Overview

Discover how to increase your deductions, reduce what you owe, boost your profits, and build a dynasty As if doing your business taxes weren’t complicated enough, you now have the Tax Cuts and Jobs Act to contend with. While this major overhaul throws a monkey wrench into the works, it provides unprecedented opportunities to keep even more of what you earn—if you’re up to speed on what the new law means and how to navigate it.      Small Business Taxes Made Easy has been fully updated to provide the knowledge, insights, and tools your business need to get ahead of the curve this tax season. You’ll learn everything you need to know for: • Saving money on taxes and boosting your profits  • Building an increasingly profitable business, with the right advisory team • Navigating the complex tax maze without losing the bank • Setting up a business plan following the new tax guidelines to minimize tax payout • Using record-keeping techniques that increase deductible expenses • Learn to reduce audit risk – or to survive audits successfully • Spotting errors in 1099s and handling them properly  Providing a thorough look into the Taxpayers First Act, this thorough guide delivers important insights into the marijuana tax dichotomy, updated information about self-rentals, and a deep dive into the Wayfair decision—which affects the collection of sales tax. Whatever kind of business you run, Small Business Taxes Made Easy will help you stay in compliance while taking full advantage of all possible deductions, loopholes, profit opportunities, and more.  

Full Product Details

Author:   Eva Rosenberg
Publisher:   McGraw-Hill Education
Imprint:   McGraw-Hill Education
Edition:   4th edition
Weight:   0.535kg
ISBN:  

9781260468182

ISBN 10:   1260468186
Pages:   368
Publication Date:   07 April 2020
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Available To Order  
We have confirmation that this item is in stock with the supplier. It will be ordered in for you and dispatched immediately.

Table of Contents

Acknowledgments  Introduction: A Letter from Eva Rosenberg to You, the Business Owner  Lighten Up  How to Use This Book  Prologue: Update on the Latest Tax Laws  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  Resources  2 BUSINESS PLANS YOU KNOW AND TRUST  Create a Business Plan  Why You Need a Business Plan  Real Business—Planned Losses  General Benefits  The Fine Line Between Success and Failure  Exit Plans for Fun and Profit  Let’s Not Fail Due to Success  Knowing What to Do—When  Outline of a Plan  Rebalancing Your Business Plan for Tax Consequences  Business Plan Books and Resources  Resources  3 ENTITIES: SELECTING YOUR BUSINESS STRUCTURE  Decisions, Decisions, Decisions  What Do You Want to Be When You Grow Up?  An Overview of Certain Tax Considerations Related to Entities  Major Issues Related to Entities  Entities, in All Their Glory  A Brief Word About Nevada, Delaware, and Wyoming Corporations  What About Nonprofits?  Entities We’re Not Discussing  All the Highlights in One Place  Your Big Decision  Resources  4 RECORD KEEPING  Keeping Records Is a Pain  Types of Accounting Systems  Doing It by Hand  The IRS Says It All  Fiscal Year  Accounting Styles  Records You Must Keep  How Long Should You Keep Records?  Glossary of Bookkeeping Terms  Resources  5 INCOME  Money In, Money Out, Wave Your Hands All About  A Capital Idea  What Is Income?  Timing of Income  A Brief Explanation About “Accrual Basis”  Sales Taxes Received—Are They Your Money?  Income Rarely Reported  The IRS Has a Cash Audit Guide  Some 1099s Your Business Receives  So What the Heck Is Income?  Resources 6 COMMON DEDUCTIONS  Rule of Thumb  Universally Deductible  It’s All About You  Mixed-Use Assets  Depreciation  More Deductions Than You Can Imagine  Resources  7 OFFICE IN HOME  The Song Is Right! Let’s Stay Home  It’s a Red Flag; It’s Just Asking for an Audit  Frustrating Change to the Law Affecting Employees  An Attractive Change to the Law Affecting Homeowners Only  Simplify, Simplify  Inner Space  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  Resources  8 VEHICLES: EVERYONE’S FAVORITE DEDUCTION  Deducting Auto Expenses for Employees  Deducting Auto Expenses for Business Owners  Should I Lease or Buy?  The Cons of Depreciation  Give Yourself Credit  Driving Home Conclusions  Resources  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  Paying Payroll  Preparing Payroll: Checks, Journals, Reports  Reporting Payroll  Employee Benefits  Employee Ownership and Stock Options  Summing up Employees  Resources  10 OWNERS’ FRINGE BENEFITS, RETIREMENT, AND TAX DEFERMENT  Fringe Benefits and Reimbursements  Retirement Plans  Tax-Deferred Opportunities  Using the IRS to Your Advantage  Resources  11 ESTIMATED PAYMENTS  Estimated Payments Overview  My Short Method  Worst-Case Scenario  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  Resources  12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES— AND BUSINESSES THAT SELL ACROSS STATE LINES  WWW = Who, What, Where  What? I Thought There Was No Internet Tax  Nexus  Internet Sales Tax Issues  Rents and Services—Domestic and Abroad  Legal Issues on the Internet  In the End  Resources  13 TAX NOTICES, AUDITS, AND COLLECTION NOTES  Dealing with Basic Tax Notices for Individual Returns  IRS Audits  What Will Happen During the Audit?  Negotiating  Audit Reconsiderations, Appeals, and Tax Court: Some Brief Words  Owing Taxes  How About Filing Bankruptcy?  Summary of IRS Interactions  Resources  Epilogue: Some Final Words of Advice—and Resources to Rely On  Index 

Reviews

Author Information

McGraw-Hill authors represent the leading experts in their fields and are dedicated to improving the lives, careers, and interests of readers worldwide

Tab Content 6

Author Website:  

Customer Reviews

Recent Reviews

No review item found!

Add your own review!

Countries Available

All regions