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

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CHAPTER 16

Business Taxation

Some Things You Should Know

Who says you can’t mix business and pleasure? Owning a business provides one of the greatest opportunities to reduce your taxable income by transforming non-deductible personal expenses into deductible business expenses. There are a multitude of opportunities to do so with personal expenses such as meals, transportation, travel, health care, education, your home, and so on. The key to doing this is in understanding what constitutes a legitimate business expense and the appropriate way of accounting for it.

What if you don’t own a business? Are all of the opportunities in this section out of your reach? Never fear. Owning a business can be very simple and easy. All you really have to do ...

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