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Small Business Taxes Made Easy, Third Edition, 3rd Edition

by Eva Rosenberg

January 2017

Beginner

320 pages

8h 43m

English

McGraw-Hill

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Three Indicators Will Predict the Success of the BusinessSo What Do You Need to Do?The Checklist in To-Do OrderChecklist Resources

Chapter 2 Exercise—Create a Business PlanWhy You Need a Business PlanReal Business—Planned LossesGeneral BenefitsThe Fine Line Between Success and FailureExit Plans for Fun and ProfitLet’s Not Fail Due to SuccessOutline of a PlanRebalancing Your Business Plan for Tax ConsequencesBusiness Plan Books and Resources
Decisions, Decisions, DecisionsWhat Do You Want to Be When You Grow Up?Major Issues Related to EntitiesEntities, in All Their GloryA Brief Word About Nevada, Delaware, and Wyoming CorporationsWhat About Nonprofits?Entities We’re Not DiscussingAll the Highlights in One PlaceYour Big DecisionEntity Resources
Keeping Records Is a Pain!Types of Accounting SystemsDoing It by HandThe IRS Says It AllFiscal YearAccounting StylesRecords You Must KeepHow Long Should You Keep Records?Glossary of Bookkeeping TermsRecord-Keeping Resources
Money In, Money Out, Wave Your Hands All AboutA Capital IdeaWhat Is Income?Timing of IncomeA Brief Note About Accrual BasisSales Taxes Received—Are They Your Money?Income Rarely ReportedThe IRS Has a Cash Audit Guide1099s Your Business ReceivesSo What the Heck Is Income?Income Resources
Rule of ThumbUniversally DeductibleIt’s All About YouMixed-Use AssetsDepreciationMore Deductions Than You Can ImagineDeduction Resources
The Song Is Right! Let’s Stay HomeIt’s a Red Flag; It’s Just Asking for an AuditAnother Attractive Change to the Law Affecting Homeowners OnlySimplify, SimplifyInner SpaceTwo Critical RemindersProve It, Baby!What Are Office-in-Home Expenses?When You Can’t Use Office-in-Home DeductionsEvaluate Your OptionsA Final Note—and a Final StoryOffice-in-Home Resources
Deducting Auto ExpensesShould I Lease or Buy?The Cons of DepreciationGive Yourself CreditVehicle Resources
Who Is an Employee?Protecting Yourself from Independent Contractor ClaimsWhat Are 1099-MISCs?Payroll and Payroll TaxesPayroll Across EntitiesHiring Family MembersPaying PayrollPreparing Payroll: Checks, Journals, ReportsReporting PayrollEmployee BenefitsEmployee Ownership and Stock OptionsSumming Up EmployeesEmployee and Independent Contractor Resources
Fringe Benefits and ReimbursementsRetirement PlansTax-Deferred OpportunitiesUsing the IRS to Your AdvantageBenefits Resources
Estimated Payments OverviewMy Short MethodWorst-Case ScenarioComputing Your Estimated Installment PaymentsPaying the TaxTips to Reduce Penalties for Underpayment of Estimated TaxDon’t Overpay Your Estimates If You’re in TroubleEstimated Payment Resources
WWW = Who, What, Where?What? I Thought There Was No Internet TaxNexusInternet Sales Tax IssuesRents and Services—Domestic and AbroadLegal Issues on the InternetIn the EndOnline Business Resources
Dealing with Basic Tax Notices for Individual ReturnsIRS AuditsWhat Will Happen During the Audit?NegotiatingAudit Reconsiderations, Appeals, and Tax Court: Some Brief WordsOwing TaxesHow About Filing Bankruptcy?Summary of IRS InteractionsTax Notices, Audits, and Collection Notes Resources

Content preview from Small Business Taxes Made Easy, Third Edition, 3rd Edition

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7 OFFICE IN HOME

Wherever you wander, there’s no place like home.

—SONG LYRICS BY JOHN HOWARD PAYNE

The Song Is Right! Let’s Stay Home

In 2012, the latest year for which IRS statistics are published,¹ more than 32,783,232 business returns were filed, reporting over $35 trillion in sales. Of these businesses, over 23 million were “nonfarm sole proprietorships.” In other words, they were businesses like yours and mine. Businesses like ours produced $1,301,569,749 in revenues for this country—that’s over $1.3 trillion! In total, those small businesses also reported a little more than $1 trillion in expenses. Although the IRS tracks information on ...