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The tax facts and strategies that every small business owner needs to know
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 best business practices and 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.
- Includes detailed coverage of the newest tax laws and IRS rules
- Reveals strategies that can help you run a tax-smart business all year long
- Contains comprehensive information on each deductible expense, including dollar limits and record-keeping requirements
- Offers clear instructions on where to report income and claim deductions on your tax forms
- Online supplement to update developments
- Other titles by Weltman: J.K. Lasser's 1001 Deductions & Tax Breaks 2011 and J.K. Lasser's New Tax Laws Simplified 2011
While many 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 2011, you'll quickly discover how.
About the Author
Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser's 1001 Deductions and Tax Breaks. She is also the publisher of Idea of the Day, a contributor to AOL Small Business, and is quoted regularly in major publications, including the New York Times, the Wall Street Journal, and Money magazine. Visit her at www.barbaraweltman.com
Table of Contents
Part 1 Organization.
1. Business Organization.
2. Tax Year and Accounting Methods.
3. Recordkeeping for Business Income and Deductions.
Part 2 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 3 Business Deductions 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 4 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. Tax Strategies for Multiple Businesses.
28. Alternative Minimum Tax.
29. Other Taxes.
30. Filing Income Tax Returns and Paying Taxes.
Appendix A. Information Returns.
Appendix B. Checklist of Tax-Related Corporate Resolutions.
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