J.K. Lasser's Small Business Taxes 2023

Preface

Businesses naturally focus on sales to create profits. But the tax results of business activities can't be ignored. Economic conditions, including inflation, supply chain issues, and labor shortages, impact sales and, in turn, affect taxes. And tax rules are continually changing. As a small business owner, you can't rely on the tax rules you've become accustomed to. You need to familiarize yourself with new rules to minimize your 2022 taxes, figure estimated taxes for 2023, and obtain tax refunds from certain prior years. Major recent legislation, including the Consolidated Appropriations Act, 2022; the CHIPS and Science Act of 2022; and the Inflation Reduction Act of 2022, needs to be taken into account.

This book focuses primarily on federal income taxes. Businesses may be required to pay and report many other taxes, including state income taxes, employment taxes, sales and use taxes, and excise taxes. Some information about these taxes is included in this book to alert you to your possible obligations so that you can then obtain further assistance if necessary.

The book takes a holistic approach to taxes, showing you where applicable the ramifications that tax decisions can have on your business activities and your bottom line. Statistics, resources, and other materials are provided to help you better run your business by making good tax decisions and implementing sound business practices.

It is important to stay alert to future tax changes. Be sure to check on any ...