Tax Savvy for Small Business : Year-Round Tax Strategies to Save You Money
by Daily, Frederick W.; Laurence, Bethany K.Edition: 9th
Format: Paperback
Pub. Date: 2005-10-30
Publisher(s): Nolo
Other versions by this Author
List Price: $39.96
Rent Book
Select for Price
New Book
We're Sorry
Sold Out
Used Book
We're Sorry
Sold Out
eBook
We're Sorry
Not Available
How Marketplace Works:
- This item is offered by an independent seller and not shipped from our warehouse
- Item details like edition and cover design may differ from our description; see seller's comments before ordering.
- Sellers much confirm and ship within two business days; otherwise, the order will be cancelled and refunded.
- Marketplace purchases cannot be returned to eCampus.com. Contact the seller directly for inquiries; if no response within two days, contact customer service.
- Additional shipping costs apply to Marketplace purchases. Review shipping costs at checkout.
Summary
It is possible to run a profitable, honest business while minimizing taxes and staying out of legal trouble. How? This bestseller points the way, detailing year-round tax-saving strategies to help business owners:- claim all legitimate deductions- maximize fringe benefits- keep accurate records- document expenses- survive an audit.
Table of Contents
| Introduction | |
| Taxes for Small Businesses and the Self-Employed | p. 2 |
| How Tax Law Is Made and Administered: The Short Course | p. 4 |
| Sources of Tax Law | p. 5 |
| Marginal Tax Rate and Tax Brackets | p. 6 |
| The Alternative Minimum Tax (AMT) | p. 6 |
| The Basics | |
| Deductible Expenses | |
| What Is a Deductible Business Expense? | p. 3 |
| Is It a Current or Future Year Expense? | p. 5 |
| Top 25 Deductions for Businesses | p. 5 |
| Vehicle Expenses | p. 15 |
| How and Where to Claim Expense Deductions | p. 19 |
| What Is-And Isn't-Income? | p. 20 |
| Writing Off Business Assets | |
| When Various Expenses May Be Deducted | p. 3 |
| Section 179: Expensing Business Assets | p. 5 |
| Depreciating Business Assets | p. 8 |
| Tax Basis of Business Assets | p. 15 |
| Leasing Instead of Buying Assets | p. 18 |
| When You Dispose of Business Assets: Depreciation Recapture Tax | p. 20 |
| Tax Errors in Depreciation | p. 21 |
| Bookkeeping and Accounting | |
| Why You Need a Bookkeeping System | p. 2 |
| Should You Hire a Bookkeeper? | p. 3 |
| Manual or Computer System? | p. 3 |
| What Kinds of Records to Keep | p. 7 |
| How Long Records Should Be Kept | p. 11 |
| Bookkeeping Methods of Tracking Income and Expenses | p. 11 |
| Timing Methods of Accounting: Cash and Accrual | p. 12 |
| Accounting Periods: Calendar Year or Fiscal Year | p. 14 |
| Business Losses and Failures | |
| Unincorporated Business Losses | p. 2 |
| Incorporated Business Losses | p. 4 |
| Tax Concerns of Employers | |
| Taxpayer Identification Numbers | p. 2 |
| Payroll Taxes | p. 3 |
| Classifying Workers: Employee or Independent Contractor? | p. 10 |
| Misclassifying Employees as Independent Contractors | p. 13 |
| IRS Filing and Payment Requirements for Employers | p. 16 |
| Record Keeping for Service Providers | p. 17 |
| The Structure of Your Business | |
| Sole Proprietorships | |
| Business Expenses | p. 2 |
| Profits Left in the Business | p. 2 |
| How Sole Proprietors Report Taxes | p. 3 |
| Estimated Tax Payments = Pay as You Go | p. 6 |
| Employment Tax Rules | p. 7 |
| Record Keeping | p. 8 |
| Outgrowing a Sole Proprietorship | p. 8 |
| Ending the Business | p. 9 |
| Death and Taxes | p. 9 |
| C Corporations | |
| Types of Corporations | p. 3 |
| How C Corporations Are Taxed | p. 5 |
| Tax Benefits of C Corporations | p. 10 |
| Incorporating Your Business | p. 11 |
| The Importance of Issuing Section 1244 Stock | p. 15 |
| Taking Money Out of a C Corporation | p. 17 |
| Tax Pitfalls of C Corporations | p. 20 |
| Dissolving a C Corporation | p. 21 |
| S Corporations | |
| An Overview of S Corporations | p. 2 |
| Should You Choose S Corporation Status? | p. 3 |
| Tax Reporting for S Corporations | p. 5 |
| How S Corporation Shareholders Are Taxed on Income | p. 8 |
| Social Security and Medicare Taxes | p. 9 |
| Electing S Corporation Status | p. 9 |
| Revoking S Corporation Status | p. 11 |
| Dissolving an S Corporation | p. 11 |
| Partnerships | |
| Partnership Tax Status | p. 3 |
| Tax Reporting by Partnerships | p. 3 |
| Tax Obligations of Partners | p. 4 |
| Partnership Losses | p. 9 |
| Partnership Contributions | p. 10 |
| Getting Money Out of a Partnership | p. 12 |
| Partnership Expenses | p. 13 |
| Selling or Transferring a Partnership Interest | p. 13 |
| Ending a Partnership | p. 15 |
| Limited Liability Companies | |
| Taxes | p. 2 |
| Comparing LLCs With Other Entities | p. 3 |
| Forming and Operating a Limited Liability Company (LLC) | p. 4 |
| Terminating a Limited Liability Company | p. 6 |
| Personal Service Corporations | |
| Personal Service Corporations | p. 2 |
| Taxes | p. 3 |
| Fringe Benefits | p. 4 |
| Potential Tax Problems | p. 4 |
| Transferring Shares | p. 5 |
| Dissolving a Personal Service Corporation | p. 5 |
| Thinking Small | |
| Family Businesses | |
| The Legal Structure of a Family Business | p. 2 |
| Income Splitting to Lower Taxes | p. 2 |
| A Spouse in the Business | p. 6 |
| Preserving a Family Business After Death | p. 7 |
| Microbusinesses and Home-Based Businesses | |
| Business Expenses Incurred at Home | p. 2 |
| Deducting Part of the Cost of Your Home | p. 2 |
| Calculating Your Home Office Deduction | p. 6 |
| Tax After Selling Your Home | p. 9 |
| A Microbusiness as a Tax Shelter | p. 9 |
| Fringe Benefits | |
| Fringe Benefits | |
| How Fringe Benefits Save Taxes | p. 3 |
| Retirement Benefits | p. 4 |
| Motor Vehicles | p. 4 |
| Meals | p. 5 |
| Travel and Lodging | p. 5 |
| Clubs and Athletic Facilities | p. 8 |
| Association Dues and Subscriptions | p. 8 |
| Health Benefits | p. 8 |
| Day Care Benefit | p. 10 |
| Education Benefits | p. 11 |
| Gifts, Rewards, Discounts, and Free Services for Employees | p. 11 |
| Adoption Assistance | p. 12 |
| Special Benefits for C Corporation Employees Only | p. 13 |
| Retirement Plans | |
| Advantages of Retirement Plans | p. 2 |
| Overview of Retirement Plan Types | p. 3 |
| Details About Each Type of Retirement Plan | p. 4 |
| Where to Go for a Retirement Plan | p. 12 |
| Potential Tax Problems With Retirement Plans | p. 13 |
| Withdrawing Money From Retirement Plans | p. 14 |
| Closing Your Business | p. 16 |
| Buying or Selling a Business | |
| Buying a Business | |
| Buying the Assets of a Business | p. 2 |
| Buying Shares of Stock | p. 3 |
| Assigning a Price to Business Assets | p. 6 |
| State and Local Transfer Taxes | p. 8 |
| Selling a Sole Proprietorship | |
| Selling Assets of a Sole Proprietorship | p. 2 |
| The Importance of an Arms-Length Deal | p. 4 |
| How to Protect Yourself From IRS Challenges | p. 5 |
| Dealing With the IRS | |
| When You Can't Pay Your Taxes | |
| If You Owe Less Than $25,000 | p. 3 |
| Getting More Time to Pay | p. 3 |
| Paying in Installments | p. 3 |
| What to Expect When the IRS Gets Serious | p. 5 |
| Dealing With a Monster Tax Bill | p. 7 |
| When the IRS Can Take Your Assets | p. 10 |
| Audits | |
| Who Gets Audited? | p. 3 |
| How Long Do You Have to Worry About an Audit? | p. 5 |
| How the IRS Audits Small Businesses | p. 6 |
| The Auditor's Powers | p. 7 |
| Should You Get Audit Help? | p. 8 |
| Preparing for Your Audit | p. 9 |
| What to Bring to an Audit | p. 9 |
| Don't Rush a Field Audit | p. 14 |
| What Auditors Look for When Examining a Business | p. 14 |
| How to Behave at an Audit | p. 16 |
| How to Negotiate With an Auditor | p. 18 |
| Your Options After Getting an Audit Report | p. 20 |
| When Your Audit Is Final | p. 21 |
| Appealing IRS Audits | |
| IRS Appeals | p. 2 |
| Contesting an Audit in Court | p. 5 |
| Penalties and Interest | |
| Common Reasons for Penalties | p. 2 |
| Interest on Tax Bills | p. 3 |
| Understanding Penalty and Interest Notices | p. 3 |
| How to Get Penalties Reduced or Eliminated | p. 4 |
| How to Get Interest Charges Removed | p. 6 |
| Designating Payments on Delinquent Tax Bills | p. 6 |
| Help Beyond the Book | |
| Finding Answers to Tax Questions | p. 2 |
| Finding and Using a Tax Pro | p. 7 |
| Answers to 25 Frequently Asked Tax Questions | |
| Glossary | |
| Appendix | |
| Form 2553, Election by a Small Business Corporation | |
| Form 4506, Request for Copy of Tax Return | |
| Form 4797, Sales of Business Property | |
| Form 7018, Employer's Order Blank for Forms | |
| Form 8594, Asset Acquisition Statement | |
| Form 8821, Tax Information Authorization | |
| Form 8822', Change of Address | |
| Form SS-4, Application for Employer Identification Number | |
| Form W-4, Employee's Withholding Allowance Certificate | |
| Form W-9, Request for Taxpayer Identification Number and Certification | |
| Form 1040, Schedule SE, Self-Employment Tax | |
| Index | |
| Table of Contents provided by Ingram. All Rights Reserved. |
An electronic version of this book is available through VitalSource.
This book is viewable on PC, Mac, iPhone, iPad, iPod Touch, and most smartphones.
By purchasing, you will be able to view this book online, as well as download it, for the chosen number of days.
Digital License
You are licensing a digital product for a set duration. Durations are set forth in the product description, with "Lifetime" typically meaning five (5) years of online access and permanent download to a supported device. All licenses are non-transferable.
More details can be found here.
A downloadable version of this book is available through the eCampus Reader or compatible Adobe readers.
Applications are available on iOS, Android, PC, Mac, and Windows Mobile platforms.
Please view the compatibility matrix prior to purchase.