Small Business Taxes For Dummies, 2nd Edition

Book description

Small business taxes taxing you out?

For most business owners, their single biggest “expense” (and headache) is dealing with their taxes. And while the just passed Congressional tax bill reduced taxes for many of the estimated 30 million small business owners in the U.S., the nation’s taxes continue to be complex. Not being up-to-speed on tax rules and strategies can lead to mistakes that cost business owners thousands of dollars in fines and penalties every year.

Small Business Taxes For Dummies assists both current and aspiring small business owners with important tax planning issues, including complete coverage of the tax changes taking effect in 2018, creating an ongoing tax routine, dealing with the IRS, and navigating audits and notices.

  • Includes issues influencing incorporated small businesses, partnerships, and LLCs
  • Offers expanded coverage of other business taxes including payroll and sales taxes
  • Provides websites and other online tax resources
  • Gives guidance to millennials juggling multiple gigs

If you’re a current or aspiring small business owner looking for the most up-to-date tax planning issues, this book keeps you covered.

Table of contents

  1. Cover
  2. Introduction
    1. About This Book
    2. Foolish Assumptions
    3. Icons Used in This Book
    4. Where to Go from Here
  3. Part 1: Understanding Small Business Taxes
    1. Chapter 1: Small Business Taxes 101
      1. Valuing Year-Round Tax Planning
      2. Noting How Corporate and Individual Tax Reform Impacts Small Business
      3. Understanding the Different Types of Taxes You Pay and Your Tax Rates
    2. Chapter 2: Making Important Business Decisions
      1. Choosing Your Business Entity
      2. Valuing Employee Benefits
    3. Chapter 3: Retirement Accounts and Investments for Small Businesses
      1. Beginning with Retirement Account Basics: Tax Breaks, Penalties, and Saving Guidelines
      2. Surveying Your Retirement Account Options
      3. Selecting Top-Notch Investments for Your Retirement Account
      4. Developing Realistic Investment Return Expectations
    4. Chapter 4: Real Estate and Your Small Business
      1. Deciding Whether to Work out of Your Home
      2. Leasing Space for Your Business
      3. Buying Business Property
    5. Chapter 5: Estate Planning
      1. Determining Your Estate’s Tax Concerns
      2. Reducing Expected Estate Taxes with a Few Strategies
  4. Part 2: Ongoing Tax Jobs
    1. Chapter 6: Keeping Track of Your Small Business Revenues and Costs
      1. Establishing an Accounting System for Your Business
      2. Keeping Good Tax Records for Your Small Business
    2. Chapter 7: Form 1040 Filing Options
      1. The New and Improved Form 1040
      2. Tackling the Income Lines
      3. Schedule 1: Additional Income and Adjustments to Income
      4. Adjustments to Income
      5. Nonrefundable Credits: Lines 48 to 55
    3. Chapter 8: Schedules C and C-EZ
      1. Schedule C-EZ
      2. Schedule C
    4. Chapter 9: The Business Use of Your Home
      1. The New, Simplified Home Office Deduction
      2. Filling Out Form 8829, “Expenses for Business Use of Your Home”
      3. Understanding the Downsides to Home Office Deductions
    5. Chapter 10: Estimated Taxes, Self-Employment Taxes, and Other Common Forms
      1. Form 1040-ES: Estimated Tax for Individuals
      2. Keeping Current on Your Employees’ (and Your Own) Tax Withholding
      3. Schedule SE: Self-Employment Tax
      4. Form 8889: Health Savings Accounts (HSAs)
  5. Part 3: Getting Help
    1. Chapter 11: Dealing with Notices and Audits
      1. Understanding the Basics You’ll Find on an IRS Notice
      2. Assessing Assessment Notices
      3. Handling Non-Assessment Notices
      4. What You Should Know about Audits
      5. Correcting IRS Errors
      6. Amending a Return
      7. Taking Action Even When You Can’t Pay Your Taxes
      8. Reducing Your Chances of Being Audited
    2. Chapter 12: Keeping Up with and Researching Tax Strategies and Rules
      1. The Benefits of Preparing Your Own Return
      2. Using IRS Publications
      3. Buying Software
      4. Accessing Internet Tax Resources
      5. Hiring Help
    3. Chapter 13: Paying for Tax Help
      1. Deciding to Hire Tax Help
      2. Finding Tax Advisors
      3. Interviewing Prospective Tax Advisors
  6. Part 4: The Part of Tens
    1. Chapter 14: Ten (Almost) Useful Apps and Software Packages for Small Business Tax Issues
      1. Tracking Expenses with Expensify
      2. Processing Sales with Square
      3. Managing Transactions with EMS+
      4. Marking Miles with MileIQ
      5. Managing Your Accounting with QuickBooks
      6. Handling Accounting and Invoicing with FreshBooks
      7. Preparing Taxes with TurboTax Self-Employed
      8. Completing Taxes with H&R Block Tax Preparation and Filing Software
    2. Chapter 15: (Almost) Ten Often Overlooked Tax Reduction Opportunities
      1. Invest in Wealth-Building Assets
      2. Fund Some Retirement Accounts
      3. Contribute to a Health Savings Account
      4. Work Overseas
      5. Calculate Whether a Deduction Is Worth Itemizing
      6. Trade Consumer Debt for Mortgage Debt
      7. Consider Charitable Contributions and Expenses
      8. Scour for Self-Employment Expenses
      9. Married Couples Should Crunch the Numbers on Filing Separately
    3. Chapter 16: Ten Resources to Turn to After Reading This Book
      1. To Develop a Good Business Plan and Improve Your Small Business
      2. To Whip Your Finances into Shape
      3. To Select the Best Business Entity
      4. To Set Up an Accounting and Financial Management System
      5. To Hone Your Investment Savvy for Your (and Your Employees’) Retirement Funds
      6. For Help with Payroll Regulations and Employee Tax Withholdings
      7. To Dig Deeper into IRS Rules and Regulations
      8. To Deal with IRS Collection Efforts
      9. For More Detailed Advice about All Aspects of Your Income Tax Return
      10. For Assistance in Preparing Your Income Tax Return
  7. Index
  8. About the Author
  9. Connect with Dummies
  10. End User License Agreement

Product information

  • Title: Small Business Taxes For Dummies, 2nd Edition
  • Author(s): Eric Tyson
  • Release date: March 2019
  • Publisher(s): For Dummies
  • ISBN: 9781119517849