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J.K. Lasser's Your Income Tax 2018 by

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Part 6 Business Tax Planning

In this part, you will learn how to report your income from a business or profession, and how to reduce your tax liability by claiming expense deductions. Pay special attention to—

  • Reporting rules for income and expenses on Schedule C (Chapter 40).
  • Restrictions on deducting home office expenses. Your deduction may be limited by a restrictive income test (Chapter 40).
  • The increased deduction for qualified domestic production activities income (Chapter 40).
  • SEP, and SIMPLE, and qualified retirement plan rules if you are self-employed. These plans offer tax deductions for contributions and tax-free accumulation of income within the plan.
  • Health savings accounts and other medical plans (Chapter 41).
  • First-year expensing and depreciation write-offs for business assets (Chapter 42).
  • The IRS mileage allowance as an alternative to claiming operating expenses and depreciation for your business automobile (Chapter 43).
  • Reporting sales of business property on Form 4797 (Chapter 44).
  • Computing and paying self-employment tax on self-employment earnings from a business or profession (Chapter 45).

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