CCH Toolkit Tax Guide 2004
Susan M. Jacksack, Paul N. Gada
Toolkit Media Group, Jan 1, 2004 - Business & Economics - 432 pages
A clear and direct tax guide for small business owners, this book offers expert commentary on every step of the process of filing a sole proprietorship tax return. Whether owners tackle this task themselves or solicit the help of a professional, this resource offers analyses of individual income tax issues, an extensive glossary that demystifies tax lingo, and detailed discussions on issues of interest to small business owners. These issues include differentiating between personal and business expenses; maximising deductions for auto, entertainment, depreciation, and home office expenses; handling employee benefit plans on tax returns; and what the IRS is likely to look for in an audit of business activities. Includes free tax return preparation and filing for one federal and one state income tax return using the online tax service CompleteTax.
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Keeping Good Records
TAXES AND YOUR BUSINESS
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activity Add lines adjusted gross income alternative minimum tax amount from line amount on line apply assets benefits business owners capital gains casualty losses child tax credit claim compute contributions corporation cost dependent depreciation disability distribution dividends earned income election Enter the amount Enter the smaller estate taxes estimated tax example exemption fees file Form filing status Form W-2 gift home office deduction household income tax instructions Internal Revenue Service investment IRS Form itemized deductions joint return lease less limit line 21 loan Married filing jointly married filing separately method mortgage interest Multiply line ordinary income paid partnership penalty placed in service purchase qualified received reimbursements rental Roth IRAs rules Schedule self-employment smaller of line social security number spouse standard deduction Subtract line tax basis tax rate tax return taxable income taxpayers tips vehicle worksheet