Small Business / for sale
Taxpertise: The Complete Book of Dirty Little Secrets and Tax Deductions for Small Businesses the IRS Doesn't Want You to Know
Bonnie Lee (Paperback) Entrepreneur Press 2009-06-02
Price:
$21.95
$10.97
Customer Reviews:
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Good Basic Info and an Easy Read - But Lacking in Substance and breadth
I have to say I was quite disappointed when reading this book. There are a few good parts, but it definitely left a lot to be desired.. First the pros: It is an easy read, that is for sure. The book is well organized and easy to follow. There are some entertaining stories which help to... -
Great primer for new business owners!
Taxpertise is cleverly written--using humor to guide new business owners through tax preparation. Taxes are different when you own your own business versus working for a corporation. Bonnie Lee does a great job of spelling things out. Also, a must read for high school and college graduates as...
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Making Every Penny Count: Little Known Tax Deductions for Small Business Owners. | Answers
I run a small business on the internet and sell items though my web site and through auction sites such as EBay. Can I claim EBay fees as advertisement fees? Also, can I claim PayPal fees as miscellaneous deductions?
The E-Bay fees are a cost of selling your products and are deductible and should be included in Cost of Goods Sold.
The PayPal fees are similar to banking fees and are deductible as other expenses.
Small Business Income Tax Planning & Preparation 2011, 2012 www.harborfinancialonline.com
My girlfriend and I just started a small business as an LLC. We organized with her owning 100% of the company. She is investing the money and I will be fully running the organization for her. She did not earn any money this past year but I...
Short answer: No! She owns the business, not you. At best you are her employee. Also, from what you describe, you can't take a loss because you don't have any tax basis in the business. (You can't take a tax loss when you don't have any money at...
I own an LLC that does multiple ventures in michigan. Any information or links of all possible deductions would be wonderful. Thanks.
As bostonianinmo said, anything that is "both ordinary and necessary." According to IRS Pub 535 (linked below):
"An ordinary expense is one that is common and accepted in your industry. A necessary expense is one...
Price:
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Small Business Deductions
Why Corporate Tax Cuts Won't Help Small Business
) For the rest of the business world, including partnerships, sole proprietors, S corps, and limited liability companies, their business earnings flow through to owners’ personal income and are taxed at individual income tax rates. Strange, then, that a plan to simplify the business tax code and cut rates would spark a condemnation from small business groups. The tax code “is unnecessarily complicated and forces America’s small businesses to spend countless hours and dollars filing their taxes,” he said in a statement. President Obama today proposed eliminating corporate tax loopholes and using the money to cut the business tax rate to 28 percent from 35 percent. They make up less than 6 percent of business tax returns, according to IRS data.
premejac's Site - The Two (2) Tax Deductions in Small Businesses
These expenses are deducted from revenues earned, which will pin down the type of tax deduction to pay in a small business. Examples are: mortgage fees, rental costs, inventory deductions, travel expenses, meal expenses, entertainment costs, gift expenses, car and insurance fees, premium fees from pension plans, interest rates or labor costs. The Two (2) Types of Small Business Tax Deductions: make up of the whole cost in starting and running a business....
