Small Business Taxes Made Easy, Third Edition

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  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2017-01-31
  • Publisher: McGraw-Hill Education
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Supplemental Materials

What is included with this book?

Table of Contents


Introduction: A Letter from Eva Rosenberg to You, the Business Owner

Lighten Up

How to Use This Book

1 Small Business Checklist                                                                         

2 Business Plans You Know and Trust                                                 

3 Entities

Decisions, Decisions, Decisions                                                                                             

What Do You Want to Be When You Grow Up?                                                                

Entities, in All Their Glory                                                                                                    

A Brief Word about Nevada, Delaware, and Wyoming Corporations                                 

What about Nonprofits?                                                                                                        

Entities We’re Not Discussing                                                                                               

All the Highlights in One Place                                                                                             

Your Big Decision                                                                                                                 

4 Record Keeping

Keeping Records Is a Pain!                                                                                                   

Types of Accounting Systems                                                                                               

Doing It by Hand                                                                                                                  

The IRS Says It All                                                                                                               

Fiscal Year                                                                                                                             

Accounting Styles                                                                                                                  

Records You Must Keep                                                                                                       

How Long Should You Keep Records?                                                                                

Glossary of Bookkeeping Terms                                                                                            

Record-Keeping Resources                                                                                                   

5 Income

Money In, Money Out, Wave Your Hands All About                                                          

A Capital Idea                                                                                                                       

What Is Income?                                                                                                                    

Timing of Income                                                                                                                  

A Brief Note about Accrual Basis                                                                                         

Sales Taxes Received—Are They Your Money?                                                                  

Income Rarely Reported                                                                                                        

The IRS Has a New Audit Guide                                                                                         

1099s Your Business Receives                                                                                              

So What the Heck Is Income?                                                                                               

6 Common Deductions

Rule of Thumb                                                                                                                       

Universally Deductible                                                                                                          

It’s All about You                                                                                                                  

Mixed-Use Assets                                                                                                                  


Depreciation in Today’s World                                                                                             

Bonus Depreciation                                                                                                               

More Deductions Than You Can Imagine                                                                             

7 Office in Home

The Song Is Right! Let’s Stay Home                                                                                    

It’s a Red Flag; It’s Just Asking for an Audit                                                                       

Another Attractive Change to the Law Affecting Homeowners Only                                 

Inner Space                                                                                                                            

Two Critical Reminders                                                                                                         

Prove It, Baby!                                                                                                                      

What Are Office-in-Home Expenses?                                                                                   

When You Can’t Use Office-in-Home Deductions                                                              

Evaluate Your Options                                                                                                          

A Final Note—and a Final Story                                                                                           

8 Vehicles: Everyone's Favorite Deduction

Deducting Auto Expenses                                                                                                     

Should I Lease or Buy?                                                                                                         

The Cons of Depreciation                                                                                                      

Give Yourself Credit                                                                                                             

9 Employees and Independent Contractors

Who Is an Employee?                                                                                                            

Protecting Yourself from Independent Contractor Claims                                                   

Bennie the Barber                                                                                                                  

Safe Harbor Rules                                                                                                                  

What Are 1099s?                                                                                                                   

Payroll and Payroll Taxes                                                                                                      

Payroll across Entities                                                                                                            

Hiring Family Members                                                                                                         

Paying Payroll                                                                                                                        

Preparing Payroll: Checks, Journals, Reports                                                                        

Reporting Payroll                                                                                                                   

Employee Benefits                                                                                                                 

Employee Ownership and Stock Options                                                                              

Summing Up Employees                                                                                                       

10 Owners' Fringe Benefits, Retirement, and Tax Deferment

Fringe Benefits and Reimbursements                                                                                    

Health Insurance                                                                                                                    

The Health Care Reform Act of 2010                                                                                   

Adoption Credits                                                                                                                   

Employer-Provided Child-Care Facilities Credit                                                                  

Life Insurance                                                                                                                        

Employee Leasing and Trusts                                                                                                


Retirement Plans                                                                                                                    

Tax-Deferred Opportunities                                                                                                  

Using the IRS to Your Advantage                                                                                        

11 Estimated Payments

Estimated Payments Overview                                                                                              

What’s in It for You?                                                                                                            

Who Should Be Making Estimated Payments?                                                                     

When Should You Be Making Those Payments?                                                                  

How Much Must You Pay?                                                                                                   

My Short Method                                                                                                                  

Worst-Case Scenario                                                                                                              

Computing Your Estimated Installment Payments                                                               

Paying the Tax                                                                                                                       

Tips to Reduce Penalties for Underpayment of Estimated Tax                                            

Don’t Overpay Your Estimates If You’re in Trouble                                                            

12 Special Considerations for Online Businesses

WWW = Who, What, Where?                                                                                               

What? I Thought There Was No Internet Tax                                                                       


Internet Sales Tax Issues                                                                                                       

Sales Tax Case Law                                                                                                               

Sales Tax Nexus and Your Business                                                                                     

Rents and Services—Domestical and Abroad                                                                      

Legal Issues on the Internet                                                                                                   

In the End                                                                                                                              

13 Tax Notices, Audits, and Collection Notes

Dealing with Basic Tax Notices for Individual Returns                                                       

IRS Audits                                                                                                                             

What Is Most Apt to Attract the IRS’s Attention?                                                               

Anticipating an Audit: Laying the Groundwork                                                                   

What Will Happen during the Audit?                                                                                   

What if You Don’t Have Any Receipts?                                                                              

Audit Reconsiderations, Appeals, and Tax Court: Some Brief Words                                 

Should You Use Appeals Only as a Last Resort?                                                                 

Getting Your Case to Tax Court                                                                                           

Owing Taxes                                                                                                                          

How about Filing Bankruptcy?                                                                                             

Summary of IRS Interactions                                                                                                

Epilogue: Some Final Words of Advice-- and Resources to Rely On


Rewards Program

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