AARP J.K. Lasser's Small Business Taxes 2010: Your Complete Guide to a Better Bottom Line

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John Wiley & Sons, Dec 19, 2011 - Business & Economics - 576 pages
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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 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
  • Provides help with state taxes and a guide to information returns you may need to file
  • Other titles by Weltman: J.K. Lasser's 1001 Deductions & Tax Breaks 2010

Owning a small business is a big responsibility. 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 2010, you'll quickly discover how.

 

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Contents

How to Use This Book
Special Rules for Small Businesses
Sole Proprietorships
Partnerships and Limited Liability Companies
S Corporations and Their ShareholderEmployees
C Corporations and Their ShareholderEmployees
Employees
Factors in Choosing Your Form of Business Organization
Individual Retirement Accounts
When to Take Action
Comparison of Qualified Retirement Plans
Nonqualified Retirement Plans
Glossary of Terms for Retirement Plans
Casualty and Theft
Condemnations and Threats of Condemnation
Disaster Losses

Forms of Business Organization Compared
Tax Identification Number
Accounting Periods
Accounting Methods
Uniform Capitalization Rules
General Recordkeeping
Specific Substantiation Requirements for Certain Expenses
Records for Depreciation Basis Carryovers and Prepaid Expenses
How Long You Should Maintain Records
Business Income
Income for Service Businesses
Income from the Sale of Goods
Income from Farming
InvestmentType Income
Miscellaneous Business Income
State Income Taxes on Business Income
Net Operating Losses
Limitations on Business Losses
What Are Capital Gains and Losses?
Tax Treatment of Capital Gains and Losses for PassThrough Entities
Tax Treatment of Capital Gains and Losses for C Corporations
Sales of Business Interests
Special Situations
Section 1231 Gains and Losses
Installment Sales
Recapture
Involuntary Conversions
Abandonment Foreclosure and Repossession of Property
Sale of All the Assets of the Business
Where to Report Gains and Losses on Business Property
Deductible Compensation
Compensation to Owners
Disallowance Repayment Agreements
Employee Benefits
Nonstatutory Fringe Benefits
Employment Tax Credits
Local Transportation Costs
Travel within the United States
Conventions
Living Away from Home on Temporary Assignments
Meal and Entertainment Expenses
Business Gifts
Reimbursement Arrangements
Recordkeeping Requirements
Deducting Car Expenses in General
Actual Expense Method
Standard Mileage Allowance
Leasing a Car for Business
Arranging Car Ownership
Vehicle TradeIn
Trucks and Vans
Credit for Hybrid Vehicles
Credit for PlugIn Electric Vehicles
Recordkeeping for Car Expenses
Ordinary Repairs
Rehabilitation Plans
Special Rules for Improvements for the Elderly and Handicapped
Lists of Deductible Repairs and Capital Improvements
Energy Improvements
Bad Debts in General
Collection of Bad Debts
Business versus Nonbusiness Bad Debts
Loans by ShareholderEmployees
Guarantees that Result in Bad Debts
Special Rules for Accrual Taxpayers
Reporting Bad Debts on the Tax Return
Collection Strategies
Deducting Rent Payments in General
The Cost of Acquiring Modifying or Canceling a Lease
Improvements You Make to Leased Property
Rental of a Portion of Your Home for Business
Leveraged Leases
Deductible Taxes
Nondeductible Taxes
Deductible Interest
Nondeductible Interest and Other Limitations on Deductibility
FirstYear Expensing
Other Expensing Opportunities
General Rules for Depreciation
Modified Accelerated Cost Recovery System
Bonus Depreciation
Limitations on Listed Property
Rebuilding Incentives for Certain Storm Victims
Putting Personal Property to Business Use
Amortization
Depletion
Ordinary Advertising Expenses
Promotion of Goodwill
Prizes Contests and Other Promotional Activities
HelpWanted Ads
Qualified Retirement Plans
Added Costs for Retirement Plans
Retirement Plans for SelfEmployed Individuals
Regular 401ks and Roth 401ks
Deducting Property Insurance and Other CasualtyTheftRelated Items
Certain Storm Victims
Home Office Deductions in General
Special Requirements for Employees
Allocating the Business Part of Home Expenses
Special Business Uses of a Home
Ancillary Benefits of Claiming Home Office Deductions
Deducting Medical Insurance
Deducting Health Coverage by SelfEmployed Persons and MoreThan2Percent S Corporation Shareholders
Using Medical Reimbursement Plans
Shifting the Cost of Coverage to Employees
Setting Up Health Savings Accounts HSAs
Archer Medical Savings Accounts MSAs
Health Reimbursement Arrangements
Farm Expenses
FarmRelated Tax Credits
Nondeductible FarmRelated Expenses
Background
Qualified Producers
Figuring the Deduction
Other Business Expenses in General
Moving Expenses
Educational Expenses
Charitable Contributions Made by Your Business
Licenses and Permits
Dues and Subscriptions
Legal and Professional Fees
Bank and Merchant Fees
Supplies Materials and Office Expenses
Uniforms and Clothing
Insurance
Commissions
Payments to Directors and Independent Contractors
Meal Costs for DayCare Providers
The DividendsReceived Deduction
Other Expenses
EmploymentRelated Credits
Capital ConstructionRelated Credits
Other Tax Credits
General Business Credit
TaxSaving Tips
Common Errors and How to Avoid Them
Tax Assistance
Initial Tax Decisions to Make
Debt versus Equity Financing
Tax Identification Numbers
Tax Reporting for the First Year
Setting Up a Business Bank Account and Credit Card
Bankruptcy
Expenses of Winding Up a Small Business
Tax Reporting in the Final Year
Reporting Sideline Business Income
Hobby Losses
Business Expenses
Advantages and Disadvantages of Multiple Entities
When to Run Multiple Activities within One Business
Tax Rules for Owners of Multiple Businesses
Alternative Minimum Tax Basics
Deduction Limits for Alternative Minimum Tax
Credit Offsets
Minimum Tax Credit
State Income Taxes
Employment Taxes
Sales and Use Taxes
Excise Taxes
Filing Deadlines and Extensions
Online Filing of Business Income Tax Returns
Paying Taxes
Online Filing of Other Business Returns
APPENDIX A
APPENDIX B
A
B
C
D
E
F
G
H
I
J
M
N
O
P
Q
R
S
T
U
V
Y
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