Tax Deductions for Professionals
by Stephen Fishman

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Book Summary Information

Summary of Tax Deductions for Professionals

If you're ready to hold on to more of your hard-earned money, turn to Tax Deductions for Professionals. Comprehensive, easy to read and filled with interesting examples, the book is organized into practical categories featuring common deductions, including:

-start-up and operating expenses -health deductions -vehicles and travel -entertainment and meals -home office and many more

Plus -- unlike any other book on the market -- Tax Deductions for Professionals can help you choose the best legal structure for your practice, the most important business (and tax) decision you'll make.

The book also covers putting money into retirement accounts, the tax implications of owning the building you work in, and deducting the cost of continuing education, professional fees and other expenses.

TABLE of CONTENTS Introduction

A. Why You Need This Book B. The Ever-Changing Tax Laws C. Icons Used in This Book

1. Tax Deduction Basics

A. How Tax Deductions Work B. The Value of a Tax Deduction C. What Professionals Can Deduct

2. Choice of Business Entity

A. Types of Business Entities B. Limiting Your Liability C. The Four Ways Business Entities Are Taxed D. Comparing Tax Treatments E. Should You Change Your Business Entity or Tax Treatment?

3. Operating Expenses

A. Requirements for Deducting Operating Expenses B. Operating Expenses That Are Not Deductible C. Tax Reporting

4. Meal and Entertainment Expenses

A. What Is Business Entertainment? B. Who You Can Entertain C. Deducting Entertainment Expenses D. Calculating Your Deduction E. Expenses Reimbursed by Clients F. Reporting Entertainment Expenses to the IRS

5. Car and Local Travel Expenses

A. Deductible Local Transportation Expenses B. The Standard Mileage Rate C. The Actual Expense Method D. How to Maximize Your Car Expense Deduction E. Other Local Transportation Expenses F. Reporting Transportation Expenses on Schedule C G. When Clients Reimburse You H. Professionals With Business Entities I. Should You Trade In or Sell Your Old Car?

6. Long Distance Travel Expenses

A. What Is Business Travel? B. What Travel Expenses Are Deductible C. How Much You Can Deduct D. Maximizing Your Business Travel Deductions E. How to Deduct Travel Expenses F. Travel Expenses Reimbursed by Clients

7. The Home Office Deduction

A. Qualifying for the Home Office Deduction B. Calculating the Home Office Deduction C. How to Deduct Home Office Expenses D. Audit-Proofing Your Home Office Deduction

8. Deductions for Outside Offices

A. If You Rent Your Office B. If You Own Your Office C. If You Lease a Building to Your Practice

9. Deducting Long-Term Assets

A. Long-Term Assets B. Section 179 Deductions C. Depreciation D. Tax Reporting and Record Keeping for Section 179 and Depreciation E. Leasing Long-Term Assets

10. Start-Up Expenses

A. What Are Start-Up Expenses? B. Starting a New Practice C. Buying an Existing Practice D. Expanding an Existing Practice E. When Does a Professional Practice Begin? F. How to Deduct Start-Up Expenses G. Expenses for Practices That Never Begin H. Organizational Expenses

11. Medical Expenses

A. The Personal Deduction for Medical Expenses B. Self-Employed Health Insurance Deduction C. Deducting Health Insurance as an Employee Fringe Benefit D. Adopting a Medical Reimbursement Plan E. Health Savings Accounts

12. Retirement Deductions

A. Why You Need a Retirement Plan (or Plans) B. Types of Retirement Plans C. Individual Retirement Accounts-IRAs D. IRAs for Businesses E. Qualified Retirement Plans F. Keogh Plans G. Solo 401(k) Plans H. Roth 401(k) Plans

13. Inventory

A. What Is Inventory? B. Do You Have to Carry an Inventory? C. Deducting Inventory Costs D. IRS Reporting

14. More Deductions

A. Advertising B. Business Bad Debts C. Casualty Losses D. Charitable Contributions E. Clothing F. Disabled Access Tax Credit G. License Fees, Dues, and Subscriptions H. Education Expenses I. Gifts J. Insurance for Your Practice K. Interest on Business Loans L. Legal and Professional Services M. Taxes N. Domestic Production Activities

15. Hiring Employees and Independent Contractors

A. Employees Versus Independent Contractors B. Tax Deductions for Employee Pay and Benefits C. Reimbursing Employees D. Employing Your Family E. Tax Deductions When You Hire Independent Contractors

16. Professionals Who Incorporate

A. Automatic Employee Status B. Paying Yourself C. Employee Fringe Benefits D. Shareholder Loans

17. How You Pay Business Expenses

A. Your Practice Pays B. Using Personal Funds to Pay for Business Expenses C. Your Client Reimburses You D. Accountable Plans

18. Amending Tax Returns

A. Reasons for Amending Your Tax Return B. Time Limits for Filing Amended Returns C. How to Amend Your Return D. How the IRS Processes Refund Claims

19. Staying Out of Trouble With the IRS

A. Anatomy of an Audit B. The IRS: Clear and Present Danger or Phantom Menace? C. How Tax Returns Are Selected for Audits D. Tax Shelters, Scams, and Schemes E. Ten Tips for Avoiding an Audit

20. Record Keeping and Accounting

A. Recording Your Expenses B. Documenting Your Deductions C. Accounting Methods D. Tax Years

21. Help Beyond This Book

A. Secondary Sources of Tax Information B. The Tax Law C. Consulting a Tax Professional

Index

Taxation Books

• Subjects > Law > Taxation
• Professional & Technical > Accounting & Finance > Accounting