keep Good Records Other Local Transportation Expenses When Clients or Customers Reimburse You Reporting Transportation Expenses on Schedule C Corporations, LLCs, and Partnerships Using Your Own Car Using a Company Car Review Questions Review Answers Chapter 9 Business Travel Learning Objectives Introduction What Is Business Travel? Where Is Your Tax Home? Your Trip Must Be for Business What Travel Expenses Are Deductible Traveling First Class or Steerage Taking People With You How Much You Can Deduct Travel Within the United States Travel Outside the United States Conventions Travel by Ship Calculating Time Spent on Business % Limit on Meal Expenses Maximizing Your Business Travel Deductions Plan Ahead Make a Paper Trail Maximize Your Business Days Take Advantage of the Sandwich Day Rule iv

6 How to Deduct Travel Expenses Sole Proprietors Partnerships and LLCs Corporations Travel Expenses Reimbursed by Clients or Customers Review Questions Review Answers Chapter 10 Meal and Entertainment Expenses Learning Objectives Introduction What Is Business Entertainment? Activities That Aren t Entertainment Meals Can Be Travel or Entertainment Who You Can Entertain Deducting Entertainment Expenses Business Discussions Before or After Entertainment Business Discussions During Meals Entertaining at Home Entertainment in Clear Business Settings Calculating Your Deduction Expenses Must Be Reasonable Going Dutch Expenses You Can t Deduct Entertainment Tickets Reimbursed Expenses Meals for Employees Reporting Entertainment Expenses on Your Tax Return Sole Proprietors Partnerships, LLCs, and LLPs Corporations Review Questions Review Answers Chapter 11 Hiring Workers Learning Objectives Introduction Employees Versus Independent Contractors Tax Deductions for Employee Pay and Benefits Employee Pay Payroll Taxes Employee Fringe Benefits Reimbursing Employees for Business-Related Expenditures Accountable Plans Unaccountable Plans Unreimbursed Employee Expenses Employing Your Family or Yourself Employing Your Children Employing Your Spouse Rules to Follow When Employing Your Family Employing Yourself Tax Deductions When You Hire Independent Contractors No Deductions for IC s Taxes Paying Independent Contractors Expenses Review Questions Review Answers v

7 Chapter 12 Retirement Deductions Learning Objectives Introduction Why You Need a Retirement Plan (or Plans) Tax Deduction Tax Deferral Individual Retirement Accounts IRAs Traditional IRAs Roth IRAs Employer IRAs SEP-IRAs SIMPLE IRAs Keogh Plans Types of Keogh Plans Setting Up a Keogh Plan Solo 401(k) Plans Review Questions Review Answers Chapter 13 Medical Expenses Learning Objectives Introduction The Affordable Care Act (Obamacare) Health Insurance Mandate Obamacare Health Insurance Rules State Health Insurance Exchanges Open Enrollment Periods Health Insurance Premium Assistance Credits The Personal Deduction for Medical Expenses Deducting Health Insurance Costs Personal Income Tax Deduction for the Self-Employed Deducting Health Insurance as a Business Expense Tax Credits for Employee Health Insurance Requirement #1: You Must Have Employees Requirement #2: Employee Compensation Must Average Less Than $51, Requirement #3: You Must Obtain Health Insurance through State SHOP Exchange Requirement #4: You Must Pay at Least 50% of Employee Health Insurance Premiums Amount of the Credit Adopting a Health Reimbursement Arrangement What Is a Health Reimbursement Arrangement? Impact of Obamacare on HRAs What Expenses May Be Reimbursed? How to Establish an HRA Sample HRA Complying with Annual Reporting and Fee Requirements Health Savings Accounts What Are Health Savings Accounts? Establishing Your HSA Making Contributions to Your HSA Deducting HSA Contributions Withdrawing HSA Funds Are HSAs a Good Deal? HSAs for Employees Tax Reporting for HSAs Review Questions Review Answers vi

8 Chapter 14 Additional Deductions Learning Objectives Introduction Advertising Goodwill Advertising Giveaway Items Website Development and Maintenance Permanent Signs Business Bad Debts Three Requirements to Deduct Bad Debts Types of Bad Debts Casualty Losses Amount of Deduction Damage to Your Home Office Tax Reporting Charitable Contributions Contributions by Proprietors, LLCs, Partnerships, and S Corporations Clothing Dues and Subscriptions Education Expenses Starting a New Business Minimum Educational Requirements Traveling for Education Gifts Insurance for Your Business Homeowners Insurance for Your Home Office Car Insurance Interest on Business Loans Home Offices Car Loans Loans to Buy a Business Loans From Relatives and Friends Interest You Can t Deduct Deducting Investment Interest Keeping Track of Borrowed Money Legal and Professional Services Buying Long-Term Property Starting a Business Accounting Fees Taxes and Licenses Income Taxes Self-Employment Taxes Employment Taxes Sales Taxes Real Property Taxes Other Taxes License Fees Domestic Production Activities Activities That Qualify for the Deduction Excluded Activities Tangible Personal Property Mixed With Services Amount of Deduction Limits on the Deduction Review Questions Review Answers vii

9 Chapter 15 Record Keeping and Accounting Learning Objectives Introduction What Records Do You Need? Business Checkbook and Credit Cards Calendar or Appointment Book Records of Your Business Income and Expenses Tracking Your Business Expenses Supporting Documents Records Required for Specific Expenses Automobile Mileage and Expense Records Entertainment, Meal, Travel, and Gift Expenses Listed Property How Long to Keep Records What If You Don t Have Proper Tax Records? Accounting Methods Cash Method Accrual Method Which Is Better: Accrual or Cash Method Accounting? Tax Years Review Questions Review Answers Chapter 16 Claiming Tax Deductions for Prior Years Learning Objectives Introduction Reasons for Amending Your Tax Return Net Operating Losses Retroactive Tax Laws Casualty Losses Time Limits for Filing Amended Returns Three-Year Amendment Period Section 179 Deductions Net Operating Losses Bad Debts Business Start-Up Expenses How to Amend Your Return How the IRS Processes Refund Claims Review Questions Review Answers Chapter 17 Staying Out of Trouble with the IRS Learning Objectives Introduction What Every Business Owner Needs to Know About the IRS Anatomy of an Audit The IRS: Clear and Present Danger or Phantom Menace? You Are a Prime IRS Target How Tax Returns Are Selected for Audits Eight Tips for Avoiding an Audit Tip #1: Be Neat, Thorough, and Exact Tip #2: Don t File Early Tip #3: Form a Business Entity Tip #4: Explain Items the IRS Will Question Tip #5: Avoid Ambiguous or General Expenses Tip #6: Report All of Your Income Tip #7: Watch Your Income-to-Deduction Ratio viii

10 Tip #8: Beware of Abnormally Large Deductions Review Questions Review Answers Chapter 18 Help Beyond This Book Learning Objectives Introduction Secondary Sources of Tax Information Information From the IRS Other Online Tax Resources Tax Publications Tax Software The Tax Law Internal Revenue Code IRS Regulations Court Cases IRS Rulings, Interpretations, and Tax Advice Consulting a Tax Professional Types of Tax Pros Review Questions Review Answers Glossary Index ix

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