J. K. Lasser's Small Business Taxes 2013 : Your Complete Guide to a Better Bottom Line

by Weltman, Barbara

• ISBN13: 9781118346693
• ISBN10: 1118346696
• Format: Paperback
• Copyright: 2012-10-30
• Publisher: Wiley

Summary

The tax facts and strategies that every small business owner needs to know Owning a small business is a big responsibility. While all small business ownersseek to improve their bottom line, few realize all the ways that both current and newtax laws can help them do so. With J.K. Lassers Small Business Taxes 2013,youll quickly discover how. Written in a straightforward and accessible style, thisreliable resource offers a complete overview of small business tax planning andprovides you with the information needed to make tax-smart decisions throughout theyear. Focusing on strategies that help you use deductions and tax credits effectively,shield business income, and maximize other aspects of small business taxes, thispractical guide will show you how your actions in business today can affect yourbottom line from a tax perspective tomorrow. Includes detailed coverage of the newest tax laws and IRS rules Shares ideas that can help you run a tax-smart business all year long and planyour exit strategy Contains comprehensive information on each deductible expense, including dollarlimits and record-keeping requirements Offers clear instructions on where to report income and claim deductions on yourtax forms Includes a free online supplement at JKLasser.com, which containsup-to-the-minute tax law changes Other titles by Barbara Weltman: J.K. Lassers 1001 Deductions & Tax Breaks2013#60;/i> Making the right tax moves can make your business better. Let J.K. LassersSmall Business Taxes 2013 show you how, with strategies and advice that will helpyou understand and plan for both todays and tomorrows tax laws.

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 102

6. Gains and Losses from Sales of Business Property 123

Part 3 Business Deductions and Credits 137

7. Employee Compensation: Salary, Wages, and Employee Benefits 139

8. Travel and Entertainment Expenses 175

9. Car and Truck Expenses 205

10. Repairs, Maintenance, and Energy Improvements 235

11. Bad Debts 249

12. Rents 262

13. Taxes and Interest 273

14. First-Year Expensing, Depreciation, Amortization, and Depletion 289

15. Advertising Expenses 327

16. Retirement Plans 335

17. Casualty and Theft Losses 372

18. Home Office Deductions 387

19. Medical Coverage 404

20. Deductions for Farmers 420

21. Domestic Production Activities Deduction 432

22. Miscellaneous Business Deductions 439

23. Roundup of Tax Credits 482

Part 4 Tax Planning For Your Small Business 495

24. Income and Deduction Strategies 497

25. Tax Strategies for Opening or Closing a Business 515

26. Tax Strategies for a Sideline Business 529

27. Tax Strategies for Multiple Businesses 534

28. Alternative Minimum Tax 540

29. Other Taxes 547

30. Filing Income Tax Returns and Paying Taxes 570

31. Succession Planning 580

Appendix A. Information Returns 584

Appendix B. Checklist of Tax-Related Corporate Resolutions 592

Index 595