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Small Business Tax Deduction Secrets

deductionsWant to Save Thousands in Taxes?

Here’s something that I’ve noticed again and again about small businesses. They usually don’t do a very good job about maximizing their legitimate tax deductions.

More specifically, small business owners usually don’t go to the effort of structuring their business activities to protect legitimate deductions, to create new deductions and to recycle (or double-deduct) the deductions that can be used more than once to save taxes.

Which neatly brings me to my e-book, “Small Business Tax Deduction Secrets.” This 40-page e-book addresses this information short-fall by talking about how you can annually save thousands or even tens of thousands of dollars in income and related taxes simply by more effectively using legitimate small business tax deductions. Let me quickly explain how I organized the book’s material.

ABCs of Small Business Tax Deductions

I start out in Chapter 1 by talking about what business tax deductions are so you understand the lay of land. If you want to maximize your small business’s tax deductions, you need to begin with a good big picture view of the rules.

Deduction Rules When Starting a Business

In Chapter 2, I talk about the deductions you can lose as you start a business if you’re not careful or informed. If you are past the startup phase of your business and will never start another venture again, you can skip this information. But if you think you may start a new business again, make sure you understand the material covered in Chapter 2. Not knowing the rules for deducting startup expenditures, for example, can cost you thousands and thousands of tax deductions.

Travel, Family Employee, Hobby & Pension Deductions

In Chapters 3 through 7, I talk about the business deductions you would probably never guess you could add to a business return-but that you can add as long as you correctly follow the rules. I’ll talk, for example, about how to:

  • Write off travel expenses, including family vacations
  • Deduct and even double-deduct healthcare expenses
  • Turn family members and even the cost of a college education into a tax deduction
  • Legitimately put hobby expenses onto a business tax return as a valid deduction
  • Use a small business pension plan to dramatically boost what you can save in a retirement savings account.

Incorporating, Home Offices and Company Cars

In Chapters 8 and 9, finally, I talk about a handful of other aggressive tax reduction techniques that business owners often want to learn more about:

  • Incorporating to get tax deductions (and even the idea of out-of-state incorporation)
  • Home office deductions–including when this deduction doesn’t save money
  • Company car deductions

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About Stephen L. Nelson CPA, MBA, MS(tax)

Stephen L. Nelson is the managing member of Stephen L. Nelson, CPA, PLLC, a Seattle-area public accounting firm that provides tax accounting services to small businesses and their owners. A CPA for three-plus decades, Nelson holds an MBA in Finance from the University of Washington, an MS in Taxation from Golden Gate University and is the author of dozens best-selling books about accounting and finance including Quicken for Dummies (which sold more than 1,000,000 copies) and QuickBooks for Dummies (which sold more than 500,000 copies). He's also taught business taxation in the graduate tax school at Golden Gate University. For more information, see Nelson's Google+ profile page.

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