Book description
The ultimate money-saving tax guide for the small business ownerJ.K. Lasser's Small Business Taxes is designed to help business owners make sense of their taxes and file correctly, on time, without over- or under-paying. Maximize your bottom line with a complete listing of all available business expense deductions, small business tax planning strategies, and the most up-to-date tax laws and requirements, including plain-English instructions on how to qualify, how to claim, and how to file. There's an e-supplement with the latest tax developments from the IRS and Congress. From employee wages and advertising, to repairs, rents, debts, and more, this book answers all of your questions about your 2016 filing. Stop wading through mountains of paperwork and browsing sketchy tax advice—this book puts America's most trusted tax advisors to work for your business. Detailed guidance includes recordkeeping requirements, dollar limits, sample forms, and checklists, and even shows you exactly which line on which form needs what information—and where to find it.
Business taxes have so many moving parts that putting it all together can seem more difficult than actually running your business in the first place. J.K. Lasser puts a stop to the madness by breaking down the requirements, forms, and processes into a sensible workflow, with expert help that can save your business money.
- Organize your recordkeeping for a more streamlined filing
- Claim income and losses from business, property, and capital gains
- Identify the many business expenses that qualify as deductions
- Learn professional planning strategies specifically for small businesses
- Work more efficiently with your own tax advisor
You're an expert on your business, not taxes. Unless you're inclined to moonlight as a tax accountant, you need a trusted expert on your side to help you keep more money where it belongs—in your business. J.K. Lasser's Small Business Taxes is the ultimate guide to filing quickly, correctly, and with less stress, so you can get filed 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
- Worker Classification
- Temporary Workers and Outsourced HR
- Deductible Employee Compensation
- Compensation to Owners
- Stock Options and Restricted Stock
- Deferred Compensation
- Disallowance Repayment Agreements
- Employee Benefits
- Identity Theft Protection
- Nonstatutory Fringe Benefits
- Cafeteria Plans
- Employment Tax Credits
- 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
- 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 and Designated Roth Accounts
- 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
- Retirement Plans Owning Your Business
- 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
- Reporting Health Coverage on Forms 1095
- 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
- Foreign Housing Deduction
- Other Expenses
- Chapter 23 Roundup of Tax Credits
-
Chapter 7 Employee Compensation: Salary, Wages, and Employee Benefits
-
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 Tax Returns and Paying Taxes
- Chapter 31 Retirement and Succession Planning
- Chapter 32 Working with CPAs and Other Tax Professionals
- Chapter 33 Handling Audits with the IRS
- Appendix A Information Returns
- Appendix B Tax Penalties
- Appendix C Checklist of Tax-Related Corporate Resolutions
- Appendix D List of Dollar Limits and Amounts Adjusted for Inflation
- Index
- EULA
Product information
- Title: J.K. Lasser's Small Business Taxes 2017
- Author(s):
- Release date: October 2016
- Publisher(s): Wiley
- ISBN: 9781119249054
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