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J.K. Lasser's 1001 Deductions and Tax Breaks 2018 by Barbara Weltman

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CHAPTER 15Your Business

 

The United States is an entrepreneurial country—it is the American dream to own your own business, and millions already do. It has been estimated that there are now more than 29.6 million small businesses, 80% of which have no employees. Most expenses related to running a business are deductible, but timing issues and limitations may come into play. The tax rules for your business apply whether you operate a full-time or a sideline business. This chapter deals primarily with business deductions for a sole proprietor, independent contractor, or freelancer who files Schedule C (or, for farming, Schedule F). Of course, many rules discussed in this chapter apply to partnerships, limited liability companies, and corporations.

This chapter explains the tax rules for various business-related deductions and other tax breaks. These rules apply whether your business is full time or part ...

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