9780071441681

Small Business Taxes Made Easy

by
  • ISBN13:

    9780071441681

  • ISBN10:

    0071441689

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2004-12-30
  • Publisher: McGraw-Hill
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Supplemental Materials

What is included with this book?

Summary

The ultimate tax expert shows small business owners how to keep more of what you earn For millions of self-employed Americans, Eva Rosenberg is the go-to person for tax advice. Now, from the woman behind the wildly popular TaxMama.com--named one of the top seven tax advice websites by Inc. magazine--comes the ultimate guide to navigating the tax maze. Small Business Taxes Made Easywalks you through every stage of the process, showing you how to reduce your tax losses at every step. You'll learn: How to set up a business plan that helps minimize taxes The tax benefits of various forms of financing How to spot errors in 1099s and what to do about them Record-keeping techniques that legally increase deductible expenses

Author Biography

Eva Rosenberg is one of America's most popular small business tax experts. She has been featured in the Wall Street Journal, U.S. News and World Report, the Los Angeles Times, and other leading publications.

Table of Contents

Acknowledgments xiii
Introduction: A Letter from Eva Rosenberg to You, the Business Owner xv
Lighten Up xxi
Small Business Checklist
1(20)
Three Indicators Will Predict the Success of the Business
2(1)
So, What Do You Need to Do?
3(1)
The Checklist in To-Do Order
4(11)
Checklist Resources
15(6)
Business Plans You Know and Trust
21(12)
Why You Need a Business Plan
21(2)
General Benefits
23(1)
The Fine Line Between Success and Failure
23(4)
Let's Not Fail Due to Success
27(1)
Outline of a Plan
28(1)
Rebalancing Your Business Plan for Tax Consequences
29(1)
Business Plan Books and Resources
30(3)
Entities
33(22)
Decisions, Decisions, Decisions
33(1)
What Do You Want to Be When You Grow Up?
34(3)
Entities, in All Their Glory
37(7)
A Brief Word About Nevada and Delaware Corporations
44(1)
What About Nonprofits?
45(5)
Entities We're Not Discussing
50(1)
All the Highlights in One Place
50(2)
Your Big Decision
52(1)
Entity Resources
52(3)
Record Keeping
55(20)
Types of Accounting Systems
55(3)
Doing It by Hand
58(1)
The IRS Says It All
58(1)
Fiscal Year
58(2)
Accounting Styles
60(1)
Records You Must Keep
61(2)
How Long Should You Keep Records?
63(1)
Glossary of Bookkeeping Terms
64(6)
Record-Keeping Resources
70(5)
Income
75(18)
Money In, Money Out, Wave Your Hands All About
75(1)
A Capital Idea
76(1)
What Is Income?
77(1)
Timing of Income
78(1)
A Brief Note About Accrual Basis
79(1)
Sales Taxes Received---Are They Your Money?
79(1)
Income Rarely Reported
79(3)
1099s Your Business Receives
82(9)
So, What the Heck Is Income?
91(1)
Income Resources
91(2)
Common Deductions
93(22)
Rule of Thumb
93(1)
Universally Deductible
94(5)
It's All About You
99(3)
Mixed-Use Assets
102(3)
Depreciation
105(2)
Depreciation in Today's World
107(3)
Bonus Depreciation
110(2)
More Deductions Than You Can Imagine
112(1)
Deduction Resources
112(3)
Office in Home
115(16)
Brodsky Is Right: Let's Stay Home
115(1)
It's a Red Flag; It's Just Asking for an Audit
116(3)
Another Attractive Change to the Law Affecting Homeowners Only
119(1)
Inner Space
120(1)
Two Critical Reminders
120(1)
Prove It, Baby!
121(1)
What Are Office-in-Home Expenses?
122(4)
When You Can't Use Office-in-Home Deductions
126(1)
Evaluate Your Options
126(2)
A Final Note
128(1)
Office-in-Home Resources
129(2)
Vehicles: Everyone's Favorite Deduction
131(12)
Deducting Auto Expenses
132(2)
Should I Lease or Buy?
134(4)
The Cons of Depreciation
138(4)
Vehicle Resources
142(1)
Employees and Independent Contractors
143(38)
Who Is an Employee?
143(3)
Protecting Yourself from Independent Contractor Claims
146(3)
Safe Harbor Rules
149(1)
What Are 1099s?
150(5)
Payroll and Payroll Taxes
155(1)
Payroll Across Entities
155(1)
Hiring Family Members
156(4)
Paying Payroll
160(7)
Preparing Payroll: Checks, Journals, Reports
167(2)
Reporting Payroll
169(6)
Employee Benefits
175(2)
Employee Ownership and Stock Options
177(1)
Summing Up Employees
178(1)
Employee and Independent Contractor Resources
178(3)
Owners' Fringe Benefits, Retirement, and Deferring Taxes
181(14)
Fringe Benefits and Reimbursements
181(1)
Health Insurance
182(2)
Employer-Provided Child-Care Facilities Credit
184(1)
Life Insurance
184(1)
Education
185(1)
Retirement Plans
186(3)
Tax-Deferred Opportunities
189(3)
Using the IRS to Your Advantage
192(1)
Benefits Resources
193(2)
Estimated Payments
195(14)
Estimated Payments Overview
195(1)
What's in It for You?
196(1)
Who Should Be Paying Estimated Payments?
196(1)
When Should You Be Making Those Payments?
197(1)
How Much Must You Pay?
197(3)
My Short Method
200(2)
Worst-Case Scenario
202(1)
Computing Your Estimated Installment Payments
202(2)
Paying the Tax
204(1)
Tips to Reduce Underpayment of Estimated Tax Penalties
204(3)
Don't Overpay Your Estimates if You're in Trouble
207(1)
Estimated Payment Resources
207(2)
Special Considerations for Online Businesses
209(12)
WWW = Who, What, Where?
209(1)
What? I Thought There Was No Internet Tax
210(1)
Nexus
211(2)
Internet Sales Tax Issues
213(1)
Sales Tax Case Law
214(1)
Sales Tax Nexus and Your Business
215(1)
Rents and Services Domestically and Abroad
216(2)
Legal Issues on the Internet
218(1)
In the End
218(1)
Online Business Resources
219(2)
Tax Notices, Audits, and Collection Notes
221(30)
Dealing with Basic Tax Notices for Individual Returns
221(6)
IRS Audits
227(1)
Anticipating an Audit: Laying the Groundwork
228(6)
What Will Happen During the Audit?
234(5)
What if You Don't Have Any Receipts?
239(2)
Audit Reconsiderations, Appeals, and Tax Court: Some Brief Words
241(1)
Should You Use Appeals Only as a Last Resort?
242(1)
Getting Your Case to Tax Court
243(1)
Owing Taxes
243(4)
How About Filing Bankruptcy?
247(1)
Summary of IRS Interactions
248(1)
Tax Notices, Audits, and Collection Notes Resources
249(2)
Epilogue: Some Final Words of Advice---and Resources to Rely On 251(2)
Index 253

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