‏147.00 ₪

Small Business Taxes For Dummies, 2e

‏147.00 ₪
ISBN13
9781119517849
יצא לאור ב
New York
מהדורה
2nd Edition
זמן אספקה
21 ימי עסקים
עמודים
288
פורמט
Paperback / softback
תאריך יציאה לאור
26 באפר׳ 2019
מחליף את פריט
1W118650610
A guide to assist small business owners with important tax planning issues, including coverage of the tax changes taking effect in 2018, creating an ongoing tax routine, dealing with the IRS, and navigating audits and notices.
Small business taxes taxing you out? For most business owners, their single biggest "expense" (and headache) is dealing with their taxes. And while the just passed Congressional tax bill reduced taxes for many of the estimated 30 million small business owners in the U.S., the nation's taxes continue to be complex. Not being up-to-speed on tax rules and strategies can lead to mistakes that cost business owners thousands of dollars in fines and penalties every year. Small Business Taxes For Dummies assists both current and aspiring small business owners with important tax planning issues, including complete coverage of the tax changes taking effect in 2018, creating an ongoing tax routine, dealing with the IRS, and navigating audits and notices. Includes issues influencing incorporated small businesses, partnerships, and LLCs Offers expanded coverage of other business taxes including payroll and sales taxes Provides websites and other online tax resources Gives guidance to millennials juggling multiple gigs If you're a current or aspiring small business owner looking for the most up-to-date tax planning issues, this book keeps you covered.
מידע נוסף
מהדורה 2nd Edition
עמודים 288
מחליף את פריט 1W118650610
פורמט Paperback / softback
ISBN10 1119517842
יצא לאור ב New York
תאריך יציאה לאור 26 באפר׳ 2019
תוכן עניינים Introduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Where to Go from Here 4 Part 1: Understanding Small Business Taxes 5 Chapter 1: Small Business Taxes 101 7 Valuing Year-Round Tax Planning 8 Factoring taxes into small business decisions 8 Checking out common tax mistakes 9 Noting How Corporate and Individual Tax Reform Impacts Small Business 12 Checking out corporate income tax rate reduction and simplification 12 Reducing individual income tax rates 12 Noting 20 percent deduction for pass-through entities 13 Enjoying better equipment expensing rules 14 Increasing maximum depreciation deduction for automobiles 14 Limiting interest deductions 14 Reducing meal and entertainment deductions 15 Eliminating the health insurance mandate 15 Revising rules for using net operating losses 15 Understanding the Different Types of Taxes You Pay and Your Tax Rates 16 Defining total taxes and taxable income 16 Your marginal income tax rate for federal income taxes 17 State income taxes 18 Corporate income tax rates 20 Employment (payroll) taxes 21 Sales taxes 22 Chapter 2: Making Important Business Decisions 23 Choosing Your Business Entity 24 Sole proprietorships 25 The incorporation decision 26 One step further: S corporations 32 Partnerships 34 Limited liability companies (LLCs) 35 Valuing Employee Benefits 37 Retirement plans 38 Health insurance plans 38 Other benefits 42 Benefits that are deductible for corporation owners 44 Chapter 3: Retirement Accounts and Investments for Small Businesses 45 Beginning with Retirement Account Basics: Tax Breaks, Penalties, and Saving Guidelines 46 Instant rewards: Upfront tax breaks 46 Ongoing tax breaks on your investment earnings 47 Additional tax credits for lower-income earners 47 Retirement account penalties for early withdrawals 48 Guidelines for saving (but not excessively) 49 Surveying Your Retirement Account Options 50 Maximizing your retirement plan's value 51 Checking out your choices 52 Selecting Top-Notch Investments for Your Retirement Account 54 Considering fund advantages 54 Maximizing your chances for fund investing success 57 Understanding and using index funds 59 Considering exchange-traded funds 59 Using asset allocation in your retirement fund portfolio 61 Selecting the best stock funds 62 Investing in the best exchange-traded funds 65 Balancing your act: Funds that combine stocks and bonds 66 Finding the best bond funds 67 Developing Realistic Investment Return Expectations 70 Estimating your investments' likely future returns 71 Compounding your returns 73 Chapter 4: Real Estate and Your Small Business 75 Deciding Whether to Work out of Your Home 76 Researching local ordinances and issues 76 Controlling costs 77 Separating your work life from your personal life 78 Doing a cost comparison 79 Leasing Space for Your Business 79 Leaning toward leasing 79 Leasing burdens of retail businesses 80 Negotiating a lease 80 Buying Business Property 82 Taking stock of your financial situation 82 Doing a rent-versus-buy analysis 83 Evaluating leases as a real estate investor 83 Chapter 5: Estate Planning 87 Determining Your Estate's Tax Concerns 88 Understanding the federal estate tax exemption 88 Figuring out your taxable estate 89 Examining estate tax rates 89 Surveying special estate tax treatment afforded small businesses 89 Reducing Expected Estate Taxes with a Few Strategies 91 Giving away your assets 91 Leaving all your assets to your spouse 94 Buying cash-value life insurance 95 Setting up trusts 97 Getting advice and help 99 Part 2: Ongoing Tax Jobs 101 Chapter 6: Keeping Track of Your Small Business Revenues and Costs 103 Establishing an Accounting System for Your Business 104 Separating business from personal finances 104 Documenting expenses and income in the event of an audit 105 Keeping current on income, employment/payroll and sales taxes 106 Reducing your taxes by legally shifting income and expenses 107 Keeping Good Tax Records for Your Small Business 108 Ensuring a complete and accurate tax return 108 Setting up a record-keeping system 109 Deciding when to stash and when to trash 110 Watching out for state differences 111 Replacing lost business records 111 Chapter 7: Form 1040 Filing Options 113 The New and Improved Form 1040 113 Tackling the Income Lines 115 Line 1: Wages, salaries, tips, etc. 116 Line 2a: Tax-exempt interest 117 Line 2b: Taxable interest 117 Lines 3a and 3b: Ordinary dividends and qualified dividends 118 Lines 4a and 4b: Total pensions and annuities 118 Lines 5a and 5b: Social Security benefits 119 Line 7: Adjusted gross income 120 Line 8: Standard deduction or itemized deductions (from Schedule A) 120 Schedule 1: Additional Income and Adjustments to Income 121 Line 12: Business income (or loss) 121 Line 13: Capital gain (or loss) 122 Line 14: Other gains (or losses) 123 Line 17: Rental real estate, royalties, partnerships, S corporations, trusts, etc. 123 Line 18: Farm income (or loss) 123 Line 19: Unemployment compensation 124 Line 21: Other income 124 Adjustments to Income 125 Line 23: Educator expenses 126 Line 24: Certain business expenses of reservists, performing artists, and fee-basis government officials 126 Line 25: Health savings account deduction 127 Line 27: Deductible part of self-employment tax 128 Line 28: Self-employed SEP, SIMPLE, and qualified plans 128 Line 29: Self-employed health insurance deduction 129 Line 32: IRA deduction 129 Line 33: Student loan interest deduction 130 Line 34: Tuition and fees 131 Nonrefundable Credits: Lines 48 to 55 132 Line 48: Foreign tax credit 132 Line 49: Credit for child and dependent care expenses 133 Line 50: Education credits 133 Line 51: Retirement savings contributions credit 134 Chapter 8: Schedules C and C-EZ 135 Schedule C-EZ 135 Schedule C 136 Basic information 136 Part I: Income 141 Part II: Expenses 143 Chapter 9: The Business Use of Your Home 157 The New, Simplified Home Office Deduction 157 Filling Out Form 8829, "Expenses for Business Use of Your Home" 160 Recognizing who can use Form 8829 161 Measuring the part of your home used for business 162 Figuring your allowable home office deduction 162 Determining your home office's depreciation allowance 163 Carrying over what's left 165 Understanding the Downsides to Home Office Deductions 166 Audit risk and rejection of repeated business losses 166 Depreciation recapture when selling a home with previous home office deductions 168 Chapter 10: Estimated Taxes, Self-Employment Taxes, and Other Common Forms 169 Form 1040-ES: Estimated Tax for Individuals 170 Comparing the safe harbor method to the 90 percent rule 170 Completing and filing your Form 1040-ES 171 Keeping Current on Your Employees' (and Your Own) Tax Withholding 173 Form W-4 for employee withholding 174 Tax withholding and filings for employees 174 Schedule SE: Self-Employment Tax 176 Choosing a version of Schedule SE: Short or long? 177 Completing the Short Schedule SE 180 Form 8889: Health Savings Accounts (HSAs) 181 Understanding how HSAs work and who can use them 181 Completing Form 8889 183 Part 3: Getting Help 185 Chapter 11: Dealing with Notices and Audits 187 Understanding the Basics You'll Find on an IRS Notice 188 Assessing Assessment Notices 189 Income verification and proposed changes to your tax return: Forms CP2501 and CP2000 190 Request for your tax return: Forms CP515 and CP518 190 Backup withholding notice 192 Federal tax lien notice: Form 668(F) 192 Handling Non-Assessment Notices 193 Paying interest on additional tax 194 Receiving a delinquent tax return notice 194 What You Should Know about Audits 197 Surviving the four types of audits 198 Prepping for an audit 201 Winning your audit 202 Understanding the statute of limitations on audits 203 Correcting IRS Errors 203 Keeping your correspondence short and sweet 205 Sending a simple response to a balance due notice 206 Getting attention when the IRS ignores you with the help of a taxpayer advocate 207 Amending a Return 209 More expenses than income (net operating losses) 209 The tax benefit rule 210 Taking Action Even When You Can't Pay Your Taxes 210 Reducing Your Chances of Being Audited 212 Declare all your income 212 Don't itemize 213 Earn less money 213 Don't cheat 213 Don't cut corners if you're self-employed 214 Double-check your return for accuracy 215 Stay away from back-street refund mills 215 Chapter 12: Keeping Up with and Researching Tax Strategies and Rules 217 The Benefits of Preparing Your Own Return 218 Using IRS Publications 219 Buying Software 220 Accessing Internet Tax Resources 221 The Internal Revenue Service 221 Tax preparation sites 222 TaxTopics.net 222 Research sites 223 Hiring Help 223 Chapter 13: Paying for Tax Help 225 Deciding to Hire Tax Help 225 Unenrolled preparers 226 Enrolled agents 227 Certified public accountants 227 Tax attorneys 228 Who's best qualified? 229 Finding Tax Advisors 229 Interviewing Prospective Tax Advisors 230 What tax services do you offer? 230 What are your particular areas of expertise? 231 What other services do you offer? 231 Who will prepare my return? 232 How aggressive or conservative are you regarding interpreting tax laws? 232 What's your experience with audits? 233 How does your fee structure work? 233 What qualifies you to be a tax advisor? 234 Do you carry liability insurance? 234 Can you provide references of clients similar to me? 235 Part 4: The Part of Tens 237 Chapter 14: Ten (Almost) Useful Apps and Software Packages for Small Business Tax Issues 239 Tracking Expenses with Expensify 239 Processing Sales with Square 240 Managing Transactions with EMS+ 240 Marking Miles with MileIQ 240 Managing Your Accounting with QuickBooks 241 Handling Accounting and Invoicing with FreshBooks 241 Preparing Taxes with TurboTax Self-Employed 242 Completing Taxes with H&R Block Tax Preparation and Filing Software 242 Chapter 15: (Almost) Ten Often Overlooked Tax Reduction Opportunities 243 Invest in Wealth-Building Assets 243 Fund Some Retirement Accounts 244 Contribute to a Health Savings Account 244 Work Overseas 245 Calculate Whether a Deduction Is Worth Itemizing 245 Trade Consumer Debt for Mortgage Debt 247 Consider Charitable Contributions and Expenses 247 Scour for Self-Employment Expenses 248 Married Couples Should Crunch the Numbers on Filing Separately 248 Chapter 16: Ten Resources to Turn to After Reading This Book 251 To Develop a Good Business Plan and Improve Your Small Business 251 To Whip Your Finances into Shape 252 To Select the Best Business Entity 252 To Set Up an Accounting and Financial Management System 252 To Hone Your Investment Savvy for Your (and Your Employees') Retirement Funds 253 For Help with Payroll Regulations and Employee Tax Withholdings 253 To Dig Deeper into IRS Rules and Regulations 254 To Deal with IRS Collection Efforts 254 For More Detailed Advice about All Aspects of Your Income Tax Return 254 For Assistance in Preparing Your Income Tax Return 255 Index 257
זמן אספקה 21 ימי עסקים