JK Lasser's^TM Small Business Taxes: Your Complete Guide to a Better Bottom Line, 2005 Edition

by Barbara Weltman (Books Worldwide, Inc.)

• ISBN13: 9780471683827
• ISBN10: 0471683825
• Format: Paperback
• Copyright: 2004-11-01
• Publisher: WILEY

Summary

The most trusted name in tax helps small business owners maximize their bottom line The IRS estimates that there are currently 24 million small businesses in America. The majority of small business owners are not tax experts and need to know the best way for their companies to save on taxes and reduce tax liability. J.K. Lasser's Small Business Taxes, 2005 Edition provides the tax guidance and strategies that a small business owner needs to maximize deductions and reduce payments to the IRS. J.K. Lasser's Small Business Taxes, 2005 Edition gives readers a complete overview of small business tax planning in an accessible and friendly manner. Focusing on strategies that help business owners use deductions, shield business income, and maximize other aspects of small business taxes, this invaluable book will show readers how their actions in business today can affect their bottom line from a tax perspective tomorrow. Barbara Weltman (Millwood, NY), an attorney, is a nationally recognized expert in taxation for small businesses. She has written extensively on tax, finance, and estate planning. Barbara is an experienced writer and is quoted regularly in major publications, including the New York Times and Boardroom's Tax Hotline. She is also featured on CNN and CNBC.

Author Biography

Barbara Weltman, an attorney, is a nationally recognized expert in taxation for small businesses

Table of Contents

Preface	vii
Introduction	xi
Part 1 Organization	1	(58)
Business Organization	3	(28)
Tax Year and Accounting Methods	31	(15)
Recordkeeping for Business Income and Deductions	46	(13)
Part 2 Business Income and Losses	59	(60)
Income or Loss from Business Operations	61	(26)
Capital Gains and Losses	87	(19)
Gains and Losses from Sales of Business Property	106	(13)
Part 3 Business Deductions and Credits	119	(340)
Employee Compensation: Salary, Wages, and Employee Benefits	121	(28)
Travel and Entertainment Expenses	149	(56)
Car and Truck Expenses	205	(30)
Repairs and Maintenance	235	(12)
Bad Debts	247	(10)
Rents	257	(10)
Taxes and Interest	267	(14)
First-Year Expensing and Depreciation, Amortization, and Depletion	281	(35)
Advertising Expenses	316	(6)
Retirement Plans	322	(32)
Casualty and Theft Losses	354	(14)
Home Office Deductions	368	(16)
Medical Coverage	384	(10)
Deductions for Farmers	394	(12)
Miscellaneous Business Deductions	406	(37)
Deductions for Alternative Minimum Tax	443	(7)
Roundup of Tax Credits	450	(9)
Part 4 Tax Planning for Your Small Business	459	(40)
Income and Deduction Strategies	461	(16)
Other Taxes	477	(15)
Online Filing and Information	492	(7)
Appendix: Information Returns	499	(8)
Index	507