CCH Business Owner's Toolkit & CCH Financial Planning Toolkit Tax Guide 2006
A clear and direct tax guide for all taxpayers and small business owners, this book offers expert commentary on every step of filing an income 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. Issues pertaining to small business owners 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
Introducing the Schedule C
14 other sections not shown
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 child tax credit claim compute contributions corporation cost dependent depreciation disabled distributions dividends earned income election employee Enter the amount estimated tax example exemption fees ﬁgure ﬁle ﬁnd ﬁrst Form W-2 home ofﬁce deduction household Hurricane Katrina income tax instructions Internal Revenue Service investment IRS Form itemized deductions joint return lease less limit line 13 line 43 loan married filing method mortgage interest Multiply line nontaxable paid partnership payments penalty percent placed in service proﬁt purchase qualiﬁed qualifying real estate received reimbursements rental retirement plan Roth IRAs rules Schedule self-employment social security number speciﬁc spouse standard deduction Subtract line tax basis tax credit tax return taxable income taxpayers vehicle Worksheet