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J.K. Lasser's Small Business Taxes 2014: Your Complete Guide to a Better Bottom Line

ISBN: 978-1-118-75492-4
610 pages
October 2013
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 2014, 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, including tax breaks and responsibilities under the Affordable Care Act
  • Shares ideas that can help you run a tax-smart business all year long and plan your exit strategy
  • 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 2014

Making the right tax moves can make your business better. Let J.K. Lasser's Small Business Taxes 2014 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 40

3. Recordkeeping for Business Income and Deductions 58

Part 2 Business Income and Losses 71

4. Income or Loss from Business Operations 73

5. Capital Gains and Losses 103

6. Gains and Losses from Sales of Business Property 124

Part 3 Business Deductions and Credits 137

7. Employee Compensation: Salary, Wages, and Employee Benefits 139

8. Travel and Entertainment Expenses 175

9. Car and Truck Expenses 206

10. Repairs, Maintenance, and Energy Improvements 235

11. Bad Debts 248

12. Rents 260

13. Taxes and Interest 271

14. First-Year Expensing, Depreciation, Amortization, and Depletion 286

15. Advertising Expenses 323

16. Retirement Plans 330

17. Casualty and Theft Losses 367

18. Home Office Deductions 382

19. Medical Coverage 401

20. Deductions and Credits for Farmers 418

21. Domestic Production Activities Deduction 429

22. Miscellaneous Business Deductions 435

23. Roundup of Tax Credits 477

Part 4 Tax Planning for Your Small Business 489

24. Income and Deduction Strategies 491

25. Tax Strategies for Opening or Closing a Business 509

26. Tax Strategies for a Sideline Business 522

27. Tax Strategies for Multiple Businesses 527

28. Alternative Minimum Tax 533

29. Other Taxes 540

30. Filing Income Tax Returns and Paying Taxes 563

31. Succession Planning 573

Appendix A. Information Returns 578

Appendix B. Checklist of Tax-Related Corporate Resolutions 586

Index 589

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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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