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Home Business Tax Deductions: Keep What You Earn Paperback – November 29, 2010


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Editorial Reviews

Review

"Fishman translates complicated tax-law jargon into words you can understand and apply to your home-based business without a CPA."  Paul Tulenko, syndicated business columnist

--This text refers to an out of print or unavailable edition of this title.

About the Author

Stephen Fishman is the author of many Nolo books, most recently Tax Deductions for Professionals. Other titles include Deduct It! Lower Your Small Business Taxes, Every Landlord's Tax Deduction Guide and Home Business Tax Deductions - plus many other legal and business books. He received his law degree from the University of Southern California. After time in government and private practice, he became a full-time legal writer.
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Product Details

  • Series: Home Business Tax Deductions
  • Paperback: 542 pages
  • Publisher: NOLO; Seventh Edition edition (November 29, 2010)
  • Language: English
  • ISBN-10: 1413312780
  • ISBN-13: 978-1413312782
  • Product Dimensions: 6.9 x 1.1 x 8.9 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (35 customer reviews)
  • Amazon Best Sellers Rank: #1,379,815 in Books (See Top 100 in Books)

More About the Author

Stephen Fishman has dedicated his career as an attorney and author to writing useful, authoritative and recognized guides on taxes and business law for entrepreneurs, independent contractors, freelancers and other self-employed people, as well as books on copyright law and the public domain. He is the author of over 20 books and hundreds of articles, and has been quoted in The New York Times, Wall Street Journal, Chicago Tribune, and many other publications. He lives in Alameda, California with his wife.

His website is at www.fishmanlawandtaxfiles.com

Customer Reviews

4.7 out of 5 stars
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Most Helpful Customer Reviews

10 of 10 people found the following review helpful By Amazon Customer Since Amazon Sold Only Books TOP 100 REVIEWERVINE VOICE on February 3, 2011
Format: Paperback Vine Customer Review of Free Product ( What's this? )
I am in the process of starting up a new branch of my personal training business, and have been worried about how to keep correct records, and filing my taxes properly (and to my best advantage).

For me, this book is a GOLDMINE of information! I am so thrilled to have it--it answered all of my questions and will serve as a valuable tool throughout the year.

It starts with the basics: Using personal stories and examples that are applicable to a home business owner, the author begins with describing how deductions work, how business are taxed, and how you can use this information to best benefit you, to get the greatest value from your deductions.

You have to prove you are a real business and this book teaches you exactly how to do that. I remember back in the 80's you could just create a business so that your hobby could be a tax deduction. Not anymore.

Start up expenses: There are certain expenses you can write off, and some you cannot. There are certain rules you have to follow when you start a business, and there are even accomodations for businesses that never actually get off of the ground. There are also pitfalls (set ups, in my opinion) within the IRS that will bit you in the butt if you don't handle them properly--which this book tells you exactly how to do. Inventory is covered--how to start it up, maintain it, and deduct the costs thereof. It walks you through how to report your inventory to the IRS.

Operating in your home gives you certain tax benefits (we all know that). But, again, unlike the 80's, where you could write off soooo much, now those write offs are limited. This book lays out exactly what those limitations are and how to make the most of your write offs.
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4 of 4 people found the following review helpful By Lorenzo M. in the Hollywood CA Area VINE VOICE on February 25, 2011
Format: Paperback Vine Customer Review of Free Product ( What's this? )
Home Business Tax Deductions is another of No Lo amazing books!

This book gives you a number of real-world examples and is a very easy read. Ypou'll be very surprised when you find this book is written ina very invisting and engaing way. You will definately learn so much in just the first few chapters and it will be a reference you return to often!

You will learn how to avoid the tax tragedy of being classified by the IRS as a hobby instead of a legitimate business. In fact, if you claimed any business deductions and were later found to be a hobby which can cost your more, you could find yourselves thousands of dollars in debt to Uncle Sam, thanks to back taxes and penalty fees. But this book gives very easy-to-implement techniques that will help you prove that you are, in fact, a business and hw to report it and most inmportantly keep accurate records for it.

In addition, it gives you the answers to common questions about what constitutes legitimate business deductions, from business lunches (does it count if you talk about business and pleasure?) to the cost of gas used to drive to grocery store with details on how to report it. Also, you can deduct the gas if you used the trip to purchase business supplies (such as paper or envelopes) along with your family's groceries and the details abut reporting them.

You'll also learn the ins and outs of the all-important home office deductions, business issues, along with the tax requirements of hiring workers and there needs, from full-fledged employees to independent contractors. Finally, this book gives ten tips to staying out of trouble with the IRS and avoid audits and pitfalls in taxes..
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4 of 4 people found the following review helpful By Tell It Like It Is VINE VOICE on May 9, 2011
Format: Paperback Vine Customer Review of Free Product ( What's this? )
Here's the bottom line: if you own a business and file a Schedule C with your Form 1040, you are at least 20 times more likely to be audited than if you filed as any type of corporation (LLC, S Corp, or C Corp). It will only cost you a few hundred dollars annually to maintain a corporation and the hassle factor is really no more than properly maintaining a Schedule C entity. If you are going to run a home business of any type, read this book first. It will help you set up things properly so as to minimize your headaches down the road. An excellent starting point.
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3 of 3 people found the following review helpful By Mary S. on February 12, 2011
Format: Paperback Vine Customer Review of Free Product ( What's this? )
This book is going to save me a fortune! We are getting ready to do our taxes next weekend and I feel like such a dummy for not knowing exactly how many tax deductions my home-based business was entitled to take. Fortunately, my business is still young and I've got many years to do better in my record keeping.

If you are even thinking about starting a home-based business, start with this book. It is a priceless resource and truthfully, they could sell this book for a few hundred dollars and it would be worth every single penny. We won't even need a tax consultant because of this book. Anything and everything you might have had a question about is covered in this book. It is filled with real-life scenarios and examples to give you a complete understanding of the tax laws. This went to press before some of the new laws, but they cover both sides of whether the "Bush Tax Cuts" would be extended or not, so you know the ramifications either way.

If you own a home biz, get this book and take a weekend to read it. You will definitely find additional deductions for your business, saving you lots of money!
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