Synopses & Reviews
The tax facts and strategies that every small business owner needs to know for their 2013 tax return and year-round planningOwning a small business is a big responsibility. While all small business owners seek to improve their bottom line, few realize all the ways that both current and new tax laws can help them do so. With J.K. Lasser's Small Business Taxes 2014, you'll quickly discover how.
Written in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year. Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this practical guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.
In this fully updated volume, you'll find:
- Detailed coverage of the newest tax laws, court decisions, and IRS rulings
- Planning strategies that can help you run a tax-smart business all year long
- Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements
- Clear instructions on where to report income and claim deductions and credits on your tax forms
- Guidance on opening or closing a business, running a sideline activity, or multiple businesses
- Help with state taxes and a guide to information returns you may need to file
- Sample forms and checklists to help you prepare for tax time
Don't forget to view the free online supplement to this book at JKLasser.com for late tax changes made by Congress and other up-to-the-minute developments.
Synopsis
The largest employer in the US is the small business owner. In fact, there are over 24,000,000 small businesses in the country and the number is growing significantly. Small business owners have a full plate. Indeed, they spend most of their time just keeping the business going. They are experts in their field, not in taxes. But, they still have to pay taxes. And, with proper planning and understanding, the small business owner can save significant amounts of money. Barbara Weltman's book provides the tax facts, strategies, and latest up-to-date information that a small business owner needs to maximize deductions and reduce payments to the minimum.
About the Author
Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser's 1001 Deductions and Tax Breaks. She is also the publisher of Idea of the Day®, a guest columnist for WSJ.com and contributor to SBA.gov, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine), and hosts Build Your Business radio. Visit her at www.barbaraweltman.com.
Table of Contents
Preface vIntroduction ix
Part 1 Organization 1
1. Business Organization 3
2. Tax Year and Accounting Methods 40
3. Recordkeeping for Business Income and Deductions 58
Part 2 Business Income and Losses 71
4. Income or Loss from Business Operations 73
5. Capital Gains and Losses 103
6. Gains and Losses from Sales of Business Property 124
Part 3 Business Deductions and Credits 137
7. Employee Compensation: Salary, Wages, and Employee Benefits 139
8. Travel and Entertainment Expenses 175
9. Car and Truck Expenses 206
10. Repairs, Maintenance, and Energy Improvements 235
11. Bad Debts 248
12. Rents 260
13. Taxes and Interest 271
14. First-Year Expensing, Depreciation, Amortization, and Depletion 286
15. Advertising Expenses 323
16. Retirement Plans 330
17. Casualty and Theft Losses 367
18. Home Office Deductions 382
19. Medical Coverage 401
20. Deductions and Credits for Farmers 418
21. Domestic Production Activities Deduction 429
22. Miscellaneous Business Deductions 435
23. Roundup of Tax Credits 477
Part 4 Tax Planning for Your Small Business 489
24. Income and Deduction Strategies 491
25. Tax Strategies for Opening or Closing a Business 509
26. Tax Strategies for a Sideline Business 522
27. Tax Strategies for Multiple Businesses 527
28. Alternative Minimum Tax 533
29. Other Taxes 540
30. Filing Income Tax Returns and Paying Taxes 563
31. Succession Planning 573
Appendix A. Information Returns 578
Appendix B. Checklist of Tax-Related Corporate Resolutions 586
Index 589