J.K. Lasser's 1001 Deductions and Tax Breaks 2015: Your Complete Guide to Everything Deductible

CHAPTER 15 Your Business

1. Start-Up Costs
2. Equipment Purchases
3. Payment for Services
4. Supplies
5. Gifts
6. Hobby Losses
7. Self-Employment Tax Deduction
8. Home Office Deduction
9. Farming-Related Breaks
10. Domestic Production Activities Deduction
11. Other Business Deductions
12. Business Credits
13. Net Operating Losses

 

Alert

At the time this book was printed, Congress had not extended numerous breaks for 2014 that had expired at the end of 2013. Check the online supplement in February 2015 at www.jklasser.com or www.barbaraweltman.com to see whether these breaks apply for 2014 returns.

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 28 million small businesses. 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 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. The rules for claiming a home office deduction are in Chapter 11. Retirement plans for self-employed individuals are discussed in Chapter 5.

For more information, see IRS ...