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Tax Deductions for Professionals
  

Tax Deductions for Professionals

by NOLO
4.4 out of 5 stars  See all reviews (47 customer reviews)

Price: $6.99
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Product Description

Product Description

The only "know how" guide for professionals who want to reduce their tax burden.

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

Review

"Aimed at anyone who runs a professional practice, including doctors, dentists, lawyers, engineers, architects and even chiropractors -- to say nothing of accountants. " -- Accounting Today

"Step-by-step strategies for making your tax bill as low as possible." -- Cedar Rapids Gazette

"Thorough, straightforward and specific, Tax Deductions for Professionals contains all the information you need to take advantage of every money-saving opportunity." -- Architectural West --This text refers to an out of print or unavailable edition of this title.

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Customer Reviews

4.4 out of 5 stars
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4.4 out of 5 stars
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Top Customer Reviews
16 of 16 people found the following review helpful
3.0 out of 5 stars A Lot of Information Not Applicable to All Readers March 13, 2011
Format:Paperback|Vine Customer Review of Free Product (What's this?)
I should first assert that I am a small business owner, and have worked with several friends to walk them through these exact types of things in order to set up their businesses. I wanted to read this book to see if this is something that I could offer that may be more helpful (this is not the type of work I do, people have just asked because they know that I have been through the setup process, and several tax seasons).

Anyways, here is what I found:

1. This product has way too much information geared towards C corporations. I think a general summary in the beginning about a C, and the inclusion of a basic statement that unless you are doing over 7 million, you will not be a C corporation, and at that point, you should hire a professional, staff accountant or controller who would know these laws. Which brings me to my second point...

2. I feel like the author fails to recognize the audience. To me, I think the audience would be someone who is in the process of creating a small business, or a new small business.

3. I think a lot was left out as far as the specifics in relationship to the small business. For example, they thoroughly covered mileage, except they didn't talk a lot about "home office" mileage, and not counting mileage from your "home office" etc. The IRS is picky about this. The other one I noticed was the home office deduction. He first lists it in his red flag section, but then later mentions that tax laws have eased up. Although this is true, there are still so many guidelines to which the author sends you to the IRS tax form, which in my mind is useless. Even the IRS can't figure out their own tax forms.

4. The last thing that really bothered me was the recommendation for being a Sole Proprietorship.
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10 of 10 people found the following review helpful
Format:Paperback|Vine Customer Review of Free Product (What's this?)
This is not a tax preparation guide per se, but a book that provides information about tax deductions for professionals, how to avoid common deduction mistakes, and year-round planning and record-keeping to ensure eligibility for professional tax deductions.

The author points out, early on, that professionals are business owners, and therefore can deduct start-up expenses, operating expenses, capital expenses, and inventory costs. He then goes on to explain how a professional's choice of business entity (sole proprietorship, partnership, corporation, limited liability company, or limited liability partnership) can affect the professional's personal liability, tax rates, tax deductions, and tax treatment. The author includes valuable advice about potentially costly problems that can arise from the business entity choice, such as being classified as a "personal services corporation", or being taxed twice (on corporate profits and personal income) as a "C corporation".

The author then discusses various types of deductible expenses, explaining in detail which expenses can--and cannot--be deducted. There are individual chapters on operating expenses, meal and entertainment expenses, car and local travel expenses, long distance travel expenses, home offices, outside offices, long-term assets, start-up expenses, medical expenses, retirement plans (IRAs, qualified retirement plans, Keogh plans, solo 401(k) plans, Roth 401(k) plans), and inventory.
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14 of 16 people found the following review helpful
5.0 out of 5 stars Great for new professional starting out. September 25, 2007
By wwms
Format:Paperback|Verified Purchase
This is a great book for a new professional starting their own office. It steps you through all the different types of business structures for professionals and the tax treat of each, in minute detail. Really great book, we're using it to start a law office. The same author has written another great book, Deduct it! Lower your Small Business Taxes. While it is also a great book, I would suggest that you NOT purchase both books. A lot of large sections of text are identical between the two books. For professionals, I'd just go with this one and skip Deduct It!
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6 of 6 people found the following review helpful
Format:Paperback|Vine Customer Review of Free Product (What's this?)
I consider myself a professional but I do not have my own business practice. "Tax Deductions for Professionals" is for those who run their own professional practice such as an LLC, LLP, S Corporation, etc. and want to know about the tax implications with regard to their business. It is applicable to many different professional business owners including technologists, accountants, writers, etc. This is the January 2010 edition (outlining 2009 law); and this book is revised yearly.

I selected this guide so I could understand the tax ramifications behind a professional business such as an LLC just in case I ever considered going that route.

The author really delves into tax deductions in detail. For instance, according to recent tax law, you'll learn things like:

- C corporation tax treatment is the only type that allows business owners to retain earnings in their business without paying personal income tax on these earnings. Professionals who do not practice in the field of health, law, accounting, architecture, or consulting can keep up to $250,000 in a C corporation; however, those in these fields are only allowed up to $150,000.

- There's a five-car rule that may disallow you from using a standard mileage rate when calculating mileage deductions.

- If you travel outside the US for no more than seven days and you spend some time on business-related activities, you can deduct 100% of your airfare. Whereas inside the US you must spend more than half of your time on business to deduct 100% of the airfare.

- There are different ways to calculate your home office deduction (room method vs square footage method).

- Etc., etc.
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Most Recent Customer Reviews
5.0 out of 5 stars Clear, concise, easy to understand
I love this book. I practice tax professionally, and so frequently consult the Code directly, but this is a very nice, clear, easy approach to a confusing subject.
Published 18 months ago by Daniel Grimm
3.0 out of 5 stars so so
I need for my business it was in excellent condition. it was on time and the price was good.thank you
Published on May 21, 2014 by moraima
5.0 out of 5 stars Helpful for the start-up
This is an older book (2011) so some of this may no longer be relevant if it's since been revised; but I think a lot of the information as it pertains to choice of business entity... Read more
Published on April 6, 2013 by Brass Monkey
4.0 out of 5 stars Refresher
If you have read the similiar book for Nonprofits this book is much like the Nonprofit book. If you have not read the Nonprofit book, this book provides insight on tax deductions... Read more
Published on January 14, 2013 by Caprice L. Williams
4.0 out of 5 stars Fairly Helpful
If you know nothing, this is helpful to get started on doing tax returns for small businesses and start-ups, but I found myself depending more on programs like TurboTax for... Read more
Published on November 15, 2012 by Mariane Matera
5.0 out of 5 stars One of the Better Books on Tax Deductions
I received this book for free to review form the Amazon Vine program. As a self employed business owner, I started out buying a large set of Nolo Press books to help me set up the... Read more
Published on October 25, 2012 by Soccerfan
5.0 out of 5 stars helpful information
This book provided a comprehensive, helpful introduction to tax deductions for professionals. If you have a sole proprietorship or small business it is very helpful to know what is... Read more
Published on September 20, 2012 by Pen Name?
4.0 out of 5 stars Very informative
The tax field can be so over-complicated, that when doing just simple things one can miss important deductions or over-deduct (and risk getting in trouble with the IRS). Read more
Published on July 20, 2012 by sweetmustard
2.0 out of 5 stars Not very helpful
I have my own business and hoped this book would help me organize my deductions.
The book is not very informative, practically organized, or even minimally useful. Read more
Published on March 23, 2012 by Amazon Customer
3.0 out of 5 stars "Be neat, thorough and exact."
This is a 3.5 star review rounded down to 3 stars for Amazon.

It is difficult to divorce the tediousness of NOLO's "Tax Deductions for Professionals" with the... Read more
Published on March 21, 2012 by CodeMaster Talon
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