Discover how to increase your deductions, reduce what you owe, boost your profits, and build a dynasty As if doing your business taxes weren't complicated enough, you now have the Tax Cuts and Jobs Act to contend with. While this major overhaul throws a monkey wrench into the works, it provides unprecedented opportunities to keep even more of what you earn-if you're up to speed on what the new law means and how to navigate it. Small Business Taxes Made Easy has been fully updated to provide the knowledge, insights, and tools your business need to get ahead of the curve this tax season. You'll…mehr
Discover how to increase your deductions, reduce what you owe, boost your profits, and build a dynasty As if doing your business taxes weren't complicated enough, you now have the Tax Cuts and Jobs Act to contend with. While this major overhaul throws a monkey wrench into the works, it provides unprecedented opportunities to keep even more of what you earn-if you're up to speed on what the new law means and how to navigate it. Small Business Taxes Made Easy has been fully updated to provide the knowledge, insights, and tools your business need to get ahead of the curve this tax season. You'll learn everything you need to know for: . Saving money on taxes and boosting your profits . Building an increasingly profitable business, with the right advisory team . Navigating the complex tax maze without losing the bank . Setting up a business plan following the new tax guidelines to minimize tax payout . Using record-keeping techniques that increase deductible expenses . Learn to reduce audit risk - or to survive audits successfully . Spotting errors in 1099s and handling them properly Providing a thorough look into the Taxpayers First Act, this thorough guide delivers important insights into the marijuana tax dichotomy, updated information about self-rentals, and a deep dive into the Wayfair decision-which affects the collection of sales tax. Whatever kind of business you run, Small Business Taxes Made Easy will help you stay in compliance while taking full advantage of all possible deductions, loopholes, profit opportunities, and more.
McGraw-Hill authors represent the leading experts in their fields and are dedicated to improving the lives, careers, and interests of readers worldwide
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Acknowledgments Introduction: A Letter from Eva Rosenberg to You, the Business Owner Lighten Up How to Use This Book Prologue: Update on the Latest Tax Laws 1 SMALL BUSINESS CHECKLIST Three Indicators Will Predict the Success of the Business So What Do You Need to Do? The Checklist in To-Do Order Resources 2 BUSINESS PLANS YOU KNOW AND TRUST Create a Business Plan Why You Need a Business Plan Real Business-Planned Losses General Benefits The Fine Line Between Success and Failure Exit Plans for Fun and Profit Let's Not Fail Due to Success Knowing What to Do-When Outline of a Plan Rebalancing Your Business Plan for Tax Consequences Business Plan Books and Resources Resources 3 ENTITIES: SELECTING YOUR BUSINESS STRUCTURE Decisions, Decisions, Decisions What Do You Want to Be When You Grow Up? An Overview of Certain Tax Considerations Related to Entities Major Issues Related to Entities 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 Resources 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 Resources 5 INCOME Money In, Money Out, Wave Your Hands All About A Capital Idea What Is Income? Timing of Income A Brief Explanation About "Accrual Basis" Sales Taxes Received-Are They Your Money? Income Rarely Reported The IRS Has a Cash Audit Guide Some 1099s Your Business Receives So What the Heck Is Income? Resources 6 COMMON DEDUCTIONS Rule of Thumb Universally Deductible It's All About You Mixed-Use Assets Depreciation More Deductions Than You Can Imagine Resources 7 OFFICE IN HOME The Song Is Right! Let's Stay Home It's a Red Flag; It's Just Asking for an Audit Frustrating Change to the Law Affecting Employees An Attractive Change to the Law Affecting Homeowners Only Simplify, Simplify 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 Resources 8 VEHICLES: EVERYONE'S FAVORITE DEDUCTION Deducting Auto Expenses for Employees Deducting Auto Expenses for Business Owners Should I Lease or Buy? The Cons of Depreciation Give Yourself Credit Driving Home Conclusions Resources 9 EMPLOYEES AND INDEPENDENT CONTRACTORS Who Is an Employee? Protecting Yourself from Independent Contractor Claims What Are 1099-MISCs? 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 Resources 10 OWNERS' FRINGE BENEFITS, RETIREMENT, AND TAX DEFERMENT Fringe Benefits and Reimbursements Retirement Plans Tax-Deferred Opportunities Using the IRS to Your Advantage Resources 11 ESTIMATED PAYMENTS Estimated Payments Overview 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 Resources 12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES- AND BUSINESSES THAT SELL ACROSS STATE LINES WWW = Who, What, Where What? I Thought There Was No Internet Tax Nexus Internet Sales Tax Issues Rents and Services-Domestic and Abroad Legal Issues on the Internet In the End Resources 13 TAX NOTICES, AUDITS, AND COLLECTION NOTES Dealing with Basic Tax Notices for Individual Returns IRS Audits What Will Happen During the Audit? Negotiating Audit Reconsiderations, Appeals, and Tax Court: Some Brief Words Owing Taxes How About Filing Bankruptcy? Summary of IRS Interactions Resources Epilogue: Some Final Words of Advice-and Resources to Rely On Index
Acknowledgments Introduction: A Letter from Eva Rosenberg to You, the Business Owner Lighten Up How to Use This Book Prologue: Update on the Latest Tax Laws 1 SMALL BUSINESS CHECKLIST Three Indicators Will Predict the Success of the Business So What Do You Need to Do? The Checklist in To-Do Order Resources 2 BUSINESS PLANS YOU KNOW AND TRUST Create a Business Plan Why You Need a Business Plan Real Business-Planned Losses General Benefits The Fine Line Between Success and Failure Exit Plans for Fun and Profit Let's Not Fail Due to Success Knowing What to Do-When Outline of a Plan Rebalancing Your Business Plan for Tax Consequences Business Plan Books and Resources Resources 3 ENTITIES: SELECTING YOUR BUSINESS STRUCTURE Decisions, Decisions, Decisions What Do You Want to Be When You Grow Up? An Overview of Certain Tax Considerations Related to Entities Major Issues Related to Entities 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 Resources 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 Resources 5 INCOME Money In, Money Out, Wave Your Hands All About A Capital Idea What Is Income? Timing of Income A Brief Explanation About "Accrual Basis" Sales Taxes Received-Are They Your Money? Income Rarely Reported The IRS Has a Cash Audit Guide Some 1099s Your Business Receives So What the Heck Is Income? Resources 6 COMMON DEDUCTIONS Rule of Thumb Universally Deductible It's All About You Mixed-Use Assets Depreciation More Deductions Than You Can Imagine Resources 7 OFFICE IN HOME The Song Is Right! Let's Stay Home It's a Red Flag; It's Just Asking for an Audit Frustrating Change to the Law Affecting Employees An Attractive Change to the Law Affecting Homeowners Only Simplify, Simplify 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 Resources 8 VEHICLES: EVERYONE'S FAVORITE DEDUCTION Deducting Auto Expenses for Employees Deducting Auto Expenses for Business Owners Should I Lease or Buy? The Cons of Depreciation Give Yourself Credit Driving Home Conclusions Resources 9 EMPLOYEES AND INDEPENDENT CONTRACTORS Who Is an Employee? Protecting Yourself from Independent Contractor Claims What Are 1099-MISCs? 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 Resources 10 OWNERS' FRINGE BENEFITS, RETIREMENT, AND TAX DEFERMENT Fringe Benefits and Reimbursements Retirement Plans Tax-Deferred Opportunities Using the IRS to Your Advantage Resources 11 ESTIMATED PAYMENTS Estimated Payments Overview 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 Resources 12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES- AND BUSINESSES THAT SELL ACROSS STATE LINES WWW = Who, What, Where What? I Thought There Was No Internet Tax Nexus Internet Sales Tax Issues Rents and Services-Domestic and Abroad Legal Issues on the Internet In the End Resources 13 TAX NOTICES, AUDITS, AND COLLECTION NOTES Dealing with Basic Tax Notices for Individual Returns IRS Audits What Will Happen During the Audit? Negotiating Audit Reconsiderations, Appeals, and Tax Court: Some Brief Words Owing Taxes How About Filing Bankruptcy? Summary of IRS Interactions Resources Epilogue: Some Final Words of Advice-and Resources to Rely On Index
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