J.K. Lasser's^TM Small Business Taxes 2008: Your Complete Guide to a Better Bottom Line

by Barbara Weltman (IDG Books Worldwide, Inc.)

• ISBN13: 9780470152652
• ISBN10: 0470152656
• Format: Paperback
• Copyright: 2007-11-01
• Publisher: Wiley

Summary

The tax facts and strategies thatevery small business owner needs to know Owning a small business is a big responsibility. While many small business owners seek to improve their bottom line, few realize all the ways that both current and new tax laws can help them do so. With J.K. Lasser's Small Business Taxes 2008, you'll quickly discover how. Written in a straightforward and accessible style, this reliable resource-- which includes a new chapter on multiple businesses-- offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year. Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this practical guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow. In this fully updated volume, you'll find: Detailed coverage of the newest tax laws and IRS rules Planning strategies that can help you run a tax-smart business all year long Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements Clear instructions on where to report income and claim deductions on your tax forms Help with state taxes and a guide to information returns you may need to file Sample forms and checklists to help you prepare for tax time Access to an online supplement to this book, which contains up-to-the-minute tax changes Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of several top-selling books on taxes and finance. She is also an experienced writer and has been featured in many media outlets, including the Wall Street Journal, Inc.com, Bloomberg TV, CNN, and CNBC. Sign up for her free e-newsletter and daily tips at www.barbaraweltman.com.

Author Biography

Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of several top-selling books on taxes and finance. She is also an experienced writer and has been featured in many media outlets, including the Wall Street Journal, Inc.com, Bloomberg TV, CNN, and CNBC. Sign up for her free e-newsletter and daily tips at www.barbaraweltman.com.

Table of Contents

Preface	p. vii
Introduction	p. xi
Organization	p. 1
Business Organization	p. 3
Tax Year and Accounting Methods	p. 33
Recordkeeping for Business Income and Deductions	p. 49
Business Income and Losses	p. 61
Income or Loss from Business Operations	p. 63
Capital Gains and Losses	p. 91
Gains and Losses from Sales of Business Property	p. 111
Business Deductions and Credits	p. 123
Employee Compensation: Salary, Wages, and Employee Benefits	p. 125
Travel and Entertainment Expenses	p. 155
Car and Truck Expenses	p. 187
Repairs, Maintenance, and Energy Improvements	p. 217
Bad Debts	p. 231
Rents	p. 243
Taxes and Interest	p. 255
First-Year Expensing, Depreciation, Amortization, and Depletion	p. 269
Advertising Expenses	p. 307
Retirement Plans	p. 315
Casualty and Theft Losses	p. 349
Home Office Deductions	p. 363
Medical Coverage	p. 379
Deductions for Farmers	p. 391
Domestic Production Activities Deduction	p. 403
Miscellaneous Business Deductions	p. 409
Roundup of Tax Credits	p. 451
Tax Planning For Your Small Business	p. 461
Income and Deduction Strategies	p. 463
Tax Strategies for Opening or Closing a Business	p. 479
Tax Strategies for a Sideline Business	p. 485
Tax Strategies for Multiple Businesses	p. 489
Alternative Minimum Tax	p. 495
Other Taxes	p. 503
Online Filing and Information	p. 521
Information Returns	p. 527
Checklist of Tax-Related Corporate Resolutions	p. 535
Index	p. 537
Table of Contents provided by Ingram. All Rights Reserved.