Book description
Maximize your bottom line with the nation's most trusted small business tax guideJ.K. Lasser's Small Business Taxes 2018 is the small business owner's ultimate guide to a money-saving, stress-free tax season. Providing straightforward advice from the nation's most trusted tax expert on small business taxes, this book gives you the answers you need quickly, with clear, concise guidance. Updated and expanded to cover new and changing tax law, this edition also includes an e-supplement covering the latest developments from Congress and the IRS to keep you fully up-to-date.
A complete listing of all available business deductions and credits helps you identify those you qualify for, and includes critical information on dollar limits, recordkeeping requirements, and how to actually take the write-off—all the way down to which line on which form. Organizational and planning strategies help you get through the process quickly and with fewer headaches, and this year's changes to the tax laws are explained in terms of how they affect your filing.
Keeping up with the intricacies of tax law and filing is a full-time job—but it's not your full-time job. You have a business to run. This book gives you the guidance you need in the time that you have so you can get taxes out of the way and get back to work.
- Learn which expenses qualify for deductions—and which ones don't
- Adopt a more organized recordkeeping system to streamline the filing process
- Explore small-business-specific strategies for starting or closing a business, running a sideline business, and operating in multiple businesses
- Decode the various forms and worksheets correctly with step-by-step guidance
- Review obligations for the 'other taxes,' including payroll and excise taxes
Every year, millions of small business owners overpay their taxes because they lack the time and expertise to make tax-sensitive business decisions throughout the year only to learn that it's too late to act when it comes to tax time. Now you can put your money back where it belongs—in your business. J.K. Lasser's Small Business Taxes 2018 helps you take wise actions during the year and tells you how to file completely and accurately while maximizing your bottom line.
Table of contents
- Preface
- Introduction
-
PART 1 Organization
-
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
- 2 Tax Year and Accounting Methods
- 3 Recordkeeping for Business Income and Deductions
-
1 Business Organization
- PART 2 Business Income and Losses
-
PART 3 Business Deductions and Credits
- 7 Employee Compensation: Salary, Wages, and Employee Benefits
- 8 Travel and Entertainment Expenses
-
9 Car and Truck Expenses
- Deducting Car and Truck Expenses in General
- Actual Expense Method
- Standard Mileage Allowance
- Leasing a Car for Business
- Arranging Vehicle Ownership
- Employee Use of an Employer-Provided Car
- Vehicle Trade-In
- Trucks and Vans
- Credit for Plug-In Electric Vehicles
- Reimbursement Arrangements
- Recordkeeping for Vehicle Expenses
- 10 Repairs, Maintenance, and Energy Improvements
- 11 Bad Debts
- 12 Rents
- 13 Taxes and Interest
- 14 First-Year Expensing, Depreciation, Amortization, and Depletion
- 15 Advertising Expenses
-
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
- 17 Casualty and Theft Losses
- 18 Home Office Deductions
-
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 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)
- COBRA Coverage
- Wellness Programs
- Reporting Health Coverage on W-2s
- Reporting Health Coverage on Forms 1095
- 20 Deductions and Tax Credits for Farmers
- 21 Domestic Production Activities Deduction
-
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
- 23 Roundup of Tax Credits
-
PART 4 Tax Planning for Your Small Business
- 24 Income and Deduction Strategies
-
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
- 26 Tax Strategies for a Sideline Business
- 27 Tax Strategies for Multiple Businesses
- 28 Alternative Minimum Tax
- 29 Other Taxes
- 30 Filing Tax Returns and Paying Taxes
- 31 Retirement and Succession Planning
- 32 Working with CPAs and Other Tax Professionals
- 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 2018
- Author(s):
- Release date: October 2017
- Publisher(s): Wiley
- ISBN: 9781119380412
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