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Taxes
>> Tax Savvy for Small Business |
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List Price: $36.99
Our Price: $ 23.99
Edition: 11th
Pages: 384 pp
Pub. Date: Nov 2007
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Forms
Table of Contents
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List
of Forms
- IRS Publications List
- Forms Checklist and Due Dates
- Quick and Easy Access to IRS Tax Help and Tax
Products (Publication 2053A)
- Your Rights as a Taxpayer (Publication 1)
- Recordkeeping for Individuals (Publication 552)
- Interest and Penalty Information (Notice 433)
- Deposit Requirements for Employment Taxes (Notice
931)
- Form 2553, Election by a Small Business Corporation
- Form 4506, Request for Copy of Tax Return
- Form 4797, Sales of Business Property
- Form 7018, Employer's Order Blank for Forms
- Form 8594, Asset Acquisition Statement
- Form 8821, Tax Information Authorization
- Form 8822, Change of Address
- Form SS-4, Application for Employer Identification
Number
- Form W-4, Employee's Withholding Allowance Certificate
- Form W-9, Request for Taxpayer Identification
Number and Certification
- Form 1040, Schedule SE, Self-Employment Tax
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Tax Savvy for
Small Business
By Attorney Frederick W. Daily, Nolo Press
DESCRIPTION:
The essential tax-strategy book for entrepreneurs
who call themselves "boss."
Knowing the ins and outs of the tax code is vital to the
health of every small business. Virtually every decision a business
makes has tax consequences that can affect its bottom line --
and the IRS is always watching.
Tax Savvy for Small Business provides valuable strategies
that will free up your time and money for what counts -- running
your business, and running it effectively.
It explains how to:
- deduct current and capitalized expenses
- write off up to $105,000 of long-term assets each year
- compare the advantages of LLCs, corporations, sole proprietorships
and more
- take advantage of fringe benefits
- keep records that will head off trouble with the IRS
- get tax breaks from business losses
- deal with payroll taxes
- negotiate payment plans for late taxes
- handle an audit
- get IRS penalties and interest reduced
- maximize retirement funds
- use retirement funds as a tax break
Completely updated, the 9th edition of Tax Savvy for Small
Business provides the latest tax breaks, rules, forms and publications.
Table of Contents
I. Introduction
- A. Taxes for Small Businesses and the Self-Employed
- B. How Tax Law Is Made and Administered: The Short Course
- C. Sources of Tax Law
- D. Marginal Tax Rate and Tax Brackets
- E. The Alternative Minimum Tax (AMT)
Part 1: The Basics
1. Deductible Expenses
- A. What Is a Deductible Business Expense?
- B. Is It a Current or Future Year Expense?
- C. Top 25 Deductions for Businesses
- D. Vehicle Expenses
- E. How and Where to Claim Expense Deductions
- F. What Is-And Isn't-Income?
2. Writing Off Business Assets
- A. When Various Expenses May Be Deducted
- B. Section 179: Expensing Business Assets
- C. Depreciating Business Assets
- D. Tax Basis of Business Assets
- E. Leasing Instead of Buying Assets
- F. When You Dispose of Business Assets: Depreciation
Recapture Tax
- G. Tax Errors in Depreciation
3. Bookkeeping and Accounting
- A. Why You Need a Bookkeeping System
- B. Should You Hire a Bookkeeper?
- C. Manual or Computer System?
- D. What Kinds of Records to Keep
- E. How Long Records Should Be Kept
- F. Bookkeeping Methods of Tracking Income and Expenses
- G. Timing Methods of Accounting: Cash and Accrual
- H. Accounting Periods: Calendar Year or Fiscal Year
4. Business Losses and Failures
- A. Unincorporated Business Losses
- B. Incorporated Business Losses
5. Tax Concerns of Employers
- A. Taxpayer Identification Numbers
- B. Payroll Taxes
- C. Classifying Workers: Employee or Independent Contractor?
- D. Misclassifying Employees as Independent Contractors
- E. IRS Filing and Payment Requirements for Employers
- F. Record Keeping for Service Providers
Part 2: The Structure of Your Business
6. Sole Proprietorships
- A. Business Expenses
- B. Profits Left in the Business
- C. How Sole Proprietors Report Taxes
- D. Estimated Tax Payments = Pay as You Go
- E. Employment Tax Rules
- F. Record Keeping
- G. Outgrowing a Sole Proprietorship
- H. Ending the Business
- I. Death and Taxes
7. C Corporations
- A. Types of Corporations
- B. How C Corporations Are Taxed
- C. Tax Benefits of C Corporations
- D. Incorporating Your Business
- E. The Importance of Issuing Section 1244 Stock
- F. Taking Money Out of a C Corporation
- G. Tax Pitfalls of C Corporations
- H. Dissolving a C Corporation
8. S Corporations
- A. An Overview of S Corporations
- B. Should You Choose S Corporation Status?
- C. Tax Reporting for S Corporations
- D. How S Corporation Shareholders Are Taxed on Income
- E. Social Security and Medicare Taxes
- F. Electing S Corporation Status
- G. Revoking S Corporation Status
- H. Dissolving an S Corporation
9. Partnerships
- A. Partnership Tax Status
- B. Tax Reporting by Partnerships
- C. Tax Obligations of Partners
- D. Partnership Losses
- E. Partnership Contributions
- F. Getting Money Out of a Partnership
- G. Partnership Expenses
- H. Selling or Transferring a Partnership Interest
- I. Ending a Partnership
10. Limited Liability Companies
- A. Taxes
- B. Comparing LLCs With Other Entities
- C. Forming and Operating a Limited Liability Company
(LLC)
- D. Terminating a Limited Liability Company
11. Personal Service Corporations
- A. Personal Service Corporations
- B. Taxes
- C. Fringe Benefits
- D. Potential Tax Problems
- E. Transferring Shares
- F. Dissolving a Personal Service Corporation
Part 3: Thinking Small
12. Family Businesses
- A. The Legal Structure of a Family Business
- B. Income Splitting to Lower Taxes
- C. A Spouse in the Business
- D. Preserving a Family Business After Death
13. Micro businesses and Home-Based Businesses
- A. Business Expenses Incurred at Home
- B. Deducting Part of the Cost of Your Home
- C. Calculating Your Home Office Deduction
- D. Tax After Selling Your Home
- E. A Micro business as a Tax Shelter
Part 4: Fringe Benefits
14. Fringe Benefits
- A. How Fringe Benefits Save Taxes
- B. Retirement Benefits
- C. Motor Vehicles
- D. Meals
- E. Travel and Lodging
- F. Clubs and Athletic Facilities
- G. Association Dues and Subscriptions
- H. Health Benefits
- I. Day Care Benefit
- J. Education Benefits
- K. Gifts, Rewards, Discounts, and Free Services for
Employees
- L. Adoption Assistance
- M. Special Benefits for C Corporation Employees Only
15. Retirement Plans
- A. Advantages of Retirement Plans
- B. Overview of Retirement Plan Types
- C. Details About Each Type of Retirement Plan
- D. Where to Go for a Retirement Plan
- E. Potential Tax Problems With Retirement Plans
- F. Withdrawing Money From Retirement Plans
- G. Closing Your Business
Part 5: Buying or Selling a Business
16. Buying a Business
- A. Buying the Assets of a Business
- B. Buying Shares of Stock
- C. Assigning a Price to Business Assets
- D. State and Local Transfer Taxes
17. Selling a Sole Proprietorship
- A. Selling Assets of a Sole Proprietorship
- B. The Importance of an Arms-Length Deal
- C. How to Protect Yourself From IRS Challenges
Part 6: Dealing With the IRS
18. When You Can't Pay Your Taxes
- A. If You Owe Less Than $25,000
- B. Getting More Time to Pay
- C. Paying in Installments
- D. What to Expect When the IRS Gets Serious
- E. Dealing With a Monster Tax Bill
- F. When the IRS Can Take Your Assets
19. Audits
- A. Who Gets Audited?
- B. How Long Do You Have to Worry About an Audit?
- C. How the IRS Audits Small Businesses
- D. The Auditor's Powers
- E. Should You Get Audit Help?
- F. Preparing for Your Audit
- G. What to Bring to an Audit
- H. Don't Rush a Field Audit
- I. What Auditors Look for When Examining a Business
- J. How to Behave at an Audit
- K. How to Negotiate With an Auditor
- L. Your Options After Getting an Audit Report
- M. When Your Audit Is Final
20. Appealing IRS Audits
- A. IRS Appeals
- B. Contesting an Audit in Court
21. Penalties and Interest
- A. Common Reasons for Penalties
- B. Interest on Tax Bills
- C. Understanding Penalty and Interest Notices
- D. How to Get Penalties Reduced or Eliminated
- E. How to Get Interest Charges Removed
- F. Designating Payments on Delinquent Tax Bills
22. Help Beyond the Book
- A. Finding Answers to Tax Questions
- B. Finding and Using a Tax Pro
23. Answers to 25 Frequently Asked Tax Questions
Glossary
Appendix
- Form 2553, Election by a Small Business Corporation
- Form 4506, Request for Copy of Tax Return
- Form 4797, Sales of Business Property
- Form 7018, Employer's Order Blank for Forms
- Form 8594, Asset Acquisition Statement
- Form 8821, Tax Information Authorization
- Form 8822, Change of Address
- Form SS-4, Application for Employer Identification Number
- Form W-4, Employee's Withholding Allowance Certificate
- Form W-9, Request for Taxpayer Identification Number
and Certification
- Form 1040, Schedule SE, Self-Employment Tax
Index
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