book

Small Business Taxes For Dummies, 3rd Edition

by Eric Tyson

February 2022

Beginner

304 pages

7h 59m

English

For Dummies

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Copyright
About This BookFoolish AssumptionsIcons Used in This BookBeyond the BookWhere to Go from Here
Valuing Year-Round Tax PlanningNoting How Corporate and Individual Tax Reform Impacts Small BusinessConsidering the SECURE ACT of 2019 and COViD-19 Relief Tax ActsContemplating Potential Upcoming Tax Law ChangesUnderstanding the Different Types of Taxes You Pay and Your Tax Rates
Choosing Your Business EntityValuing Employee Benefits
Beginning with Retirement Account Basics: Tax Breaks, Penalties, and Saving GuidelinesSurveying Your Retirement Account OptionsDeveloping Realistic Investment Return ExpectationsSelecting Top-Notch Investments for Your Retirement Account
Deciding Whether to Work out of Your HomeLeasing Space for Your BusinessBuying Business Property
Determining Your Estate’s Tax ConcernsReducing Expected Estate Taxes with a Few Strategies

Establishing an Accounting System for Your BusinessKeeping Good Tax Records for Your Small Business
Sizing Up the New and Improved Form 1040Tackling the Income LinesSchedule 1: Additional Income and Adjustments to IncomeAdjustments to IncomeNonrefundable Credits: Schedule 3
Detailing Schedule CGetting the Basics DownPart I: IncomePart II: Expenses
Checking Out the New, Simplified Home Office DeductionFilling Out Form 8829Understanding the Downsides to Home Office Deductions
Form 1040-ES: Estimated Tax for IndividualsKeeping Current on Your Employees’ (and Your Own) Tax WithholdingSchedule SE: Self-Employment TaxForm 8889: Health Savings Accounts (HSAs)
Understanding the Basics You’ll Find on an IRS NoticeAssessing Assessment NoticesHandling Non-Assessment NoticesWhat You Should Know about AuditsCorrecting IRS ErrorsAmending a ReturnTaking Action Even When You Can’t Pay Your TaxesReducing Your Chances of Being Audited
The Benefits of Preparing Your Own ReturnUsing IRS PublicationsBuying SoftwareAccessing Internet Tax ResourcesHiring Help
Deciding to Hire Tax HelpFinding Tax AdvisorsInterviewing Prospective Tax Advisors
Tracking Expenses with ExpensifyProcessing Sales with SquareManaging Transactions with EMS+Marking Miles with MileIQManaging Your Accounting with QuickBooksHandling Accounting and Invoicing with FreshBooksPreparing Taxes with TurboTax Self-EmployedCompleting Taxes with H&R Block Tax Preparation and Filing Software
Invest in Wealth-Building AssetsFund Some Retirement AccountsContribute to a Health Savings AccountWork OverseasCalculate Whether a Deduction Is Worth ItemizingTrade Consumer Debt for Mortgage DebtConsider Charitable Contributions and ExpensesScour for Self-Employment ExpensesMarried Couples Should Crunch the Numbers on Filing SeparatelyTax Breaks for Minority Owned Businesses and Those in Low-Income Areas
To Develop a Good Business Plan and Improve Your Small BusinessTo Whip Your Finances into ShapeTo Select the Best Business EntityTo Set Up an Accounting and Financial Management SystemTo Hone Your Investment Savvy for Your (and Your Employees’) Retirement FundsFor Help with Payroll Regulations and Employee Tax WithholdingsTo Dig Deeper into IRS Rules and RegulationsTo Deal with IRS Collection EffortsFor More Detailed Advice about All Aspects of Your Income Tax ReturnFor Assistance in Preparing Your Income Tax Return

Overview

Get your taxes right the first time and save $

If you run a small business, you’ve likely got more work than you already feel able to handle. The last thing you need is to be running around trying to figure out your taxes at the last minute. So, if you need a hands-on guide to small business taxes that doesn’t mess around, look no further than Small Business Taxes For Dummies.

In this book, nationally recognized personal finance expert Eric Tyson clearly and concisely delivers the best methods to save on your taxes and make the process as easy as possible. You’ll get the latest info about all the newest tax deductions and credits (including COVID-19-related breaks), as well as location-specific incentives and other little-known tips.

You’ll also find:

Expanded discussions of new retirement account options for small business owners
The latest advice on how to deal with online and software tax prep and filing options to make life easier at tax time
Explorations of likely new changes coming

A can’t-miss resource for small business owners, managers, and employees, Small Business Taxes For Dummies is the book to help you make sure you don’t pay more than you need to pay at tax time!