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9780873379724

Tax Savvy for Small Business

by
  • ISBN13:

    9780873379724

  • ISBN10:

    0873379721

  • Format: Paperback
  • Copyright: 2003-09-01
  • Publisher: Nolo
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List Price: $36.99

Summary

Guide for the self-employed, showing how to choose a tax-friendly business entity, document expenses, claim all deductions, write off equipment and vehicles, and maximize fringe benefits. Includes the latest tax breaks, rules, forms and publications. Previous ed: c2002. Softcover. DLC: Small business--Taxation--Law and legislation--United States.

Author Biography

Frederick W. Daily is an attorney with over 30 years' experience with tax law.

Table of Contents

Introduction to Business Taxes
Taxes for Small Businesses and the Self-Employedp. 2
How Tax Law Is Made and Administered--The Short Coursep. 3
Sources of Tax Lawp. 5
Marginal Tax Rate and Tax Bracketsp. 6
The Alternative Minimum Tax (AMT)p. 6
The Basics
Business Income and Tax-Deductible Expenses
How the Tax Code Focuses on Profitp. 2
What Is--And Isn't--Incomep. 3
What Is Tax-Deductible in Business?p. 4
Current vs. Capitalized Expensesp. 5
Special Deduction Rulesp. 6
How and Where to Claim Deductionsp. 19
General Business Creditp. 19
Writing Off Business Assets
Expenses That Must Be Capitalizedp. 2
Expensing Business Assets: IRC Section 179p. 6
Depreciating Business Assetsp. 11
Leasing Instead of Buying Assetsp. 20
Tax Errors in Depreciationp. 22
When You Dispose of Business Assets: Depreciation Recapturep. 23
Bookkeeping and Accounting
Why You Need a Bookkeeping Systemp. 2
Should You Hire a Bookkeeper?p. 3
Manual or Computer System?p. 3
What Kinds of Records to Keepp. 7
How Long Records Should Be Keptp. 11
Bookkeeping Methods of Tracking Income and Expensesp. 11
Timing Methods of Accounting: Cash and Accrualp. 13
Accounting Periods: Calendar Year or Fiscal Yearp. 15
Business Losses and Failures
Unincorporated Business Lossesp. 2
Incorporated Business Lossesp. 5
Tax Concerns of Employers
Payroll Taxesp. 3
Employee or Independent Contractor?p. 9
Misclassifying Employees As Independent Contractorsp. 12
IRS Filing and Payment Requirements for Employersp. 15
Recordkeeping Requirements on Service Providersp. 16
The Structure of Your Business
Sole Proprietorships
Business Expensesp. 2
Profits Left in the Businessp. 2
How Sole Proprietors Report Taxesp. 3
Estimated Tax Payments = Pay As You Gop. 7
Employment Tax Rulesp. 8
Recordkeepingp. 8
Outgrowing a Sole Proprietorshipp. 8
Ending the Businessp. 9
Death and Taxesp. 9
C Corporations
Types of Corporationsp. 2
How C Corporations Are Taxedp. 4
Tax Benefits of C Corporationsp. 9
Incorporating Your Businessp. 11
Issuing Section 1244 Stock to Benefit Shareholders If the Business Failsp. 15
Taking Money Out of a C Corporationp. 16
Tax Pitfalls of C Corporationsp. 20
Dissolving a C Corporationp. 20
S Corporations
An Overview of S Corporationsp. 2
Should You Choose S Corporation Status?p. 3
Tax Reporting for S Corporationsp. 5
How S Corporation Shareholders Are Taxedp. 8
Payroll Taxes on Employment Income (Social Security and Medicare)p. 9
Electing S Corporation Statusp. 12
Revoking S Corporation Statusp. 12
Dissolving an S Corporationp. 13
Partnerships
Partnership Tax Statusp. 3
Tax Reporting by Partnershipsp. 4
Tax Obligations of Partnersp. 7
Partnership Lossesp. 10
Partnership Contributionsp. 11
Withdrawals From a Partnershipp. 14
Partnership Expensesp. 14
Selling or Transferring a Partnership Interestp. 15
Ending a Partnershipp. 17
Limited Liability Companies
Limited Liability Company Incomep. 2
Comparing LLCs With Other Entitiesp. 2
Forming and Operating a Limited Liability Companyp. 4
Terminating a Limited Liability Companyp. 7
Personal Service Corporations
Professional Corporations That Qualify As Personal Service Corporationsp. 2
Taxation of Personal Service Corporations and Shareholdersp. 3
Fringe Benefits for Personal Service Corporationsp. 4
Potential Tax Problems With Personal Service Corporationsp. 5
Transferring Shares or Dissolving a Personal Service Corporationp. 5
Thinking Small
Family Businesses
The Legal Structure of a Family Businessp. 2
Income Splitting to Lower Taxesp. 2
A Spouse in the Businessp. 6
Preserving a Family Businessp. 7
Microbusinesses and Home-Based Businesses
Business Expenses Incurred at Homep. 2
Deducting Part of the Cost of Your Homep. 2
Calculating Your Home Office Deductionp. 6
Home Office Depreciation When Selling Your Homep. 9
A Microbusiness As a Tax Shelterp. 9
Estimated Taxesp. 12
Fringe Benefits
Fringe Benefits
How Fringe Benefits Save Taxesp. 3
Retirement Benefitsp. 4
Motor Vehiclesp. 4
Mealsp. 5
Travel, Conventions and Lodgingp. 5
Clubs and Athletic Facilitiesp. 7
Association Dues and Subscriptionsp. 8
Health Benefitsp. 8
Day-Care Benefitp. 10
Education Benefitsp. 10
Gifts, Rewards, Discounts and Free Servicesp. 11
Adoption Assistancep. 12
Special Benefits for C Corporation Employeesp. 12
Retirement Plans
Tax-Advantaged Retirement Plansp. 2
Overview of Retirement Plansp. 3
Where to Go for a Tax-Advantaged Retirement Planp. 4
Details About Each Type of Retirement Planp. 6
Potential Tax Problems With Retirement Plansp. 13
Withdrawing Money From Retirement Plansp. 14
Work Changes and Retirement Plansp. 16
Buying or Selling a Business
Buying a Business
Buying the Assets of a Businessp. 2
Buying Shares of Stockp. 3
Assigning a Price to Business Assetsp. 6
State and Local Transfer Taxesp. 8
Selling a Sole Proprietorship
Selling Assets of a Sole Proprietorshipp. 2
The Importance of an Arms-Length Dealp. 3
How to Protect Yourself From IRS Challengesp. 4
Dealing With the IRS
When You Can't Pay Your Taxes
If You Owe Less Than $25,000p. 3
Getting More Time to Payp. 3
Paying in Installmentsp. 3
What to Expect When the IRS Gets Seriousp. 5
Dealing With a Monster Tax Billp. 7
When the IRS Can Take Your Assetsp. 10
Audits
Who Gets Audited?p. 3
How Long Do You Have to Worry About an Audit?p. 5
How the IRS Audits Small Businessesp. 6
The Auditor's Powersp. 7
Should You Get Audit Help?p. 8
Preparing for Your Auditp. 9
What to Bring to an Audit of Your Small Businessp. 9
Don't Rush a Field Auditp. 14
What Auditors Look for When Examining a Businessp. 15
How to Behave at an Auditp. 16
How to Negotiate With an Auditorp. 18
Your Options After Getting an Audit Reportp. 20
When Your Audit Is Finalp. 21
Appealing IRS Audits
IRS Appealsp. 2
Contesting an Audit in Courtp. 5
Penalties and Interest
Common Reasons for Penaltiesp. 2
Interest on Tax Billsp. 3
Understanding Penalty and Interest Noticesp. 3
How to Get Penalties Reduced or Eliminatedp. 4
How to Get Interest Charges Removedp. 6
Designating Payments on Delinquent Tax Billsp. 7
Help Beyond the Book
Finding Answers to Tax Questionsp. 2
Finding and Using a Tax Prop. 7
Answers to Frequently Asked Tax Questions
Glossary
Appendix
Index
Table of Contents provided by Ingram. All Rights Reserved.

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