Book description
Don’t be taxed out of business! Know your rights and KEEP MORE OF WHAT YOU EARN
It’s great to start a business and be your own boss—but with all the taxes you pay, it sometimes feels like you’re working for the government. This book teaches you ways to work smarter – not harder!
The go-to tax guide for small-business owners is packed with tips for dramatically lowering your taxes. This new edition covers key provisions passed by Congress that will affect your taxes for 2016 through 2020. It includes:
• Enhanced checklists
• Improved entity comparisons
• Updates on valuable business resources and tools
• New information about depreciation
• Critical home-office information
• Need-to-know online business issues
• Expanded tips on Tax Notices and audits
Small Business Taxes Made Easy covers more than just taxes. It includes business plans, legal tax-cutting tips, and ways to build your dynasty – or develop a smart exit plan (think Venture Capital or IPO). Best of all, you learn how to increase your profits and your cash flow and to ensure your business is a success.
You have more rights as a taxpayer than you probably realize, and this unparalleled guide helps you exercise them to the max!
Small Business Taxes Made Easy offers easy-to-follow, actionable advice with timeless information. Whatever kind of business you run, this book provides everything you need to hold on to more of the profits you’ve worked so hard for.
Table of contents
- Cover
- Title Page
- Copyright Page
- Dedication
- Contents
- Acknowledgments
- Introduction: A Letter from Eva Rosenberg to You, the Business Owner
- Lighten Up
- How to Use This Book
- 1 SMALL BUSINESS CHECKLIST
-
2 BUSINESS PLANS YOU KNOW AND TRUST
- Chapter 2 Exercise—Create a Business Plan
- Why You Need a Business Plan
- Real Business—Planned Losses
- General Benefits
- The Fine Line Between Success and Failure
- Exit Plans for Fun and Profit
- Let’s Not Fail Due to Success
- Outline of a Plan
- Rebalancing Your Business Plan for Tax Consequences
- Business Plan Books and Resources
-
3 ENTITIES
- Decisions, Decisions, Decisions
- What Do You Want to Be When You Grow Up?
- Major Issues Related to Entities
- Entities, in All Their Glory
- A Brief Word About Nevada, Delaware, and Wyoming Corporations
- What About Nonprofits?
- Entities We’re Not Discussing
- All the Highlights in One Place
- Your Big Decision
- Entity Resources
- 4 RECORD KEEPING
- 5 INCOME
- 6 COMMON DEDUCTIONS
-
7 OFFICE IN HOME
- The Song Is Right! Let’s Stay Home
- It’s a Red Flag; It’s Just Asking for an Audit
- Another Attractive Change to the Law Affecting Homeowners Only
- Simplify, Simplify
- Inner Space
- Two Critical Reminders
- Prove It, Baby!
- What Are Office-in-Home Expenses?
- When You Can’t Use Office-in-Home Deductions
- Evaluate Your Options
- A Final Note—and a Final Story
- Office-in-Home Resources
- 8 VEHICLES: EVERYONE’S FAVORITE DEDUCTION
-
9 EMPLOYEES AND INDEPENDENT CONTRACTORS
- Who Is an Employee?
- Protecting Yourself from Independent Contractor Claims
- What Are 1099-MISCs?
- Payroll and Payroll Taxes
- Payroll Across Entities
- Hiring Family Members
- Paying Payroll
- Preparing Payroll: Checks, Journals, Reports
- Reporting Payroll
- Employee Benefits
- Employee Ownership and Stock Options
- Summing Up Employees
- Employee and Independent Contractor Resources
- 10 OWNERS’ FRINGE BENEFITS, RETIREMENT, AND TAX DEFERMENT
- 11 ESTIMATED PAYMENTS
- 12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES
- 13 TAX NOTICES, AUDITS, AND COLLECTION NOTES
- Epilogue: Some Final Words of Advice—and Resources to Rely On
- Index
Product information
- Title: Small Business Taxes Made Easy, Third Edition, 3rd Edition
- Author(s):
- Release date: January 2017
- Publisher(s): McGraw-Hill
- ISBN: 9781260010770
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