Tax Savvy for Small Business

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Nolo, Nov 22, 2011 - Business & Economics - 367 pages
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The essential small business tax strategy book for the savvy entrepreneur   Named "Best Tax Book" by Entrepreneur magazine   Understanding the tax system is vital to the health of every small business. Virtually every decision a business makes has tax consequences that can affect its bottom line -- and the IRS is always watching. Develop the best tax plan for your small business, learn the ins and outs of the tax code, and create comprehensive strategies to get back the most from the IRS with this all-in-one guide.   Tax Savvy for Small Business provides essential information that will free up your time and money for what counts -- running your business effectively. Completely updated for 2011 returns, it explains how to:   - choose the best business entity
- deduct current and capitalized expenses
- write off long-term assets
- keep records that will head off trouble with the IRS
- get tax breaks from business losses
- deal with payroll taxes
- negotiate payment plans for late taxes
- handle an audit
- get IRS penalties and interest reduced
- maximize retirement funds
- take advantage of fringe benefits
- use retirement funds as a tax break   The 15th edition of Tax Savvy for Small Business is completely updated and provides the latest tax breaks, rules, forms, and publications, including substantive changes and the latest tax numbers for 2011 returns.
 

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Contents

Your Tax Saving Companion
1
1 Tax Basics
3
2 Deductible Business Expenses
9
3 Writing Off LongTerm Business Assets
37
4 Bookkeeping and Accounting
61
5 Business Losses and Failures
77
6 Tax Concerns of Employers
83
7 Sole ProprietorshipsSolos Freelancers and Independent Contractors
105
16 Retirement Plans
233
17 Buying a Business
251
18 Selling or Closing a Sole Proprietorship
261
19 When You Cant Pay Your Taxes
267
20 Audits
279
21 Appealing IRS Audits
301
22 Penalties and Interest
309
23 Help Beyond the Book
317

8 C Corporations
123
9 S Corporations
147
10 Partnerships
161
11 Limited Liability Companies
177
12 Qualified Personal Service Corporations
185
13 Family Businesses
191
14 HomeBased Businesses
203
15 Fringe Benefits
217
24 Answers to Frequently Asked Tax Questions
329
Glossary
337
Appendix
347
Index
353
Keep Up to Date
368
Online Legal Forms
370
Lawyer Directory
371
Copyright

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About the author (2011)

Frederick W. Dailyis a tax attorney with over 35 years experience helping individuals and small business owners make smart tax decisions and stay out of trouble with the IRS. He has been featured as a tax expert on Good Morning America and NPR, and in publications across the country including Money Magazine, U.S. News & World Report, Newsweek, the New York Times, and the Chicago Tribune. He is the author of Stand Up to the IRS, Tax Savvy for Small Business and Surviving an IRS Tax Audit.

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