Synopses & Reviews
The Most Trusted Name in Tax Helps Small Business Owners Maximize Their Bottom Line
If youre a small business owner, you probably have an idea of how taxes can affect your business. But unless youre a tax expert, you might not realize all the ways a small business can benefit from both new and current tax laws. Let small business and tax expert Barbara Weltman show youas a small business ownerhow to maximize deductions and reduce your payments to the minimum.
J.K. Lassers Small Business Taxes, Sixth Edition gives you a complete rundown of small business tax planning in plain English, helping you take advantage of every tax break youre entitled to. Focusing on strategies that help you use deductions, credits, and other benefits to save during tax time, this comprehensive guide is all you need to keep up with Uncle Sam. The invaluable advice in this book will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.
In this volume, youll find:
- Detailed coverage of new tax laws and IRS rules
- Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements
- Clear instructions on where to report income and claim deductions on your tax forms
- Sample forms and checklists to help you prepare for tax time
- Planning strategies that can help you run a tax-smart business all year long
- New in this edition: help with employment taxes, state taxes, and a guide to information returns you may need to file
About the Author
BARBARA WELTMAN, an attorney, is a nationally recognized expert in taxation for small businesses. She has written extensively on tax, finance, and estate planning. Barbara is an experienced writer and is quoted regularly in major publications, including the New York Times and Boardrooms Tax Hotline. She is also featured on CNN and CNBC. Visit her at www.bwideas.com and subscribe to her newsletter! (See inside for free offer.)
Table of Contents
Preface.
Introduction.
Part 1: Organization.
1. Business Organization.
2. Tax Year and Accounting Methods.
3. Recordkeeping for Business Income and Deductions.
Part 2: Business Income and Losses.
4. Income or Loss from Business Operations.
5. Capital Gains and Losses.
6. Gains and Losses from Sales of Business Property.
Part 3: Business Deductions and Credits.
7. Employee Compensation: Salary, Wages, and Employee Benefits.
8. Travel and Entertainment Expenses.
9. Car Expenses.
10. Repairs and Maintenance.
11. Bad Debts.
12. Rents.
13. Taxes and Interest.
14. First-Year Expensing and Depreciation, Amortization, and Depletion.
15. Advertising Expenses.
16. Retirement Plans.
17. Casualty and Theft Losses.
18. Home Office Deductions.
19. Medical Coverage.
20. Deductions for Farmers.
21. Miscellaneous Business Deductions.
22. Deductions for Alternative Minimum Tax.
23. Roundup of Tax Credits.
Part 4: Tax Planning for Your Small Business.
24. Income and Deduction Strategies.
25. Other Taxes.
26. Online Filing and Information.
Appendix: Information Returns.
Index.