CCH Toolkit Tax Guide 2005
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; maximizing 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.
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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 attach benefits business expenses business owners capital gains casualty losses child tax credit claim compute contributions corporation cost dependent depreciation disability distribution dividends earned income election employee Enter the amount Enter the smaller estate taxes estimated tax example exemption fees file Form filing status Form W-2 home office deduction income tax instructions Internal Revenue Service investment IRS Form itemized deductions joint return lease less line 13 loan married filing jointly married filing separately method mortgage interest Multiply line nontaxable ordinary income paid partnership payments penalty percent placed in service purchase qualified real estate received reimbursements rental Roth IRAs rules Schedule self-employment smaller of line social security number spouse standard deduction Subtract line tax basis tax return taxable income taxpayers vehicle Worksheet