| Preface |
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xi | |
| About the Author |
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xiv | |
| Introduction |
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xv | |
| Chapter 1 Get to Know the Current Tax Environment |
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1 | (9) |
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Do You Know Your Own Tax Bracket? |
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2 | (1) |
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Individual Tax Rates Grow As Earnings Increase |
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2 | (1) |
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Watch Out for Those Tax Bracket Cutoffs |
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2 | (1) |
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The Corporate Tax Rates: One Reason to Incorporate |
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3 | (1) |
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Capital Gains Tax Relief: Here to Stay |
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4 | (1) |
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A Look to the Future: A Kinder, Gentler IRS |
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5 | (1) |
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Five Advantages of the 1998 Tax Relief Act |
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5 | (5) |
| Chapter 2 Choose the Right Identity to Structure Your Business |
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10 | (12) |
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How to Save Taxes with Your Business Entity |
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11 | (1) |
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Understand the Differences Among the Entities |
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12 | (1) |
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12 | (1) |
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13 | (1) |
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14 | (1) |
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14 | (2) |
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The Limited Liability Company (LLC): New Kid on the Block |
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16 | (2) |
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A Look at Formal Steps in Setting Up Either LLC or Corporate Entity |
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18 | (4) |
| Chapter 3 Is Incorporation Right for You? |
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22 | (12) |
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The IRS and Its Ever-Changing Playing Field |
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23 | (1) |
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The Tax Advantages Available to Today's Ordinary Business Corporation: The C Corporation |
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24 | (1) |
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25 | (1) |
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Special Case for Personal Service Corporations |
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26 | (1) |
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27 | (1) |
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Health and Accident Plans That Pass the Test |
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28 | (1) |
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Be Aware of the Medical Savings Account (MSA) Option |
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28 | (1) |
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Group Term-Life Insurance |
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29 | (1) |
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Deduction for Dividends Received |
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30 | (1) |
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Capital Gains Benefit: Sales of the Shares of Stock in Your Business |
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31 | (3) |
| Chapter 4 Become Familiar with the S Corporation Alternative |
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34 | (14) |
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No Corporate Income Tax to Pay on Profits |
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35 | (1) |
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Avoid Reasonable Compensation Problems |
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36 | (1) |
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Avoid the Personal Holding Company Tax |
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37 | (1) |
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Avoid the Accumulated Earnings Tax |
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38 | (2) |
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Enjoy Several Loss Pass Through Benefits |
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40 | (1) |
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Avoid Double Taxation When Liquidating a Business |
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41 | (2) |
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Converting Your Regular Corporation to S Status |
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43 | (5) |
| Chapter 5 Tax Write-Offs and Special Deductions for Small Business |
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48 | (16) |
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How to Make a Business Expense Deductible |
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48 | (1) |
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Typical Expenses Readily Accepted by the IRS |
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49 | (1) |
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Be Aware of the Red Flag Alerts |
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50 | (1) |
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News Alert: IRS Audit Message |
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51 | (1) |
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Fringe Benefits Help Answer the Red Flag Alert |
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51 | (2) |
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Beware of Penalties and Interest for Failure to Pay |
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53 | (2) |
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Deductions for Special Payments to Shareholders to Eliminate Double Taxation |
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55 | (1) |
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And Now, New Relief from the Double Tax |
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56 | (3) |
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59 | (5) |
| Chapter 6 Tax-Sheltered Employer-Provided Fringe Benefits |
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64 | (19) |
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Meals and Lodging Furnished by the Employer |
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65 | (1) |
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Dependent Care Assistance Programs |
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66 | (1) |
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Exclusion for No-Additional Cost Services |
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67 | (2) |
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Exclusion for Qualified Employee Discounts |
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69 | (1) |
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Exclusion for Working Condition Fringe Benefits |
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70 | (1) |
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Employer-Provided Transportation |
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71 | (3) |
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74 | (1) |
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Employer-Provided Parking |
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75 | (1) |
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Employer-Provided Commuter Transportation |
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76 | (1) |
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Employer-Provided Transit Passes |
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77 | (1) |
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The Dollar Limitation of Transportation Fringe Benefits |
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77 | (1) |
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The DeMinimis Fringe Benefit |
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78 | (2) |
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How to Qualify Payments for Local Transportation as a DeMinimis Fringe |
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80 | (1) |
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80 | (3) |
| Chapter 7 Steps to Ensure Employee Business Expense Deductibility |
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83 | (10) |
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The First Step: Set Up a Reimbursement Plan |
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84 | (1) |
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The Second Step: Minimize IRS Scrutiny |
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85 | (2) |
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The Third Step: Choose Between an Accountable Plan or a Nonaccountable Plan |
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87 | (1) |
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The First Condition of Accountability: The Business Connection |
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88 | (1) |
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The Second Condition of Accountability: Substantiation |
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89 | (2) |
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The Third Condition of Accountability: Excess Reimbursement Returned to the Employer |
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91 | (2) |
| Chapter 8 Learn How to Beat the Record-Keeping Game |
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93 | (10) |
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The Burden of Proof Is Usually on You |
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94 | (1) |
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Claim Your Deductions in the Right Year |
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95 | (1) |
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95 | (1) |
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Prove the Legitimacy of Cash Expenditures |
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96 | (1) |
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Track All Business Mileage and Telephone Usage |
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97 | (1) |
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Pay Close Attention to Detail |
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98 | (2) |
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When All Else Fails, Get Outside Testimony |
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100 | (1) |
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An Exception to the Rules: The Noted Cohan Case |
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100 | (3) |
| Chapter 9 Different Rules for a Special Class of Deductions |
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103 | (24) |
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Know the Special Class of Deductions: The Elements of Deductibility |
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104 | (2) |
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When You'll Need Additional Documentary Evidence |
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106 | (1) |
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Obtain a Collective Voice: Use Corroborated |
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107 | (2) |
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Travel Expense (Away from Home) |
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109 | (5) |
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Compute Deductions with the Optional Method |
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114 | (1) |
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Entertainment Expenses and Business Gifts |
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115 | (7) |
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122 | (5) |
| Chapter 10 Automobile and Local Transportation Expenses |
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127 | (20) |
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127 | (3) |
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130 | (3) |
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Calculate Actual Operating Expenses |
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133 | (1) |
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Choose the Mileage Allowance or Actual Expenses |
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134 | (2) |
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When the Car Is Used for Business and Personal Driving |
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136 | (1) |
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136 | (11) |
| Chapter 11 Home Office Expense Strategies for the 21st Century |
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147 | (7) |
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147 | (1) |
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The Focal Point Test: Revising the Old Rules |
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148 | (1) |
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149 | (2) |
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What to Expect When You Sell Your Home |
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151 | (3) |
| Chapter 12 Smart Retirement Planning and Tax Deferrals |
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154 | (28) |
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154 | (1) |
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Employer Retirement Plans |
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154 | (2) |
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156 | (1) |
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156 | (1) |
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Income Phase-Out Rules on Deductions |
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157 | (1) |
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Tax Credit for Contributions After 2001 |
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158 | (1) |
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159 | (2) |
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161 | (1) |
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161 | (2) |
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Choosing the Right Company Plan |
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163 | (3) |
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The Defined Contribution Plans |
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166 | (9) |
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Simplified Employee Pension Plan (SEP) |
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175 | (2) |
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The Defined Benefit Plan: The Ultimate in |
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Tax-Favored Retirement Benefits |
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177 | (1) |
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Additional Changes from the 2001 Tax Act |
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178 | (4) |
| Chapter 13 Understand Family Planning Tax Strategies |
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182 | (8) |
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Can You Save Enough Taxes by Splitting Income? |
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183 | (1) |
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184 | (1) |
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Splitting Income as a Sole Proprietorship |
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185 | (1) |
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185 | (2) |
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A Checklist of Strategic Family Planning Tips |
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187 | (3) |
| Chapter 14 Keep Current on the Latest Tax Saving |
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190 | (1) |
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Expensing Options: A Welcome Relief for Many |
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190 | (2) |
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Playing the Depreciation Game: New Bonus Incentive |
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192 | (1) |
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193 | (2) |
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Installment Sale Planning Ideas |
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195 | (1) |
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Another Sensible Solution: Tax-Free Exchanges |
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196 | (2) |
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Incentive Stock Options: Another Attractive Strategy for Securing the Capital Gain Advantage |
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198 | (1) |
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A Heads-Up on the Alternative Minimum Tax (AMT) |
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198 | (1) |
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Common Tax Preference Items to Look Out for as a Small Business Owner |
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199 | (1) |
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Special Break for Sole Proprietors, LLCs and S Corporations-Medical Insurance Write-offs |
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200 | (1) |
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Passive Loss Relief for Real Estate Professionals |
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201 | (1) |
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201 | (1) |
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Amortization of Other Intangible Assets |
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202 | (1) |
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Prove Your Hobby Losses: Pass the Presumption Test |
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203 | (1) |
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Know the Facts When Working with Independent Contractors |
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204 | (3) |
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Tax-Deferred Annuities and Other Formulas to Defer Tax Liability |
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207 | (2) |
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Other Tax-Friendly Investment Options |
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209 | (1) |
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Offer in Compromise: Debt Relief for Many Taxpayers |
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210 | (3) |
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Look for More Interpretations of the Tax Laws |
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213 | (1) |
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213 | (2) |
| Index |
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215 | |
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