- ISBN13: 9781413310795
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
Product Description
Reduce your tax burden with the only “know how” guide to deductions for professionals.
WINNER of the Publishers Marketing Association’s Benjamin Franklin Award
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… More >>
Tax Deductions for Professionals
Tags: benjamin franklin, benjamin franklin award, hard earned money, publishers marketing association, remainder mark, tax burden, tax deductions
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!
Rating: 5 / 5
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.
Every viable tax deduction is subject to exceptions and conditions all of which the author describes in detail in the book.
You’ll also learn stuff that is not tax related but an eye-opener such you can still be personally liable even though you formed a corporation, LLC, or LLP. I thought forming an LLC limited your liability; but this is not always the case. I also learned why the government indirectly encouraged business owners to buy large SUVs and Hummers; until 2004 business owners could deduct up to $125,000 in one year for such vehicles.
In addition, you’ll learn how to deduct start-up expenses, handle IRAs, the implications of hiring employees, etc., etc.
This guide is just a treasure trove of information for the professional business owner and is explained in enough detail so that almost everyone can understand it. If you are doing your own taxes or just educating yourself on the tax records you should be keeping and want to know how you can maximize your deductions, this is the book to read. However, be prepared for a lot of reading.
Rating: 5 / 5
I’ve said before (Business Loans from Family & Friends: How to Ask, Make It Legal & Make It Work) that the NOLO books are “well written, easy to understand, and highly useful” and this book just continues that great streak.
The U.S. tax code is a jumble of rules and laws that is nearly impossible for ordinary folks to understand, never mind the thought of an average professional (Lawyer, Business person, etc.) wading through the mess while trying to grow their business. The Tax Deductions for Professionals book offers those folks a fair chance at making the right moves from the beginning rather than having to deal with cleaning up mistakes of ignorance they may make. I seem to recall a TV network using a slogan that went something like “The More You Know” or something to that effect, and that’s exactly what most people would probably recommend when it comes to dealing with the tax system, especially given the way the IRS is known to look upon deductions that business people take. Without knowing in advance what is and isn’t deductible and what kind of documentation is required to support those deductions the cost of this great resource and the time that would be invested in reading through it will seem like a drop in the proverbial bucket.
Rating: 5 / 5
This is a very informative and all inclusive tax deduction handbook for business professionals. It is easily understood while covering many details in a simplified manner. There are key suggestions and information for all types of business expenses including, but not limited to, start up costs for businesses, travel expenses, entertainment expenses and home office information. It includes legal updates and a lawyer directory. There was information in here that I definitely didn’t know. This is much easier to understand and follow than other courses like H&R Block’s and other books. Examples are graphs and tables that easily explain depreciation, which is not always so easy to understand. Great resource.
Rating: 5 / 5
As a burgeoning sole proprietor, I’ve searched high and low for a good tax reference on expenses.
Most books are dry, boring, or filled with so much jargon, I cannot understand them. I’m not a tax professional, so I need something with easy instructions and layman’s terms to get me started.
When I got the chance to review a copy of Tax Deductions for Professionals, I jumped on it. It is, after all, tax time, and I desperately need some advice that is NOT coming from a Web site or blog that isn’t completely legit.
The book is amazing, with a comprehensive, yet easy-to-understand, breakdown of expenses for anyone in a professional practice. It covers a wide variety of topics, including how to expense meals and entertainment, home offices, professional fees, educational deductions and mileage. It also covers what businesses need to know about hiring an independent contractor like myself, and starting – and ending- a partnership.
While the book wasn’t exactly what I needed, it is definitely a must-have reference for any small-business owner – particularly those with a dental or eye doctors office, or professional practice like an architecture firm.
There is information sprinkled throughout for sole proprietors, but the book does say it is best for these professionals to seek information in Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants. I’m going to check that one out, since this book is designed more for someone who owns a practice.
One terrific bonus to the NOLO brand of books: Updates are posted on the Web site for those who buy the book. This is incredibly important, since tax laws change constantly.
Rating: 5 / 5