J. K. Lasser's Small Business Taxes 2012 : Your Complete Guide to a Better Bottom Line

by Barbara Weltman ( ; )

• ISBN13: 9781118072585
• ISBN10: 1118072588
• Edition: 2nd
• Format: Paperback
• Copyright: 2011-11-01
• Publisher: Wiley

Summary

The largest employer in the US is the small business owner. In fact, there are over 24,000,000 small businesses in the country and the number is growing significantly. Small business owners have a full plate. Indeed, they spend most of their time just keeping the business going. They are experts in their field, not in taxes. But, they still have to pay taxes. And, with proper planning and understanding, the small business owner can save significant amounts of money. Barbara Weltman's book provides the tax facts, strategies, and latest up-to-date information that a small business owner needs to maximize deductions and reduce payments to the minimum.

Author Biography

Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser's 1001 Deductions and Tax Breaks. She is also the publisher of Idea of the Day, a guest columnist for WSJ.com and contributor to SBA.gov, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine), and hosts Build Your Business radio. Visit her at www.barbaraweltman.com.

Table of Contents

Preface v

Introduction ix

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 39

3. Recordkeeping for Business Income and Deductions 56

Part 2 Business Income and Losses 69

4. Income or Loss from Business Operations 71

5. Capital Gains and Losses 101

6. Gains and Losses from Sales of Business Property 121

Part 3 Business Deductions and Credits 133

7. Employee Compensation: Salary, Wages, and Employee Benefits 135

8. Travel and Entertainment Expenses 170

9. Car and Truck Expenses 201

10. Repairs, Maintenance, and Energy Improvements 231

11. Bad Debts 244

12. Rents 256

13. Taxes and Interest 267

14. First-Year Expensing, Depreciation, Amortization, and Depletion 282

15. Advertising Expenses 320

16. Retirement Plans 327

17. Casualty and Theft Losses 364

18. Home Office Deductions 378

19. Medical Coverage 395

20. Deductions for Farmers 411

21. Domestic Production Activities Deduction 423

22. Miscellaneous Business Deductions 430

23. Roundup of Tax Credits 473

Part 4 Tax Planning For Your Small Business 487

24. Income and Deduction Strategies 489

25. Tax Strategies for Opening or Closing a Business 506

26. Tax Strategies for a Sideline Business 517

27. Tax Strategies for Multiple Businesses 522

28. Alternative Minimum Tax 528

29. Other Taxes 535

30. Filing Income Tax Returns and Paying Taxes 556

Appendix A. Information Returns 567

Appendix B. Checklist of Tax-Related Corporate Resolutions 575

Index 579