By Stephen Fishman
Continue your well-merited funds at your residence enterprise! thoroughly up-to-date for 2008 returns Tax deductions are necessary to any company, yet much more so whilst your workplace can be your place. do not spend hundreds of thousands on an accountant --turn to home based business Tax Deductions and do it your self! home-based business Tax Deductions may help you write off: your house workplace start-up and working charges automobiles and trip leisure and food medical insurance and clinical money owed stock gear The fifth version is totally up-to-date with all of the most up-to-date tax info, eligibility standards and deductions for 2008 returns. home based business Tax Deductions additionally covers how one can stay away from being categorised as a pastime company, keep away from home-business tax scams, remain out of difficulty with the IRS and take specific deductions in case your enterprise loses cash. (20090101)
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Additional info for HOME BUSINESS TAX DEDUCTIONS: Keep What You Earn
If all your itemized deductions don’t exceed the standard deductions, you can’t itemize and you get no deduction at all. This is perhaps the unkindest cut of all. • Only individuals can deduct expenses from income-producing activities. Corporations, partnerships, and limited liability companies cannot deduct these expenses. • No self-employment tax. One good tax effect of having an income-producing activity is that you don’t have to pay any self-employment tax on your income from the activity.
Although there is no minimum amount of time you must work, you’ll have a hard time convincing the IRS that you want to make money if you work fewer than five or ten hours a week. Keep a log Chapter 2 | ARE YOU REALLY IN BUSINESS? | 35 showing how much time you spend working. Your log doesn’t have to be fancy—you can just mark down your hours and a summary of your activities each day on your calendar or appointment book. Putting It All Together: A Tale of Two Animal Breeders Two real cases involving animal breeders demonstrate how the behavior factors covered above can make or break you at audit time.
Small businesses can also use depreciation, but they have another option available for deducting many capital expenses—they can deduct a certain amount in capital expenses per year under a provision of the tax code called Section 179. In 2008, the Section 179 deduction ceiling was $250,000. This is scheduled to go down to $128,000 in 2009 (plus an inflation adjustment). Section 179 and depreciation are discussed in detail in Chapter 5. Certain capital assets, such as land and corporate stock, never wear out.
HOME BUSINESS TAX DEDUCTIONS: Keep What You Earn by Stephen Fishman