This revised and updated guide answers all of a home-based business owner's tax questions, with a special focus on the changing tax laws on home-office deductions. Sample forms & checklists.
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Book Description
Editorial Reviews
From the Back Cover
Maximize your bottom line by minimizing your tax liability. Home office deductions are available to more people now than at any other time since 1976.
Whether you're contemplating starting a home business or have been working from home for years, this book will prove a valuable resource to help you avoid costly tax mistakes and missed opportunities. With the tax facts and strategies you'll find in J.K. Lasser'sTM Taxes Made Easy for Your Home-Based Business, 3rd Edition, you'll stay a couple of steps ahead of the IRS - and save money in the process.
In this volume you will find: Detailed coverage of new tax laws and IRS rules, including laws favorable to setting up a home office Comprehensive information on deductible expenses - some of them might surprise you Clear instructions on keeping your record-keeping up to IRS standards Practical advice on running and organizing a home-based business to maximize tax benefits Sample tax forms to make filing hassle-free --This text refers to an out of print or unavailable edition of this title.
About the Author
Gary W. Carter, CPA, Ph.D., MT, has more than twenty years tax experience. He has worked as a revenue auditor and tax practitioner, and is currently on the faculty of the Univesrity of Minnesota's Carlson School of Management. He also writes, lectures, and conducts seminars on tax issues pertaining to home-based business. For questions or comments, the author can be reached at his wweb page at www.thetaxguy.com.
--This text refers to an out of print or unavailable edition of this title.
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Most Helpful Customer Reviews
65 of 67 people found the following review helpful:
5.0 out of 5 stars
J.K. Lasser's Taxes Made Easy for Your Home-Based Business,
By Laura White (Loretto, MN) - See all my reviews
19 of 19 people found the following review helpful:
5.0 out of 5 stars
A practical guide that provides specific guidelines,
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Reverting back to my comments on Mr. Daily's( Tax Savvy For Small Businesses) and Mr. Kamoroff's(A Small time Operator)reviews, this book coupled with the two previously mentioned books, should provide an outstanding foundation to start off with, as far as what you should and must do to operate a small business when it concerns your tax liability.This books concentration is based more on past precedents passed down by both the Appeals Courts and the Tax Courts, and what procedures can and cannot be implemented. Gives specific instruction in accordance with the IRC code, to follow and to determine what can be done to legally lower your tax liability. This book is more legally technical than both books I mentioned above. While Daily's book gives you general examples of accounting procedures and legalities, Kamoroff book gets into the nuts and bolts of accounting procedures, along with a step by step guide to implement those procedures. These 3 books should be on every entrepenuer's shelf, for future reference and procedures.
19 of 19 people found the following review helpful:
5.0 out of 5 stars
Excellent Book, belongs on all home office reference shelves,
By Kathy Burns (Artesia, NM United States) - See all my reviews Gary W. Carter, the book's author, has over 20 years of tax experience. He has worked as a revenue auditor, tax practitioner, and seminar leader on tax issues as they pertain to home-based businesses. In this book, he shares his expertise brilliantly with easy to understand, step by step explanations, examples and instructions. Carter's combination of historical tax facts, court cases that have set precedence, and changes that will take affect in the coming years serve to give you a much better understanding of the entire system and your options within that system. His layman explanations of tax audits, accounting systems, record keeping, and "business" as it is defined by the IRS give you a wealth of information to belay your tax fears, and empower you with the knowledge you need to get the most out of tax time. The very first chapter in the book covers IRS audits. It tells you how audits are done, what to expect and what rights you have. I was surprised to find the process is actually simple, direct and fairly non-threatening. From chapter two and on, Carter delves deeply into the information of the most importance to home-business owners. Topics include the legal definition of a business for tax purposes, allowable deductions and how to record and calculate them, business entity formations and the pros, cons and red tape associated with each, and more.
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Inside This Book
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First Sentence:
Some folks view our tax rules as an edict from the IRS. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
qualified business use, regular business establishment, percentage from line, excess casualty losses, standard mileage allowance, transportation deductions, net income limitation, regular use test, church employee income, different taxable year, nonbusiness portion, actual cost method, depreciable personal property, unrecovered basis, percent declining balance method, home office qualifies, amount from line, business percentage, home equity indebtedness, business for tax purposes, expenses for business use, one free copy, replacement residence, subtract line, inclusion amount Key Phrases - Capitalized Phrases (CAPs): (learn more)
Tax Court, Supreme Court, United States, Cumulative Bulletin, Internal Revenue Code, World Wide Web, Tax Fax, Federal Tax Products, Court of Claims, Judy Jackson, Small Business Resource Guide, District of Columbia, New York, Oak Street, Regulation Section, Eighth Circuit Court of Appeals, Ocean City, Bob's Furniture, Christian Science, Fifth Circuit Court of Appeals, Government Printing Office, Home Mortgage Interest Deduction, Second Circuit Court of Appeals, Self Employment Tax New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Some folks view our tax rules as an edict from the IRS. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
qualified business use, regular business establishment, percentage from line, excess casualty losses, standard mileage allowance, transportation deductions, net income limitation, regular use test, church employee income, different taxable year, nonbusiness portion, actual cost method, depreciable personal property, unrecovered basis, percent declining balance method, home office qualifies, amount from line, business percentage, home equity indebtedness, business for tax purposes, expenses for business use, one free copy, replacement residence, subtract line, inclusion amount Key Phrases - Capitalized Phrases (CAPs): (learn more)
Tax Court, Supreme Court, United States, Cumulative Bulletin, Internal Revenue Code, World Wide Web, Tax Fax, Federal Tax Products, Court of Claims, Judy Jackson, Small Business Resource Guide, District of Columbia, New York, Oak Street, Regulation Section, Eighth Circuit Court of Appeals, Ocean City, Bob's Furniture, Christian Science, Fifth Circuit Court of Appeals, Government Printing Office, Home Mortgage Interest Deduction, Second Circuit Court of Appeals, Self Employment Tax New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
8
books
cite this book:
See all 8 books citing this book
- J.K. Lasser's Financial Basics for Business Managers (J.K. Lasser--Practical Guides for All Your Financial Needs) by John A. Tracy CPA in Front Matter
- JK Lasser's New Rules for Estate Planning and Tax by Harold I. Apolinsky in Front Matter
- J.K. Lasser's Homeowner's Tax Breaks: Your Complete Guide to Finding Hidden Gold in Your Home by Gerald J. Robinson on page 34
- I'd Rather Be Working by Gayle Backstrom in Back Matter
- J.K. Lasser's Winning with Your 401(k) (J.K. Lasser--Practical Guides for All Your Financial Needs) by Grace W. Weinstein in Front Matter
See all 8 books citing this book
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