Nolo

Tax Deductions for Professionals Nolo

Keep your taxes under control! This tax deduction guide is just for professionals







Architects, lawyers, dentists, chiropractors, doctors, and other licensed professionals are subject to special tax rules. With this book, you can learn how to pay less to the IRS at tax time by taking advantage of the many tax deductions available to professionals.





Find out how to deduct:





start-up expenses
medical expenses
retirement plan contributions
continuing education costs
vehicles, meals, and travel, and
home office expenses.




Tax Deductions for Professionals will also help you choose the best legal structure, with detailed information on limited liability companies, partnerships, and professional corporations. This new edition covers changes and updates to tax laws revised as a result of the coronavirus pandemic. It explains the latest rules for deducting business expenses paid with Paycheck Protection Program (PPP) loans, net operating losses, and business interest.









It also covers new Secure Act legislation that allows professionals to increase deductible contributions to retirement plans such as 401(k)s, IRAs, and SIMPLE plans and delay taking taxable distributions from such plans. Also, a new section explains the ins and outs of getting paid and paying others with Bitcoin or another cryptocurrency and what it means for your taxes.
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