December 2022
Intermediate to advanced
608 pages
21h 38m
English
Content preview from J.K. Lasser's Small Business Taxes 2023
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CHAPTER 26Tax Strategies for Opening or Closing a Business
Two of the most challenging times of running a business are, perhaps, the start‐up and close‐down phases. Taxwise, there are certain opportunities that should not be overlooked.
For further information, see IRS Publication 583, Starting a Business and Keeping Records.
Initial Tax Decisions to Make
When you start a business of any kind, whether a full‐time or part‐time one, you need to make certain choices. Here is a checklist of the elections, choices, and decisions to make when commencing a business (the chapter in which the item is discussed is also noted):
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