Book description
Eliminate confusion, maximize deductions, reduce payments, and conquer your small business taxes with ease
In J.K. Lasser's Small Business Taxes 2015, the most trusted name in tax guidance helps small business owners maximize their bottom line. Fully updated for 2014 tax returns and 2015 tax planning, this detailed guide provides concise, plain-English explanations of tax laws tailored to business owners who are experts in their field—not in taxes. A complete listing of available business expense deductions includes comprehensive information on dollar limits and record-keeping requirements, allowing business owners to quickly recognize the deductions for which they qualify and make tax-savvy business decisions year round. Sample forms and checklists allow you to organize your preparation, and clear instruction on tax form navigation helps you get it right the first time.
Small business owners have a full plate. Indeed, just keeping the business going is a more than full-time job. But when tax time rolls around, you still need to file—correctly, on time, and without making errors or leaving money on the table. Small Business Taxes 2015 simplifies the process, breaking down tax laws and the filing process. You'll get expert insight on every step of the process, from organizing paperwork to sending the check, including clear guidance on how to:
Create a year-long record-keeping system that will streamline the filing process
Clarify income and losses and deal with operational income and losses, capital gains, and property sales
Discover the latest tax credits and deductions that may apply to your business
Tailor a tax strategy to your business's size, maturity, and growth potential
Frustration-free filing is not a myth. With the proper planning and understanding, you can save your business a significant amount of money, without wading through volumes of tax legalese. J.K. Lasser's Small Business Taxes 2015 provides the facts, strategies, and up to date information you need to get it done right, and get back to work.
Table of contents
- Preface
- Introduction
-
PART 1: Organization
-
Chapter 1: Business Organization
- Sole Proprietorships
- Partnerships and Limited Liability Companies
- S Corporations and Their Shareholder-Employees
- C Corporations and Their Shareholder-Employees
- Employees
- Factors in Choosing Your Form of Business Organization
- Forms of Business Organization Compared
- Changing Your Form of Business
- Tax Identification Number
- Chapter 2: Tax Year and Accounting Methods
- Chapter 3: Recordkeeping for Business Income and Deductions
-
Chapter 1: Business Organization
- PART 2: Business Income and Losses
-
PART 3: Business Deductions and Credits
- Chapter 7: Employee Compensation: Salary, Wages, and Employee Benefits
- Chapter 8: Travel and Entertainment Expenses
-
Chapter 9: Car and Truck Expenses
- Deducting Car Expenses in General
- Actual Expense Method
- Standard Mileage Allowance
- Leasing a Car for Business
- Arranging Car Ownership
- Employee Use of an Employer-Provided Car
- Vehicle Trade-In
- Trucks and Vans
- Credit for Plug-In Electric Vehicles
- Reimbursement Arrangements
- Recordkeeping for Car Expenses
- Chapter 10: Repairs, Maintenance, and Energy Improvements
- Chapter 11: Bad Debts
- Chapter 12: Rents
- Chapter 13: Taxes and Interest
-
Chapter 14: First-Year Expensing, Depreciation, Amortization, and Depletion
- First-Year Expensing
- Other Expensing Opportunities
- General Rules for Depreciation
- Modified Accelerated Cost Recovery System
- Depreciation Methods
- Bonus Depreciation
- Limitations on Listed Property
- Rebuilding Incentives for Certain Disaster Victims
- Putting Personal Property to Business Use
- Amortization
- Depletion
- Chapter 15: Advertising Expenses
-
Chapter 16: Retirement Plans
- Qualified Retirement Plans
- Added Costs for Retirement Plans
- Retirement Plans for Self-Employed Individuals
- Regular 401(k)s, Designated Roth Accounts, and Db(k)s
- Individual Retirement Accounts
- MyRAs
- State-Sponsored Plans for the Private Sector
- When to Take Action
- Actions to Avoid
- Comparison of Qualified Retirement Plans
- ESOPs
- Correcting Plan Defects
- Nonqualified Retirement Plans
- Glossary of Terms for Retirement Plans
- Chapter 17: Casualty and Theft Losses
- Chapter 18: Home Office Deductions
-
Chapter 19: Medical Coverage
- Health Care Mandates
- Deducting Medical Insurance for Employees
- Deducting Health Coverage by Self-Employed Persons and More-Than-2% S Corporation Shareholders
- Using Medical Reimbursement Plans
- Tax Credit for Contributions to Employee Health Coverage
- Shifting the Cost of Coverage to Employees
- Setting Up Health Savings Accounts (HSAs)
- Archer Medical Savings Accounts (MSAs)
- Health Reimbursement Arrangements
- COBRA Coverage
- Wellness Programs
- Reporting Health Coverage on W-2s
- Chapter 20: Deductions and Tax Credits for Farmers
- Chapter 21: Domestic Production Activities Deduction
-
Chapter 22: Miscellaneous Business Deductions
- Other Business Expenses in General
- Job-Seeking Expenses
- Moving Expenses
- Educational Expenses
- Charitable Contributions Made by Your Business
- Licenses and Permits
- Dues and Subscriptions
- Legal and Professional Fees
- Bank and Merchant Fees
- Supplies, Materials, and Office Expenses
- Uniforms and Clothing
- Insurance
- Commissions
- Outsourced Workers
- Payments to Directors and Independent Contractors
- Penalties, Fines, and Damages
- Meal Costs for Day-Care Providers
- Expenses of Disabled Persons
- The Dividends-Received Deduction
- Other Expenses
- Chapter 23: Roundup of Tax Credits
-
PART 4: Tax Planning for Your Small Business
- Chapter 24: Income and Deduction Strategies
-
Chapter 25: Tax Strategies for Opening or Closing a Business
- Initial Tax Decisions to Make
- Investing Your Own Resources
- Debt versus Equity Financing
- Tax Identification Numbers
- Tax Reporting for the First Year
- How to Write Off Start-Up Costs
- Setting Up a Business Bank Account and Credit Card
- Moving a Business
- Aborted Business Ventures
- Bankruptcy
- Expenses of Winding Up a Small Business
- Tax Reporting in the Final Year
- Chapter 26: Tax Strategies for a Sideline Business
- Chapter 27: Tax Strategies for Multiple Businesses
- Chapter 28: Alternative Minimum Tax
- Chapter 29: Other Taxes
- Chapter 30: Filing Income Tax Returns and Paying Taxes
- Chapter 31: Retirement and Succession Planning
- Appendix A: Information Returns
- Appendix B : Checklist of Tax-Related Corporate Resolutions
- Appendix C : List of Dollar Limits and Amounts Adjusted for Inflation
- Index
- End User License Agreement
Product information
- Title: J.K. Lasser's Small Business Taxes 2015: Your Complete Guide to a Better Bottom Line
- Author(s):
- Release date: October 2014
- Publisher(s): Wiley
- ISBN: 9781118922033
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