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J.K. Lasser's Small Business Taxes 2018: Your Complete Guide to a Better Bottom Line

ISBN: 978-1-119-38046-7
720 pages
September 2017
J.K. Lasser

Description

Maximize your bottom line with the nation's most trusted small business tax guide

J.K. Lasser's Small Business Taxes 2018 is the small business owner's ultimate guide to a money-saving, stress-free tax season. Providing straightforward advice from the nation's most trusted tax expert on small business taxes, this book gives you the answers you need quickly, with clear, concise guidance. Updated and expanded to cover new and changing tax law, this edition also includes an e-supplement covering the latest developments from Congress and the IRS to keep you fully up-to-date.

A complete listing of all available business deductions and credits helps you identify those you qualify for, and includes critical information on dollar limits, recordkeeping requirements, and how to actually take the write-off—all the way down to which line on which form. Organizational and planning strategies help you get through the process quickly and with fewer headaches, and this year's changes to the tax laws are explained in terms of how they affect your filing.

Keeping up with the intricacies of tax law and filing is a full-time job—but it's not your full-time job. You have a business to run. This book gives you the guidance you need in the time that you have so you can get taxes out of the way and get back to work.

  • Learn which expenses qualify for deductions—and which ones don't
  • Adopt a more organized recordkeeping system to streamline the filing process
  • Explore small-business-specific strategies for starting or closing a business, running a sideline business, and operating in multiple businesses
  • Decode the various forms and worksheets correctly with step-by-step guidance
  • Review obligations for the 'other taxes,' including payroll and excise taxes

Every year, millions of small business owners overpay their taxes because they lack the time and expertise to make tax-sensitive business decisions throughout the year only to learn that it's too late to act when it comes to tax time. Now you can put your money back where it belongs—in your business. J.K. Lasser's Small Business Taxes 2018 helps you take wise actions during the year and tells you how to file completely and accurately while maximizing your bottom line.

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Table of Contents

Preface vii

Introduction xiii

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 109

6. Gains and Losses from Sales of Business Property 130

Part 3 Business Deductions and Credits 145

7. Employee Compensation: Salary, Wages, and Employee Benefits 147

8. Travel and Entertainment Expenses 187

9. Car and Truck Expenses 218

10. Repairs, Maintenance, and Energy Improvements 249

11. Bad Debts 268

12. Rents 282

13. Taxes and Interest 294

14. First-Year Expensing, Depreciation, Amortization, and Depletion 311

15. Advertising Expenses 351

16. Retirement Plans 359

17. Casualty and Theft Losses 403

18. Home Office Deductions 419

19. Medical Coverage 440

20. Deductions and Tax Credits for Farmers 461

21. Domestic Production Activities Deduction 473

22. Miscellaneous Business Deductions 481

23. Roundup of Tax Credits 528

Part 4 Tax Planning for Your Small Business 541

24. Income and Deduction Strategies 543

25. Tax Strategies for Opening or Closing a Business 561

26. Tax Strategies for a Sideline Business 576

27. Tax Strategies for Multiple Businesses 581

28. Alternative Minimum Tax 588

29. Other Taxes 595

30. Filing Tax Returns and Paying Taxes 619

31. Retirement and Succession Planning 633

32. Working with CPAs and Other Tax Professionals 641

33. Handling Audits with the IRS 646

Appendix A. Information Returns 651

Appendix B. Tax Penalties 661

Appendix C. Checklist of Tax-Related Corporate Resolutions 669

Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 672

Index 677

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Author Information

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 & Tax Breaks. She is also the publisher of Idea of the Day® and Big Ideas for Small Business®, a contributor to SBA.gov, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine), and hosts a monthly radio show. Visit her at www.barbaraweltman.com.

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