Business Tax Answer, Book 2008

Front Cover
The Business Tax Answer Book covers an encyclopedia of information -- everything a business owner or advisor needs to know about tax and how to interpret and apply the tax rules. The Business Tax Answer Book is an accessible, practical, plain-language and comprehensive reference source for tax information for accountants, attorneys, business owners, and other business advisors. Whether a business is just starting up or has been in existence for years, whether it is a sole proprietorship, partnership, corporation, or limited liability company, the Answer Book provides, in simple, no-nonsense language, answers to the key questions. The 2008 Edition provides answers to such questions as - What are the tax advantages and disadvantages to operating a business as a corporation? - When can a business use the simple, cash method of accounting to report income and claim deductions? - When can a business owner deduct the cost of commuting? - Who can claim the new, generous, first-year depreciation allowance? - Which employee fringe benefits qualify for favorable payroll tax treatment? - What pitfalls should business owners avoid when borrowing money from their businesses? - What is the key tax benefit of S corporation status? - What is a medical savings account and how does it help small businesses reduce employee health care costs? In addition to the more than 800 answers to the key questions regarding business income and payroll tax liabilities, the Business Tax Answer Book provides time-saving tools to help the businesses implement the tax strategies and compliance guidelines discussed in the book. These include numerous practice pointers, real-world examples and a comprehensive tax calendar.

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