Deduct It! Lower Your Small Business Taxes by Stephen Fishman JD

By Stephen Fishman JD

From start-up to good fortune, you must Deduct It! thoroughly up-to-date for 2007. The quickest method for any small company to earn more cash is to pay much less to the IRS. allow Deduct It! aid you maximize the enterprise deductions you are entitled to -- quick, simply and legally. finished -- but effortless to learn with many fascinating and suitable examples -- the booklet is geared up into functional different types that includes universal deductions, together with: start-up bills, working charges, overall healthiness deductions, cars, go back and forth, leisure, foodstuff, stock, gear and lots of extra! The 4th variation is totally up to date with the entire most up-to-date tax info and numbers for 2008, and offers new info on tax making plans. even if your small business is simply beginning or good tested, Deduct It! is imperative in your enterprise.

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Personal Investing Personal investing is by far the most common income-producing activity. Investing means making money in ways other than running a business—for example: • You put your money in a bank and earn interest. • You buy stocks, bonds, or other securities in publicly traded corporations and earn money from dividends or from the securities’ appreciation in value over time. Chapter 2: Beating the Hobby Loss Rule 37 • You buy commodities like gold or pork bellies and earn money from their appreciation in value over time.

You don’t have to be a day trader to be in business. But if you have a “buy and hold” portfolio, you are not a professional trader. Indeed, you’re probably in trouble if you hold on to your stocks for more than two or three months on average. • How often you trade. Professionals trade frequently. Many accountants use the rule of thumb that a professional investor must execute at least ten trades a day, five days a week; this adds up to at least 3,000 trades a year. However, people who do fewer trades a year may still qualify as professional investors.

Indeed, over four million sole proprietors file a Schedule C tax form each year showing a loss from their business, yet the IRS does not categorize all of these ventures as hobbies. You can continue to treat your activity as a business and fully deduct your losses, even if you have yet to earn a profit. However, you should take steps to demonstrate that your business isn’t a hobby, in case you ever face an audit. You want to be able to convince the IRS that earning a profit—not having fun or accumulating tax deductions—is your primary motive for doing what you do.

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