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Tax Insight: For Tax Year 2014 and Beyond, THIRD EDITION by M.Casey Murdock

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PART      IV

Business Income and Deductions

Owning your own business can be tremendously satisfying. It can also be amazingly confusing and frustrating. One area that is particularly confusing to business owners is how to use the tax code effectively to their advantage. When you start dealing with business issues, taxes can become very complicated very quickly.

On a positive note, one of the greatest opportunities to reduce your taxes is found in converting your personal (non-deductible) expenses into deductible business expenses. The ability to recognize these opportunities can bring huge savings. With careful planning and record keeping, you will be able to use these deductions to your advantage and actually keep more of the money you work ...

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