tag:blogger.com,1999:blog-24670729390140488922024-03-12T17:41:31.688-07:00NolanGerathTaxBookNolanGerathsTaxBookhttp://www.blogger.com/profile/07696180031261491479noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2467072939014048892.post-33989912985182210752011-02-08T20:14:00.000-08:002011-02-08T20:14:10.342-08:00First post--by meHello:<br />
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I created this blog to alert you about a tax book we published that includes many short cuts for the small business. <br />
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Initially this book was called <strong>Your Home-Based Business Tax Solutions</strong>, but we changed it to be more descriptive: <strong>Short Cuts for Business Guide</strong>. <br />
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This book is a Kindle book so you can find it on the kindle page, at an address described later. <br />
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Here is one chapter from this book, to give you an idea of what is in it. Here is Chapter 5 from this great book:<br />
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<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><span style="font-family: Arial; font-size: 14pt;">Chapter 5</span></div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><br />
</div><div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: Arial; font-size: 14pt;">“I WANT AN OFFICE IN MY HOME”</span></u></b></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Arial; font-size: 14pt;">One of the most asked questions:<span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">If I use my home as my office, what can I deduct on my tax return?</i></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><u><span style="font-family: Arial; font-size: 14pt;">Three examples</span></u><span style="font-family: Arial; font-size: 14pt;"></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; mso-list: l0 level1 lfo1; tab-stops: list .75in; text-indent: -0.25in;"><span style="font-family: Arial; font-size: 14pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">1.<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">Using a bedroom (NO, if anyone sleeps there)<span style="mso-spacerun: yes;"> </span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in;"><span style="font-family: Arial; font-size: 14pt;">2. Using a converted garage (YES, if no other use is made of that garage)</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in;"><span style="font-family: Arial; font-size: 14pt;">3.<span style="mso-spacerun: yes;"> </span>Using your kitchen table. (NO, if you eat meals there)</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Arial; font-size: 14pt;">To do so you must meet two standards or rules.<span style="mso-tab-count: 1;"> </span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; mso-list: l2 level1 lfo2; tab-stops: list .75in; text-indent: -0.25in;"><span style="font-family: Arial; font-size: 14pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">1.<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">The place must be your principal place of business – that means that you have no other office you go to regularly.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; mso-list: l2 level1 lfo2; tab-stops: list .75in; text-indent: -0.25in;"><span style="font-family: Arial; font-size: 14pt; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">2.<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">The office in your home must be used <u>exclusively</u> and <u>regularly</u> for your business.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 57.75pt; mso-list: l1 level1 lfo3; tab-stops: list 57.75pt; text-indent: -0.25in;"><span style="font-family: Symbol; font-size: 14pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">That is, it is a place where you work only on your business matters.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 57.75pt; mso-list: l1 level1 lfo3; tab-stops: list 57.75pt; text-indent: -0.25in;"><span style="font-family: Symbol; font-size: 14pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">It is a place where clients and customers can come regularly to see you and conduct business.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 57.75pt; mso-list: l1 level1 lfo3; tab-stops: list 57.75pt; text-indent: -0.25in;"><span style="font-family: Symbol; font-size: 14pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">It can be a part of your current home or a separate structure like a converted garage or shop.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 57.75pt; mso-list: l1 level1 lfo3; tab-stops: list 57.75pt; text-indent: -0.25in;"><span style="font-family: Symbol; font-size: 14pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">If you just store inventory, then you still can get the deductions.<span style="mso-spacerun: yes;"> </span>It must be a place that is used to store that inventory and nothing else.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 57.75pt; mso-list: l1 level1 lfo3; tab-stops: list 57.75pt; text-indent: -0.25in;"><span style="font-family: Symbol; font-size: 14pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: Arial; font-size: 14pt;">It is wise to have the blue prints of your home available so you can designate on them the corresponding physical area.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt 39.75pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Arial; font-size: 14pt;">If you meet these rules, then you can set up a depreciation schedule for your office equipment like your computer, fax machine, copier and phone.<span style="mso-spacerun: yes;"> </span>All your office equipment is 100% deductible.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Arial; font-size: 14pt;">The carry forward rules apply if you have a tax loss for the year.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Arial; font-size: 14pt;">Protect that deduction by having a separate phone for the office and displaying that phone number on your business card.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Arial; font-size: 14pt;">Have your clients or customers sign a guest book or log every time they come to see you.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Arial; font-size: 14pt;">Keep track of your own time by using a log that accounts for your time every six minutes (1/10 of an hour).</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><span style="font-family: Arial; font-size: 14pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Once you set up your office in your home take some pictures of it and preserve those pictures in an office file.</span><br />
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<span style="font-family: Arial; font-size: 14pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">This book is for sale on the Kindle page for $5.99. This book is especially helpful this time of year. </span><br />
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<span style="font-family: Arial; font-size: 14pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Here is the address on the Kindle page for you to find this book:</span><br />
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<span style="font-family: Arial; font-size: 14pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><a href="http://www.amazon.com/Short-Cuts-Business-Guide-ebook/dp/B001PIIQDY/ref=sr_1_1?ie=UTF8&m=AG56TWVU5XWC2&s=digital-text&qid=1297224438&sr=1-1">http://www.amazon.com/Short-Cuts-Business-Guide-ebook/dp/B001PIIQDY/ref=sr_1_1?ie=UTF8&m=AG56TWVU5XWC2&s=digital-text&qid=1297224438&sr=1-1</a></span><br />
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Like I told you this is an excellent book for you to read. Not written in the legalese of lawyers nor the convoluted language of most CPA's. Instead you will find this book written in the easiest of the English language. <br />
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This book is great for the small business owner as well as the person filing income tax for himself or herself. <br />
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Steven<br />
Steven Schwindt PublishingNolanGerathsTaxBookhttp://www.blogger.com/profile/07696180031261491479noreply@blogger.com0