Chapter 19

Mastering Small-Business Taxes

In This Chapter

arrow Managing your business taxes and maintaining sound financial records

arrow Identifying and managing your tax bracket

arrow Understanding employee tax issues

arrow Using sensible tax write-offs

arrow Choosing a tax-friendly corporate entity

One of the more painful aspects of owning your own business is the amount of time you have to spend on doing tax-related bookkeeping chores and on completing and filing numerous tax forms. In addition to federal income tax requirements, most states assess income taxes, and as we discuss in Chapter 18, some local governments levy taxes on small businesses, too. This chapter is all about helping you understand small-business taxes.

When you were an employee, you probably took for granted how simple your tax life was. As a wage-slave, you had the appropriate taxes withheld by your employer from each of your paychecks, and your employer submitted the money to the required government entities. When it was time to file ...

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