J.K. Lasser’s Small Business Taxes 2007 gives you a complete overview of small business tax planning in an accessible manner. Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this valuable guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.
About the Author
BARBARA WELTMAN is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of several top-selling books on taxes and finance. She is also an experienced writer and has been featured in many media outlets, including the Wall Street Journal, Inc.com, Bloomberg TV, CNN, and CNBC. Sign up for her free e-newsletter at www.barbaraweltman.com.
Table of Contents
PART I: ORGANIZATION.
1. Business Organization.
2. Tax Year and Accounting Methods.
3. Recordkeeping for Business Income and Deductions.
PART II: BUSINESS INCOME AND LOSSES.
4. Income or Loss from Business Operations.
5. Capital Gains and Losses.
6. Gains and Losses from Sales of Business Property.
PART III: BUSINESS DEDUCTION AND CREDITS.
7. Employee Compensation: Salary, Wages, and Employee Benefits.
8. Travel and Entertainment Expenses.
9. Car and Truck Expenses.
10. Repairs, Maintenance, and Energy Improvements.
11. Bad Debts.
13. Taxes and Interest.
14. First-Year Expensing, Depreciation, Amortization, and Depletion.
15. Advertising Expenses.
16. Retirement Plans.
17. Casualty and Theft Losses.
18. Home Office Deductions.
19. Medical Coverage.
20. Deductions for Farmers.
21. Domestic Production Activities Deduction.
22. Miscellaneous Business Deductions.
23. Roundup of Tax Credits.
PART IV: TAX PLANNING FOR YOUR SMALL BUSINESS.
24. Income and Deduction Strategies.
25. Tax Strategies for Opening or Closing a Business.
26. Tax Strategies for a Sideline Business.
27. Alternative Minimum Tax.
28. Other Taxes.
29. Online Filing and Information.
Appendix A: Information Returns.
Appendix B: Checklist of Tax-Related Corporate Resolutions.