We've compiled a list of frequently asked questions and our responses. We'll be adding to and updating the information on this list periodically.

Contents

Home Office Deduction--Part II
Home Office Deduction--Part I
What's Deductible?--Updates and additions, list of business deductions
Standard Mileage or Actual Expenses?
Going Out on Your Own?--What you have to consider before taking the plunge
Material Participation--S corporation, LLC, etc. requirement for deducting losses
Picking a CPA or Return Preparer--Here are some tips on picking one that's right for you.
Need a Copy of a Tax Return?
How Much Tax Will I Pay on My Business Income?
Home-Based Tax Scams
What's a Deduction Worth?--The tax savings depend on your bracket and how you do business.--Updated for new tax rates--02/13/13
Self-Employment Tax--If you do business as a sole proprietorship, partnership or LLC this tax applies to you. (Updated--02/19/13)
Choosing the Best Business Entity--A Practical Approach
Putting Your Younger Children on the Payroll--There can be substantial tax savings
S Corporation Officers' Salaries--Do you have to take a salary?
Expenses of Dormant Business Deductible?--It's a question we've been asked a number of times.
Doing Business in a New State--Tax and business consequences of operations in another state.
Tenancy in Common or Joint Tenancy?--What's the difference? (Updated, 06/29/07)
Unclaimed Property Reports--You can't just keep those uncashed checks, etc.
Hobby Losses--The rules and how to avoid trouble with the IRS
Business Licenses--Do You Need One?
Deductions on Schedule C--Some statistics on Schedule Cs
Taxpayer Identification Numbers--Do you need a number for your business?

--Last Update 11/30/20