Yes, it’s tax time again. As a self-employed business owner, it’s important for you to have a handle on your business and know what is deductible and what isn’t.

Invariably when I talk about taxes with creative entrepreneurs, someone will tell me they have an accountant. “Terrific,” I say. “But what does she know about your business in particular?” You go to an accountant because she knows taxes. She can be very knowledgeable about small businesses, but she cannot know the nuances of every type of small business. She works with what you give her. That’s why it’s important for you to do your own research, understand tax strategies and keep track of deductions to which you are entitled. Here are nine tips for maximizing those deductions. To be sure that these apply in your particular instance, be sure to discuss with your accountant.

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475 Tax Deductions for Businesses and Self-Employed Individuals
Bernard B. Kamoroff, CPA
Taylor Trade; $18.95

This book in its previous edition as 422 Tax Deductions has been one of my annual favorite resources when it come time to do my taxes. Sure I use an accountant, but I have to pull the information together for him. I expect him to understand tax law; I can’t expect him to understand all the nuances of my business. This book helps me be sure that I have got all the deductions I am entitled to use. Topics are listed in A-to-Z order and I review them each year. The author also has a sense of humor. Just check out his list of emergency rations to deduct. One of the bonuses of the book is that it is updated annually to keep up with tax law changes, and you can get a free update through the book’s website. Plus, the book’s cost is tax deductible.

Look for the book at your local quilt shop or book retailer. Here’s a link to Amazon if you would like to learn more about the book.