By Frederick W. Daily Attorney, Jeffrey A Quinn CPA
The fundamental tax-strategy e-book for marketers who name themselves ''boss.'' Named a ''Best Tax Book'' through Entrepreneur understanding the bits and bobs of the tax code is essential to the healthiness of each small company. nearly each determination a enterprise makes has tax results which may have an effect on its final analysis -- and the IRS is often gazing. Tax Savvy for Small enterprise offers necessary thoughts that may unlock a while and funds for what counts -- working your corporation, and operating it successfully. It explains tips to:
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Vehicles There are very specific rules and limits for deducting vehicle costs, discussed in “Vehicle Expenses,” below. 2. Equipment and Furniture The costs of acquiring assets like equipment and furniture are discussed in Chapter 3. 3. Inventory Inventory costs have their own way of being accounted for. See “When Various Expenses May Be Deducted” in Chapter 3. Technically, these are not expenses. 4. Home Offices Home offices can produce such large tax deductions that they are covered at length in a separate chapter: Chapter 14.
This 50-page booklet is a must-read if you are doing your own tax preparation and need more details than we can provide here. • IRS Publication 525, Taxable and Nontaxable Income. • The IRS is always on the lookout for personal costs being deducted for business. • IRS Publication 529, Miscellaneous Deductions. • Vehicle and local travel expenses can provide major deductions using either the standard mileage rate or actual expense method. • Master Tax Guide (Commerce Clearing House). A one-volume tax reference book with a lot of tax deduction materials for individuals and small business owners.
What are the tax angles for the money spent for what are commonly called start-up costs before opening the doors of your new venture? There are three tax rules to choose from, and one bonus rule: Rule One. You can deduct up to $5,000 of preopening expenses in the first year you are in business. Anything over that must be deducted over the following 15 years. There are restrictions on this deduction, however, if your start-up expenses exceed $50,000. If your first year wasn’t profitable and your second year looks iffy, then you might be better off choosing Rule Two or Three.
Tax Savvy for Small Business by Frederick W. Daily Attorney, Jeffrey A Quinn CPA