Tax Smarts for Small Business, 2E: Maximize Your Deductions Using the Latest Changes to the Tax Laws / Edition 2

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Helping the reader understand how to run a profitable and honest business while minimizing taxes is the goal of Tax Smarts for Small Business. Following its tax-saving strategies can give the small business owner year-round tax-saving opportunities, as well as having all your tax-time questions answered.

Accessible by anyone, it provides the reader with the latest IRS rules and answers everyday tax-related questions. It explores the IRS's definition of income and how to lower yours through expense deductions, tax credits and depreciation. It also answers the frequently asked questions surrounding withholding and paying taxes-a trouble area for many small businesses. Its extensive glossary of financial and tax terms makes it an easy-to-understand and essential reference for every small business owner's bookshelf.

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Product Details

  • ISBN-13: 9781572485785
  • Publisher: Sourcebooks, Incorporated
  • Publication date: 1/4/2007
  • Series: Tax Smarts for Small Business Series
  • Edition description: REV
  • Edition number: 2
  • Pages: 272
  • Sales rank: 1,481,438
  • Product dimensions: 7.00 (w) x 9.00 (h) x 0.60 (d)

Meet the Author

James O. Parker has repeatedly encountered clients who were somewhat bewildered by our country's tax laws, having been a practicing attorney for almost twenty-five years. Calling upon his twenty-seven years as a educator at Christian Brothers University in Memphis Tennessee, and being a small business owner himself for over forty years, Parker takes the mystery out of the tax code.

A former U.S. Marine and community advocate, Parker possesses both a Masters of Arts in Economics from the University of Memphis and an LLM from Emory University in Atlanta, Georgia.

A frequent speaker on tax topics, as well as business succession planning and small business development, Parker continues to advise others on the importance of tax planning.

Mr. Parker lives with his wife, Linda, in Memphis, Tennessee.

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Table of Contents


Chapter 1: Income Realizing Income Constructive Receipt Assignment of Income Method of Accounting

Chapter 2: Gross Income Compensation for Services Business Income Gain from Dealings in Property Capital Gains and Losses Determining Whether Property is a Capital Asset Deferring Recognition of Capital Gains Conversions of Property Reporting Capital Gains and Losses Interest Rents Royalties Dividends Contents Distributive Share of Partnership Income Loans Specifically Excluded Sources of Income

Chapter 3: Adjusted Gross Income Losses from Sale or Exchange of Property Expenses Related to Rents and Royalties Trade and Business Deductions Deductible Employees' Expenses Nonreimbursed, Employee Business Expenses

Chapter 4: Home Office Expense Qualifying Business Purposes Regular, but not Exclusive Allocating Percentage of Use Eligible Expenses Drawbacks to Taking the Deduction Special Rules Limitations

Chapter 5: Nonbusiness Deductions for the Self-Employed Self-Employment Tax Health Insurance Deduction Retirement Plans

Chapter 6: Losses and Bad Debts Losses on Sale or Exchange of Property Casualty and Theft Loss Net Operating Losses Passive Losses Bad Debt

Chapter 7: Taxable Income Categories of Deductions Itemized Deductions Exemptions

Chapter 8: Taxes Individual Federal Income Taxes Alternative Minimum Tax FICA Taxes-Social Security and Medicare Taxes Self-Employment Tax Corporate Federal Income Taxes

Chapter 9: Tax Credits General Business Credit Personal Credits Retirement Savings Contributions Other Nonrefundable Credits Refundable Credits Order of Application of Tax Credits

Chapter 10: Tax Considerations in Entity Selection Sole Proprietorships Partnerships Joint Ventures Limited Partnerships Limited Liability Partnerships Family Partnerships Corporations Professional Corporations Limited Liability Companies Family Limited Liability Companies

Chapter 11: Retirement Plans Individual Retirement Arrangements Roth IRAs Simplified Employee Pension Plans SIMPLE IRAs
401(k) Plans Other Retirement Plans

Chapter 12: Withholding Taxes Withholding Employee Taxes Amount to Withhold Payment of Withholding Taxes Filing Appropriate Returns Estimated Tax Payments

Glossary Index About the Author

James O. Parker received his law degree from Memphis State University Humphreys School of Law. He received his masters of law in taxation from Emory University School of Law. Mr. Parker currently practices in the areas of taxation, business law, probate and real estate. His private practice is located in Memphis, Tennessee.

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