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Business, Rental, Farm & Employee Expenses |
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· Sole Proprietorship |
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· Independent
Contractor |
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· Rental Income and
Expenses |
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· Farming and Fishing
Income |
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· Earnings for Clergy |
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· Employee Business
Expenses |
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· Rental Vacation
Property |
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· Self-Employed |
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· Home Based Business |
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What ever your
business you can record: |
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· Income -
Business income is income received for products or services sold. For
example, fees paid to a professional person are considered business
income. Rents paid to a person in the real estate business are
business income. Payments received in the form of property or services must
be included in income at their fair market value. |
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· Expenses -
To be deductible, a business expense must be both ordinary and necessary. An
ordinary expense is one that is common and accepted in your trade or
business. |
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· Cost of Goods Sold
- Cash or Accrual Method |
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· Depreciate Property
- Claim the 30% or 50% Bonus and take the First Year Section 179
Expensing.
Calculate separate state depreciation if your state does not comply with the
new laws. |
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· Business Use of
Your Car - Standard mileage or actual expenses. The program helps you
decide. |
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· Travel, Meals, and
Entertainment |
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· Business Use of
Your Home If you use part of your home for business, you may be able
to deduct expenses for the business use of your home. These expenses may
include mortgage interest, insurance, utilities, repairs, and depreciation.
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· Business Travel
Expenses |
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· Sale of Assets
- Including Installment Sales and Like Kind Exchanges. |
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· Determine At-Risk
Limits |
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· Calculate Passive
Loss Carry Forwards |
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· NOL Carryovers
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