Synopses & Reviews
Knowing the ins and outs of the tax code is vital to the health of every small business. Virtually every decision a business makes has tax consequences that can affect its bottom line and the IRS is always watching.
Fortunately, Tax Savvy for Small Business provides valuable strategies that will free up your time and money for what counts: running your business, and running it effectively. It explains how to:
- deduct current and capitalized expenses
- write off long-term assets
- write off up to $24,000 of long-term assets each year
- compare the advantages of different legal structures
- take advantage of fringe benefits
- keep records that will head off trouble with the IRS
- get tax breaks from business losses
- pay payroll taxes on time
- deduct home-office expenses
- negotiate payment plans for late taxes
- handle an audit
- get IRS penalties and interest reduced
- maximize retirement funds
- use retirement funds as a tax break
Completely updated, the 7th edition provides the latest tax breaks, rules, forms and publications. An essential book for entrepreneurs, independent contractors, small-business owners and anyone else making money on their own.
Table of Contents
Introduction to business taxes -- Pt. 1. The basics. Business income and tax-deductible expenses ; Writing off business assets ; Bookkeeping and accounting ; Business losses and failures ; Tax concerns of employers -- Pt. II. The structure of your business. Sole proprietorships ; C corporations ; S corporations ; Partnerships ; Limited liability companies ; Personal service corporations -- Pt. III. Thinking small. Family businesses ; Microbusinesses and home-based businesses -- Pt. IV. Fringe benefits. Fringe benefits ; Retirement plans -- Pt. V. Buying or selling a business. Buying a business ; Selling a sole proprietorship -- Pt. VI. Dealing with the IRS. When you can't pay your taxes ; Audits ; Appealing IRS audits ; Penalties and interest ; Help beyond the book ; Answers to frequently asked tax questions.