J.K. Lasser's Small Business Taxes 2020

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  • Format: Paperback
  • Copyright: 2019-11-19
  • Publisher: John Wiley & Sons Inc

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Maximize your bottom line with the nation's most trusted small business tax guide

J.K. Lasser's Small Business Taxes 2020 is the small business owner's ultimate guide to a money-saving, stress-free tax season. Providing straightforward advice from the nation's most trusted tax expert on small business taxes, this book gives you the answers you need quickly, with clear, concise guidance. Updated to cover changes from the Tax Cuts and Jobs Act and other legislation, this edition also includes an e-supplement covering additional developments from Congress and the IRS to keep you fully up-to-date.

A complete listing of all available business deductions and credits helps you identify those you qualify for, and includes critical information on dollar limits, recordkeeping requirements, and how to actually take the write-off—all the way down to the IRS form to use. Organizational and planning strategies help you get through the process quickly and with fewer headaches, and this year's changes to the tax laws are explained in terms of how they affect your filing.

Keeping up with the intricacies of tax law and filing is a full-time job—but it's not your full-time job. You have a business to run. This book gives you the guidance you need in the time that you have so you can get taxes out of the way and get back to work.

  • Learn which expenses qualify for deductions—and which ones don't
  • Adopt a more organized recordkeeping system to streamline the filing process
  • Explore small-business-specific strategies for starting or closing a business, running a sideline business, and operating in multiple businesses
  • Decode the various forms and worksheets correctly with step-by-step guidance
  • Audit-proof your return
  • Review obligations for the “other taxes,” including payroll and excise taxes

Every year, millions of small business owners overpay their taxes because they lack the time and expertise to make tax-sensitive business decisions throughout the year only to learn that it’s too late to act when it comes to tax time. Now you can put your money back where it belongs—in your business. J.K. Lasser's Small Business Taxes 2020 helps you take wise actions during the year and tells you how to file completely and accurately while maximizing your bottom line.

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 & Tax Breaks. She is also the publisher of Idea of the Day® and Big Ideas for Small Business®, a contributor to SBA.gov, and quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine). Visit her at www.BigIdeasForSmallBusiness.com.

Table of Contents

Preface vii

Introduction xi

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 42

3. Recordkeeping for Business Income and Deductions 60

Part 2 Business Income and Losses 73

4. Income or Loss from Business Operations 75

5. Capital Gains and Losses 113

6. Gains and Losses from Sales of Business Property 135

Part 3 Business Deductions and Credits 149

7. Employee Compensation: Salary, Wages, and Employee Benefits 151

8. Travel, Meals, and Gift Expenses 192

9. Car and Truck Expenses 220

10. Repairs, Maintenance, and Energy Improvements 248

11. Bad Debts 268

12. Rents 282

13. Taxes and Interest 294

14. First-Year Expensing, Depreciation, Amortization, and Depletion 311

15. Advertising Expenses 351

16. Retirement Plans 359

17. Casualty and Theft Losses 404

18. Home Office Deductions 420

19. Medical Coverage 440

20. Deductions and Tax Credits for Farmers 464

21. Qualified Business Income Deduction 477

22. Miscellaneous Business Deductions 492

23. Roundup of Tax Credits 534

Part 4 Tax Planning for Your Small Business 549

24. Income and Deduction Strategies 551

25. Tax Strategies for Opening or Closing a Business 568

26. Tax Strategies for a Sideline Business 583

27. Tax Strategies for Multiple Businesses 588

28. Alternative Minimum Tax 595

29. Other Taxes 601

30. Filing Tax Returns and Paying Taxes 622

31. Retirement and Succession Planning 636

32. Working with CPAs and Other Tax Professionals 644

33. Handling Audits with the IRS 649

Appendix A. Information Returns 654

Appendix B. Tax Penalties 663

Appendix C. Checklist of Tax-Related Corporate Resolutions 670

Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 673

Index 677

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