I am looking for an Irs Tax Book for a new entrepeneuer.
Q.I am looking for an Irs Tax Book for a new entrepeneuer. I am looking for information on what sort of expenses are tax deductible, and what expenses aren't. I'm also interested in information on what can be completely written off and what needs to be depreciated. Thanks for any help!
A.Actually the free IRS booklets "Tax Guide for Small Business" (60 pages) and "Starting a Business and Keeping Records" are good for basics, you should talk to a local accountant though. http://www.smbiz.com/sbwindex.html#ia There are many good books out there. Julian Block puts out a nice one, Jan Zobel has a good book written in plain english. The IRS puts booklets out also. However, you might make out best by having a tax professional on your side, be it an EA or a CPA. IRS has an excellent publication for business owners -- Pub 15, I think. It really does a good job of presenting business tax issues -- albeit with an IRS slant. You may need to consider some professional assistance on the form of business (entity) you need to use (corporation, S-Corporation, sole proprietorship, partnership, etc.), as this is an important decision for you.
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