Owning a small business is a big responsibility. While all small business owners seek to improve their bottom line, few realize all the ways that both current and new tax laws can help them do so. With J.K. Lasser's Small Business Taxes 2018 you'll quickly discover how.
Written in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax–smart decisions throughout the year. Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this practical guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.
In this fully updated volume, you'll find:
- Detailed coverage of the newest tax laws, court decisions, and IRS rulings
- Planning strategies that can help you run a tax–smart business all year long
- Comprehensive information on each available write–off, such as the small employer health insurance credit, including dollar limits and record–keeping requirements
- Clear instructions on where to report income and claim deductions and credits on your tax forms
- Guidance on opening or closing a business, running a sideline activity or multiple businesses, and succession planning
- Help with state taxes and a guide to information returns you may need to file
- Sample forms and checklists to help you prepare for tax time
Get your free online supplement for the latest tax changes.
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Preface vii
Introduction xiii
Part 1 Organization 1
1. Business Organization 3
2. Tax Year and Accounting Methods 40
3. Recordkeeping for Business Income and Deductions 58
Part 2 Business Income and Losses 71
4. Income or Loss from Business Operations 73
5. Capital Gains and Losses 109
6. Gains and Losses from Sales of Business Property 130
Part 3 Business Deductions and Credits 145
7. Employee Compensation: Salary, Wages, and Employee Benefits 147
8. Travel and Entertainment Expenses 187
9. Car and Truck Expenses 218
10. Repairs, Maintenance, and Energy Improvements 249
11. Bad Debts 268
12. Rents 282
13. Taxes and Interest 294
14. First–Year Expensing, Depreciation, Amortization, and Depletion 311
15. Advertising Expenses 351
16. Retirement Plans 359
17. Casualty and Theft Losses 403
18. Home Office Deductions 419
19. Medical Coverage 440
20. Deductions and Tax Credits for Farmers 461
21. Domestic Production Activities Deduction 473
22. Miscellaneous Business Deductions 481
23. Roundup of Tax Credits 528
Part 4 Tax Planning for Your Small Business 541
24. Income and Deduction Strategies 543
25. Tax Strategies for Opening or Closing a Business 561
26. Tax Strategies for a Sideline Business 576
27. Tax Strategies for Multiple Businesses 581
28. Alternative Minimum Tax 588
29. Other Taxes 595
30. Filing Tax Returns and Paying Taxes 619
31. Retirement and Succession Planning 633
32. Working with CPAs and Other Tax Professionals 641
33. Handling Audits with the IRS 646
Appendix A. Information Returns 651
Appendix B. Tax Penalties 661
Appendix C. Checklist of Tax–Related Corporate Resolutions 669
Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 672
Index 677
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