Anyone who has a home-based business or is contemplating starting one needs this book on their reference shelf. If you're like most home-based business owners, you have had numerous questions about when and how you can take tax deductions for your home office, supplies and equipment. You've probably wondered what paperwork had to be kept, what information it needed to show and how long you have to keep it as well, right? On top of those questions, there are formidable IRS forms that need to be filled out properly in order to qualify for deductions and avoid being audited. If this is you, get this book. You will not be disappointed.

Gary W. Carter, book's author, has over 20 years of tax experience. He has worked as a revenue auditor, tax practitioner, and seminar leader on tax issues as they pertain to home-based businesses. In this book, he shares his expertise brilliantly with easy to understand, step by step explanations, examples and instructions.

Carter's combination of historical tax facts, court cases that have set precedence, and changes that will take affect in coming years serve to give you a much better understanding of entire system and your options within that system. His layman explanations of tax audits, accounting systems, record keeping, and "business" as it is defined by IRS give you a wealth of information to belay your tax fears, and empower you with knowledge you need to get most out of tax time.

The very first chapter in book covers IRS audits. It tells you how audits are done, what to expect and what rights you have. I was surprised to find process is actually simple, direct and fairly non-threatening. From chapter two and on, Carter delves deeply into information of most importance to home-business owners. Topics include legal definition of a business for tax purposes, allowable deductions and how to record and calculate them, business entity formations and pros, cons and red tape associated with each, and more.

Chapter three is devoted to legal entity structure of your business. It goes into more detail than I have yet to find anywhere else – and it uses language understandable by even general public. If you've been reading advice that strongly suggests forming a corporation for legal and tax reasons, and struggling over whether benefits of this move will outweigh red tape that comes with it, you will love this chapter.

Find a Niche That REALLY Wants What You Sell

One of quickest ways to make a business successful is to focus on a small group of people who REALLY want a product or service. Because they aren’t biggest group of customers, specialized product or service probably isn’t going to be available at Walmart.

You may remember Corey Rudl's big two binder Internet promotion course. At time, there weren't many big and detailed guides to subject. Yet, a lot of people were looking for just what Corey had created. He earned $2.5 million first year.

Many of customers in your group may not know where they can get what they want. The Internet is an incredibly convenient way for people to search for what it is they want or need. When you show up, specializing in satisfying their demands and giving these customers exactly what they’ve had such a hard time finding, you get an enthusiastic group of long term buyers.

Let me give you an example. I recently spent a few days in Southwest Texas. It’s deep in heart of ranch country. Men and boys still wear cowboy hats just as they have for 150 years. It’s not largest group in world, but these guys really WANT their cowboy hats.

Cory and Victoria noticed that it was hard to find a store that stocked many cowboy hats. Their solution was to open an entire store specializing in them. You can get any kind of hat, styled any way, for any sized head. For many customers their store is regarded as an answer to a prayer. "This is first time in 25 years that I’ve worn a hat that fits my head right," one customer told me.

Next, Cory and Victoria put their store on Internet. What better way to reach a narrow group of customers, spread out over world, who REALLY want their product.