Publisher's Synopsis
Small business owners can qualify for many tax deductions and credits, saving them lots of money. This edition covers all you need to know under new tax laws to ensure you take advantage of all the tax deductions and credits you're entitled to. Deduct It! shows you how to maximize your business deductions—quickly, easily, and legally. This edition explains what small business owners need to know about deductions, including the home office deduction and the 20% pass-through deduction. It also explains how to keep proper tax records. You'll also learn the rules for deducting start-up and operating expenses, net operating losses, state income taxes with a pass-through entity, cryptocurrency given to a charity, and more. Moreover, this edition explains what steps business owners can take now to reduce the impact of changes in the tax rules when the Tax Cuts and Jobs Act expires on December 31, 2025, and how business owners can protect themselves from audits by the newly-invigorated IRS.Deduct It! is organized into practical, easy-to-understand categories of the most commonly used business deductions. It includes interesting and relevant examples so readers can see how the deductions work and the context in which they come up. This book provides the comprehensive, up-to-date tax law information that small business owners need to save money on taxes. Understanding taxes is essential for all small business owners now more than ever. Easy to read and full of real-world examples, Deduct It! will pay for itself many times over.
