Continued from page 1
The book continues in this massive information manner throughout. Additional chapters tackle accounting methods (cash, accrual or hybrid), explaining how each works, what
IRS rules are concerning accounting methods and which may be
best for you.
Allowable deductions are also covered in detail. One chapter is completely devoted to Transportation deductions and another explains
most common other business deductions such as computers, books, magazines, meals, insurance and retirement plans.
One chapter explains how
sale of your home plays into your home office tax reports, another details
payment of state, local, self employment and social security taxes, and another even tells you which records you should keep and for how long.
Throughout
book, explanations are given as to which IRS forms need to be filled out for which purposes. Carter even devotes one entire chapter to explaining Form 8829 (Expenses for
business use of your home) line by line. At
end of
book he also provides a comprehensive example of a married couple: What their income was and from where, how they reported their income and deductions and so on. Included with
example are all forms, filled in, that this couple submitted to
IRS for that year.
Every single chapter in this book includes a Notes section at
end. The notes' section is an annotated reference list that tells you where to find government laws and codes, free publications, court cases cited in
book and more. This information alone is a goldmine of reference material. In addition, there are breakout boxes speckled throughout
book to provide working examples of major points being made.
In summary, this book provides an extremely detailed look at
legal and monetary side of running a business from your home. It provides a wealth of information on its own, and expands on that to provide comprehensive reference materials for anyone that wants or needs them.
Overall Rating: 5 Stars (out of 5) Pros: You don't have to have a PhD to understand it Cons: Some of
information can be overwhelming, especially when references to various IRS form numbers are given. Considering
complexity of
topic however,
author did an excellent job. Recommended: Highly Office Shelf: Reference Availablility: In Stores Now - Check Amazon Price
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Kathy Burns is a highly respected, nationally published freelance writer. She offers a variety of specialized consulting and writing services to organizations of all shapes and sizes. You can contact her at any time by visiting: http://www.ElectronicPerceptions.com