Tax savvy for small business Year-round tax advice for small businesses
Book - 1995
Saved in:
- Subjects
- Genres
- Law for laypersons
- Published
-
Berkeley, CA :
Nolo Press
1995-
- Language
- English
- Item Description
- Subtitle varies.
"National" dropped from edition statement with 4th ed.
Earlier eds., 1-10, cataloged as monographs in LC. - Physical Description
- volumes : illustrations, forms ; 28 cm
- Publication Frequency
- Annual
- ISBN
- 9781413330403
- ISSN
- 19393040
- Introduction
- 1. Tax Basics
- How Tax Law Is Made and Administered: The Short Course
- Where to Find Tax Rules
- Marginal Tax Rate and Tax Brackets
- What Is-And Isn't-Income
- A Word About Tax Shelters
- The Alternative Minimum Tax (AMT)
- 2. Deductible Business Expenses
- What Is a Deductible Business Expense?
- Is It a Current or Future Year Expense?
- Top Deductions for Businesses
- The General Business Credit
- Vehicle Expenses
- How and Where to Claim Expense Deductions
- 3. Writing Off Long-Term Business Assets
- Tax Treatment of Business Costs
- The De Minimis Safe Harbor
- Bonus Depreciation
- Section 179: Expensing Business Assets
- Depreciating Business Assets
- How to Report Depreciation and Section 179 Deductions
- Inventory
- Tax Basis of Business Assets
- Leasing Instead of Buying
- When You Dispose of Business Assets: Depreciation Recapture
- Tax Errors in Depreciation
- 4. Bookkeeping and Accounting
- Why You Need a Bookkeeping System
- Should You Hire a Bookkeeper?
- Bookkeeping Basics
- What Kinds of Records to Keep
- How Long Records Should Be Kept
- Bookkeeping Methods of Tracking Income and Expenses
- Timing Methods of Accounting: Cash and Accrual
- Accounting Periods: Calendar Year or Fiscal Year
- 5. Business Losses and Failures
- Unincorporated Business Losses
- Incorporated Business Losses
- 6. Tax Concerns of Employers
- Employer Identification Numbers
- What Are Payroll Taxes?
- Reporting and Depositing Payroll Taxes
- Classifying Workers: Employee or Independent Contractor?
- Misclassifying Employees as Independent Contractors
- IRS Filing and Payment Requirements for Employers
- Record Keeping for Your Workers
- 7. Sole Proprietorships-Solos, Freelancers, and Independent Contractors
- What It Means to Be a Solo-From a Tax Perspective
- To Be or Not to Be-A Solo
- Solo Income and Expenses
- Solos' Tax Forms: Schedule C Is Your Friend
- What If My Solo Biz Loses Money?
- How Solos Are Taxed
- Record Keeping for Solos
- When a Solo Closes Up Shop
- Death of a Solo
- Outgrowing the Solo
- 8. C Corporations
- Types of Corporations
- How C Corporations Are Taxed
- Tax Benefits of C Corporations
- Incorporating Your Business
- The Importance of Issuing Section 1244 Stock
- Taking Money Out of a C Corporation
- Tax Pitfalls of C Corporations
- Dissolving a C Corporation
- 9. S Corporations
- An Overview of S Corporations
- Should You Choose S Corporation Status?
- Tax Reporting for S Corporations
- How S Corporation Shareholders Are Taxed
- Social Security and Medicare Taxes
- Electing S Corporation Status
- Revoking S Corporation Status
- Dissolving an S Corporation
- 10. Partnerships
- Partnership Tax Status
- Tax Reporting
- Tax Obligations of Partners
- Partnership Losses
- Partnership Contributions
- Getting Money Out of a Partnership
- Partnership Expenses
- Selling or Transferring a Partnership Interest
- Ending a Partnership
- 11. Limited Liability Companies
- Taxes
- Comparing LLCs With Other Entities
- Operating Your LLC
- Terminating an LLC
- 12. Qualified Personal Service Corporations
- Qualified Personal Service Corporations
- QPSCs and Taxes
- Fringe Benefits
- Transferring Shares
- Dissolving a QPSC
- 13. Family Businesses
- The Legal Structure of a Family Business
- Income Splitting Lowers Taxes
- Spouses Who Co-Own a Business
- Preserving a Family Business After Death
- 14. Home-Based Businesses
- Business Expenses Incurred at Home
- The Home Office Deduction
- Calculating Your Home Office Deduction
- Safe Harbor Rule for the Home Office Deduction
- Tax When Selling the Home Office
- A Home Business as a Tax Shelter
- 15. Fringe Benefits
- How Fringe Benefits Save Taxes
- Retirement Benefits
- Motor Vehicles
- Meals
- Travel and Lodging
- Health Benefits
- Dependent Care Assistance Plan
- Long-Term Care Insurance
- Group Term Life Insurance
- Education Benefits
- Dues and Subscriptions
- Driver and Bodyguard Services
- Retirement Planning Services
- Gifts, Awards, Discounts, and Free Services
- Commuter Transportation and Parking
- Working Condition Fringes
- De Minimis Benefits
- Adoption Assistance
- Job Placement Assistance
- Cafeteria Plans
- Disaster Relief Payments to Employees
- Special Benefits for C Corporation Employees Only
- 16. Retirement Plans
- Advantages of Retirement Plans
- Overview of Retirement Plan Types
- Details About Each Type of Retirement Plan
- Where to Go for a Retirement Plan
- Potential Tax Problems With Retirement Plans
- Withdrawing Money From Retirement Plans
- Closing Your Business or Leaving Your Employer
- 17. Buying a Business
- Buying the Assets of a Business
- Buying Shares of Stock
- Assigning a Price to Business Assets
- State and Local Transfer Taxes
- 18. Selling or Closing a Sole Proprietorship
- Reporting the Sale of a Sole Proprietorship
- The Importance of an Arm's-Length Deal
- How to Protect Yourself From IRS Challenges
- 19. When You Can't Pay Your Taxes
- Low IRS Priority-Less Than $50,000
- Getting More Time to Pay
- Paying in Installments
- What to Expect When the IRS Gets Serious
- Dealing With a Monster Tax Bill
- When the IRS Can Take Your Assets
- 20. Audits
- Who Gets Audited?
- How Long Do You Have to Worry About an Audit?
- How the IRS Audits Small Businesses
- The Auditor's Powers
- Should You Get Audit Help?
- Preparing for Your Audit
- What to Bring to an Audit
- Don't Rush a Field Audit
- What an Auditor Looks for When Examining a Business
- How to Behave at an Audit
- How to Negotiate With an Auditor
- Your Options After Getting an Audit Report
- When Your Audit Is Final
- 21. Appealing IRS Audits
- IRS Appeals
- How to Get Your Audit to the Appeals Office
- Contesting an Audit in Court
- 22. Penalties and Interest
- Common Reasons for Penalties
- Interest on Tax Bills
- Understanding Penalty and Interest Notices
- How to Get Penalties Reduced or Eliminated
- How to Get Interest Charges Removed
- Designating Payments on Delinquent Tax Bills
- 23. Help Beyond the Book
- Finding Answers to Tax Questions
- Finding and Using a Tax Pro
- 24. Answers to Frequently Asked Tax Questions
- Glossary
- Appendix
- IRS Publications List
- Forms Checklist and Due Dates
- IRS Services Guide (Publication 5136)
- Index