Axiom Business Book Award Gold Medal Winner
Don’t be taxed out of business! Know your rights and KEEP MORE OF WHAT YOU EARN
It’s great to start a business and be your own boss—but with all the taxes you pay, it sometimes feels like you’re working for the government. This book teaches you ways to work smarter – not harder!
The go-to tax guide for small-business owners is packed with tips for dramatically lowering your taxes. This new edition covers key provisions passed by Congress that will affect your taxes for 2016 through 2020. It includes:
• Enhanced checklists
• Improved entity comparisons
• Updates on valuable business resources and tools
• New information about depreciation
• Critical home-office information
• Need-to-know online business issues
• Expanded tips on Tax Notices and audits
Small Business Taxes Made Easy covers more than just taxes. It includes business plans, legal tax-cutting tips, and ways to build your dynasty – or develop a smart exit plan (think Venture Capital or IPO). Best of all, you learn how to increase your profits and your cash flow and to ensure your business is a success.
You have more rights as a taxpayer than you probably realize, and this unparalleled guide helps you exercise them to the max!
Small Business Taxes Made Easy offers easy-to-follow, actionable advice with timeless information. Whatever kind of business you run, this book provides everything you need to hold on to more of the profits you’ve worked so hard for.
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About the Author
Table of Contents
Introduction: A Letter from Eva Rosenberg to You, the Business Owner
How to Use This Book
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
2 BUSINESS PLANS YOU KNOW AND TRUST
Chapter 2 Exercise—Create a Business Plan
Why You Need a Business Plan
Real Business—Planned Losses
The Fine Line Between Success and Failure
Exit Plans for Fun and Profit
Let’s Not Fail Due to Success
Outline of a Plan
Rebalancing Your Business Plan for Tax Consequences
Business Plan Books and Resources
Decisions, Decisions, Decisions
What Do You Want to Be When You Grow Up?
Major Issues Related to Entities
Entities, in All Their Glory
A Brief Word About Nevada, Delaware, and Wyoming
What About Nonprofits?
Entities We’re Not Discussing
All the Highlights in One Place
Your Big Decision
4 RECORD KEEPING
Keeping Records Is a Pain!
Types of Accounting Systems
Doing It by Hand
The IRS Says It All
Records You Must Keep
How Long Should You Keep Records?
Glossary of Bookkeeping Terms
Money In, Money Out, Wave Your Hands All About
A Capital Idea
What Is Income?
Timing of Income
A Brief Note About Accrual Basis
Sales Taxes Received—Are They Your Money?
Income Rarely Reported
The IRS Has a Cash Audit Guide
1099s Your Business Receives
So What the Heck Is Income?
6 COMMON DEDUCTIONS
Rule of Thumb
It’s All About You
More Deductions Than You Can Imagine
7 OFFICE IN HOME
The Song Is Right! Let’s Stay Home
It’s a Red Flag; It’s Just Asking for an Audit
Another Attractive Change to the Law Affecting
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
8 VEHICLES: EVERYONE’S FAVORITE DEDUCTION
Deducting Auto Expenses
Should I Lease or Buy?
The Cons of Depreciation
Give Yourself Credit
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
Preparing Payroll: Checks, Journals, Reports
Employee Ownership and Stock Options
Summing Up Employees
Employee and Independent Contractor Resources
10 OWNERS’ FRINGE BENEFITS, RETIREMENT,
AND TAX DEFERMENT
Fringe Benefits and Reimbursements
Using the IRS to Your Advantage
11 ESTIMATED PAYMENTS
Estimated Payments Overview
My Short Method
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
Estimated Payment Resources
12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES
WWW = Who, What, Where?
What? I Thought There Was No Internet Tax
Internet Sales Tax Issues
Rents and Services—Domestic and Abroad
Legal Issues on the Internet
In the End
Online Business Resources
13 TAX NOTICES, AUDITS, AND COLLECTION NOTES
Dealing with Basic Tax Notices for Individual Returns
What Will Happen During the Audit?
Audit Reconsiderations, Appeals, and Tax Court:
Some Brief Words
How About Filing Bankruptcy?
Summary of IRS Interactions
Tax Notices, Audits, and Collection Notes Resources
Some Final Words of Advice—and Resources to Rely On