Automotive Deals BOTYSFKT Amazon Fashion Learn more nav_sap_plcc_ascpsc Stephen Marley Fire TV Stick Sun Care Handmade school supplies Shop-by-Room Amazon Cash Back Offer harmonquest_s1 harmonquest_s1 harmonquest_s1  Amazon Echo  Echo Dot  Amazon Tap  Echo Dot  Amazon Tap  Amazon Echo Starting at $49.99 All-New Kindle Oasis STEM Segway miniPro

Your rating(Clear)Rate this item


There was a problem filtering reviews right now. Please try again later.

on March 2, 2006
The income tax laws of the United States clearly allow you do deduct business expenses. But from this basic rule has come an incredibly complex set of subsidiary rules that further define what are legitimate deductions and what are not allowed.

The strength of this book is that it explains these rather complex (arcane even) IRS rules in plain common sense language that the average businessman can follow. And further it gives hints and tips that are based on what is known about how the IRS really operates - these are the real rules instead of the written rules. For instance -- Filing by mail reduces your chance of being audited. Why, because the IRS doesn't transcribe all of the information on the printed return to electronic form where it can be analyzed by computer. If you file electronically, everything you enter is available for the computer to analyze.

You'll never know if information like this kept you from being audited, but it's certainly information that you'd want to know. In this book there is a wealth of such information that can't help but be of use as you prepare your tax forms.
55 comments| 74 people found this helpful. Was this review helpful to you?YesNoReport abuse
on September 25, 2007
Great book. Just one comment. A lot of the text in this book is identical to the text in Tax Deductions for Professionals. You don't need both books; choose one.
0Comment| 42 people found this helpful. Was this review helpful to you?YesNoReport abuse
on July 22, 2005
At first glance, I thought, "Okay. It's a textbook." Yet, as I read this book it became a walk through finding what I wanted - excellent tips on small business deductions.

Mr. Fishman has managed to convert tax law and accounting into an easy to follow source for anyone who has or plans to have a small business.

And there were many sections that surprized me.

One example was "The basic rule is that, no matter what month and day of the year you buy an asset, you treat it as being placed in service on July 1 -the midpoint of the year. This means that you get one-half year of depreciation for the first year that you own an asset."

Another great part in this book is that he identifies excellent details about the difference between deductions for the homebased small business deductions that are local travel (within your county), versus travel that is outside of your area.

Some of the well-placed, noteworthy websites in this this book are:

Kelly Blue Book [...]

Edmunds [...]

NADA Guides [...]

Tax websites:

[...]

[...]
33 comments| 62 people found this helpful. Was this review helpful to you?YesNoReport abuse
on October 5, 2007
I read this book after forming a C-Corp in California (using the Nolo guide). Although I am familiar with many biz deductions, this book walks you through many examples of deductions you can take if you plan ahead. I really like the "Day in the Life of..." examples of how you can maximize legal deductions pertaining to mileage. There's an excellent section on home office deductions. My husband, a self-admitted dummy when it comes to expense reports, taxes, etc., picked up the book after I was done, and even he understands the concepts. Already he has found deductions for his sole proprietorship and non-reimbursed employee biz expenses. Great value and so easy to understand. Highly recommend.
0Comment| 11 people found this helpful. Was this review helpful to you?YesNoReport abuse
on November 17, 2012
I've purchased five of these Nolo books that are helpful for Landlords and they are a wealth of information specific to the topic. They are great for resources because they are carefully indexed, so you can go right to the topic you need. But, they are not bad to just read and pick up on something that you missed - especially important with deductions because you don't want to miss a thing! They aren't dry, textbook reading.

All have been well organized and very helpful - as titled on my review. Also, as titled, they can overlap each other in the information covered. For example, this book and Every Landlord's Tax Deduction Guide have much of the same information. Even though they are both great books, it's likely you won't need both. I'm a relatively new landlord - okay - brand new. I believe these books have given me the foundation and supplied the information that I need to manage my business well. Tons of things I would never have dreamed of. For example, did you know that carpet was considered personal property? Neither did I! More importantly, I found out that if I bought carpet this year, because of a deduction ending in 2012, I can depreciate 50% of the cost of that improvement in one year! That's almost like getting free stuff! These books are going to save me a bundle!
0Comment| 5 people found this helpful. Was this review helpful to you?YesNoReport abuse
VINE VOICEon January 27, 2008
This book is a must small business owners because it can improve their bottom line. Although it provides fairly good overview of tax deudctions, it should not be used as a comprehensive reference for tax professionals.

The book is a relatively light read in a highly readable format. Each tax deduction has a good overview and a case example to boot. It isn't, however, an answer to complex tax questions which the book willingly acknowledges should be taken to a tax professional. For most business owners, this book should be sufficient for most of the tax deduction questions they may have. This book certainly answered all of mine.

The book provides valuable information on the probability of an IRS audit (don't form sole proprietorship if you want to avoid an audit) and how one can minimize one's chances of an audit.
0Comment| 9 people found this helpful. Was this review helpful to you?YesNoReport abuse
on March 26, 2007
If you are unsure if you are MAXIMIZING your tax deductions for your small bizness, I guarantee that if you read this book you'll find more ways to save your hard earned money!
0Comment| 10 people found this helpful. Was this review helpful to you?YesNoReport abuse
on March 29, 2007
If your a first time business owner this is a must have on your book shelf. You'll even learn how to deduct the book itself in the first chapter! You'll be severly handicapting yourself by not buying the book.
0Comment| 9 people found this helpful. Was this review helpful to you?YesNoReport abuse
on June 25, 2006
This book is absolutely terrific (as are most NOLO books). the author details what is deductable for the different forms of businesses, what records are required, how to record those records and specifics for all the major topics of deductable expenses. All in all if you walked in to see an accountant day one of starting out your business he should just hand you this book have you read and then answer any questions that you need further clarification on. This is a great reference if you are unsure how a specific deduction works and a very quick and easy read. This should be on every business owners shelf!
0Comment| 19 people found this helpful. Was this review helpful to you?YesNoReport abuse
on June 30, 2013
I worked my way through four tax books oriented toward small businesses, and this one was the clear winner if you operate from a home office -- better even than the NOLO books ostensibly for those running a business from the home. I picked up several office-at-home deduction tips that added up to quite a bit.

Good advice, clear writing.

What's missing: there is not nearly enough on multi-member LLC/partnership tax tips; a few general items, but given how many small multi-member LLC's there are out there, this is a gap. There also is not any helpful information related to timing of reimbursements -- how is it handled from a tax perspective if a member purchases something in November, but doesn't submit an expense report and get reimbursement until January?

I liked this one in the print edition, and decided to buy it in the kindle format to make searching easier.
0Comment| 3 people found this helpful. Was this review helpful to you?YesNoReport abuse