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J.K. Lasser's Small Business Taxes 2012: Your Complete Guide to a Better Bottom Line

ISBN: 978-1-118-17646-7
592 pages
October 2011
J.K. Lasser
The tax facts and strategies that every small business owner needs to know

Owning a small business is a big responsibility. While all small business owners seek to improve their bottom line, few realize all the ways that both current and new tax laws can help them do so. With J.K. Lasser s Small Business Taxes 2012, you ll quickly discover how. Written in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year.

Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this practical guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.

  • Includes detailed coverage of the newest tax laws and IRS rules
  • Reveals strategies that can help you run a tax-smart business all year long
  • Contains comprehensive information on each deductible expense, including dollar limits and record-keeping requirements
  • Offers clear instructions on where to report income and claim deductions on your tax forms
  • Includes a free online supplement at JKLasser.com, which contains up-to-the-minute tax law changes
  • Other titles by Barbara Weltman: J.K. Lasser s 1001 Deductions & Tax Breaks 2012

Making the right tax moves can make your business better. Let J.K. Lasser s Small Business Taxes 2012 show you how, with strategies and advice that will help you understand and plan for both today s and tomorrow s tax laws.

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Preface v

Introduction ix

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 39

3. Recordkeeping for Business Income and Deductions 56

Part 2 Business Income and Losses 69

4. Income or Loss from Business Operations 71

5. Capital Gains and Losses 101

6. Gains and Losses from Sales of Business Property 121

Part 3 Business Deductions and Credits 133

7. Employee Compensation: Salary, Wages, and Employee Benefits 135

8. Travel and Entertainment Expenses 170

9. Car and Truck Expenses 201

10. Repairs, Maintenance, and Energy Improvements 231

11. Bad Debts 244

12. Rents 256

13. Taxes and Interest 267

14. First-Year Expensing, Depreciation, Amortization, and Depletion 282

15. Advertising Expenses 320

16. Retirement Plans 327

17. Casualty and Theft Losses 364

18. Home Office Deductions 378

19. Medical Coverage 395

20. Deductions for Farmers 411

21. Domestic Production Activities Deduction 423

22. Miscellaneous Business Deductions 430

23. Roundup of Tax Credits 473

Part 4 Tax Planning For Your Small Business 487

24. Income and Deduction Strategies 489

25. Tax Strategies for Opening or Closing a Business 506

26. Tax Strategies for a Sideline Business 517

27. Tax Strategies for Multiple Businesses 522

28. Alternative Minimum Tax 528

29. Other Taxes 535

30. Filing Income Tax Returns and Paying Taxes 556

Appendix A. Information Returns 567

Appendix B. Checklist of Tax-Related Corporate Resolutions 575

Index 579

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Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser's 1001 Deductions and Tax Breaks. She is also the publisher of Idea of the Day, a guest columnist for WSJ.com and contributor to SBA.gov, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine), and hosts Build Your Business radio. Visit her at www.barbaraweltman.com.
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