Small Business Taxes Information and resources about small business and self employment taxes for your virtual assistant home business.
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Old 10-31-2008
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Default BOOK REVIEW - NOLO's Home Business Tax Deductions: Keep What You Earn
Home Business Tax Deductions: Keep What You Earn would make a great addition to any home-office library. With plenty of real-world examples, this book is easy (and, dare I say enjoyable) to read. To be honest, I wasn’t looking forward to reading this title; I figured all the legal mumbo-jumbo would be a bore. Imagine my surprise when I found myself unwilling to put the book down at the end of my first reading session. I’d learned so much in just the first few chapters that I could hardly wait to see what the rest of the book held!

For example, I learned how to avoid the tax tragedy of being classified by the IRS as a hobby instead of a legitimate business. In fact, if you claimed any business deductions and were later found to be a hobby, you could find yourselves thousands of dollars in debt to Uncle Sam, thanks to back taxes and penalty fees. But this book gives very easy-to-implement techniques that will help you prove that you are, in fact, a business.

In addition, you are also given the answers to common questions about what constitutes legitimate business deductions, from business lunches (does it count if you talk about business and pleasure?) to the cost of gas used to drive to grocery store. Yes, you can deduct the gas if you used the trip to purchase business supplies (such as paper or envelopes) along with your family’s groceries.

You’ll also learn the ins and outs of the all-important home office deduction, along with the tax requirements of hiring workers, from full-fledged employees to independent contractors. Finally, this book gives ten tips to staying out of trouble with the IRS.

This title translates complex tax laws into concepts that those of us who didn’t attend law school can easily understand.

Home Business Tax Deductions is updated yearly to reflect changes to tax laws. The 5th Edition, just which will be published in mid-November of 2008, contains 510 pages. The paperback version can be pre-ordered on Amazon.com for $23.09.

Click here to buy the book!

Do you have any thoughts, queries, or feedback on Home Business Tax Deductions? Share your comments or questions by replying directly to this thread!
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Old 10-31-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
Thanks Tammi!
I read this title too in an effort to learn more about just how much of our expenses we can deduct - I learned a lot and was amazed that I had a lot of what I thought were 'standard' deductions mixed up, plus discovered some new areas we can make deductions in.
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Old 10-31-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
I forgot to mention earlier that I really wish I would've read this book in the very early days of my business so I would've kept better track of my possible deductions. Oh well, lessons learned!
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Old 11-02-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
Nolo always puts out excellent information. I have used them in the classic small business model for years. With the ever changing tax laws, they put things in laymans terms that really help to make sure you are aware of how the IRS is looking at deductions and the changes they make on a continual basis.

Highly recommend anything they put out to assist the small business owner.
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Old 11-02-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
great review Tammi.
Maybe there is a canadian book similar to the above you can review. Did they have any canadian info in the book?
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Old 11-05-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
Hi Serena,

I don't recall seeing mention of Canadian laws in this title, but I'll gladly look around to see if I can find a book that might be helpful to our neighbors up North.
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Old 11-05-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
Thanks, Tammi. This looks like a useful one to have around for sure.
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Old 11-06-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
Thanks Tammi that would be fantastic.
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Old 11-06-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
This seems like it would be a great resource for many and would pay for itself. I know personally I despise going to the IRS site to look up things. Great review Tammi.
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Old 11-06-2008
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
Thanks Tammi for another great review. This book has been on my "books to review list" to see if I want to purchase. Will being moving onto my books to purchase list.

Thanks!!
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Old 01-28-2009
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
Thanks for reviewing this book Tammi. I just recently purchased two books based on your reviews and I think I'm going to invest in this one also. I am still in the VERY early stages of starting up my business so all of the info you give us in your reviews is very much appreciated. Thanks again!

~Mariella
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Old 02-14-2009
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Default Re: Book review: Home Business Tax Deductions: Keep What You Earn
I just joined the forum and right out of the gate I found a great book to add to my library. Thank you!
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Old 11-12-2009
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Default Re: NOLO's Home Business Tax Deductions: Keep What You Earn
Thanks Tammy! This is a must have book if you are not consulting a CPA on your business/personal taxes.
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Old 01-16-2010
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Default Re: NOLO's Home Business Tax Deductions: Keep What You Earn
Thanks Tammi! I'll be looking for the 6th Edition real soon. Sounds like a great investment. I love your reviews, keep them coming.
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