Small Business Taxes Made Easy, Fourth Edition

Small Business Taxes Made Easy, Fourth Edition

by Eva Rosenberg
Small Business Taxes Made Easy, Fourth Edition

Small Business Taxes Made Easy, Fourth Edition

by Eva Rosenberg

Paperback(4th ed.)

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Overview

Discover how to increase your deductions, reduce what you owe, boost your profits, and build a dynasty

As if doing your business taxes weren’t complicated enough, you now have the Tax Cuts and Jobs Act to contend with. While this major overhaul throws a monkey wrench into the works, it provides unprecedented opportunities to keep even more of what you earn—if you’re up to speed on what the new law means and how to navigate it.

Small Business Taxes Made Easy has been fully updated to provide the knowledge, insights, and tools your business need to get ahead of the curve this tax season. You’ll learn everything you need to know for:

  • Saving money on taxes and boosting your profits
  • Building an increasingly profitable business, with the right advisory team
  • Navigating the complex tax maze without losing the bank
  • Setting up a business plan following the new tax guidelines to minimize tax payout
  • Using record-keeping techniques that increase deductible expenses
  • Learn to reduce audit risk – or to survive audits successfully
  • Spotting errors in 1099s and handling them properly

Providing a thorough look into the Taxpayers First Act, this thorough guide delivers important insights into the marijuana tax dichotomy, updated information about self-rentals, and a deep dive into the Wayfair decision—which affects the collection of sales tax.

Whatever kind of business you run, Small Business Taxes Made Easy will help you stay in compliance while taking full advantage of all possible deductions, loopholes, profit opportunities, and more.


Product Details

ISBN-13: 9781260468182
Publisher: McGraw Hill LLC
Publication date: 03/27/2020
Edition description: 4th ed.
Pages: 368
Sales rank: 1,077,037
Product dimensions: 7.20(w) x 9.10(h) x 0.80(d)

About the Author

Eva Rosenberg,MBA, EA, (Los Angeles) is founder of TaxMama.com—the ‘Dear Abby’ of the tax world, answering tax and small business questions for free. She is a top instructor at CCH CPELink with a new series of courses, based on this very book. As a member of the IRS Stakeholder Liaison team, TaxMama helps identify and fix problems with IRS systems and procedures–and to solve your tax problems.

Table of Contents

Acknowledgments

Introduction: A Letter from Eva Rosenberg to You, the Business Owner

Lighten Up

How to Use This Book
Prologue: Update on the Latest Tax Laws
1 SMALL BUSINESS CHECKLIST
Three Indicators Will Predict the Success of the Business
So What Do You Need to Do?
The Checklist in To-Do Order
Resources

2 BUSINESS PLANS YOU KNOW AND TRUST
Create a Business Plan
Why You Need a Business Plan
Real Business—Planned Losses
General Benefits
The Fine Line Between Success and Failure
Exit Plans for Fun and Profit
Let’s Not Fail Due to Success
Knowing What to Do—When
Outline of a Plan
Rebalancing Your Business Plan for Tax Consequences
Business Plan Books and Resources
Resources

3 ENTITIES: SELECTING YOUR BUSINESS STRUCTURE
Decisions, Decisions, Decisions
What Do You Want to Be When You Grow Up?
An Overview of Certain Tax Considerations Related to Entities
Major Issues Related to Entities
Entities, in All Their Glory
A Brief Word About Nevada, Delaware, and Wyoming
Corporations
What About Nonprofits?
Entities We’re Not Discussing
All the Highlights in One Place
Your Big Decision
Resources

4 RECORD KEEPING
Keeping Records Is a Pain
Types of Accounting Systems
Doing It by Hand
The IRS Says It All
Fiscal Year
Accounting Styles
Records You Must Keep
How Long Should You Keep Records?
Glossary of Bookkeeping Terms
Resources

5 INCOME
Money In, Money Out, Wave Your Hands All About
A Capital Idea
What Is Income?
Timing of Income
A Brief Explanation About “Accrual Basis”
Sales Taxes Received—Are They Your Money?
Income Rarely Reported
The IRS Has a Cash Audit Guide
Some 1099s Your Business Receives
So What the Heck Is Income?
Resources

6 COMMON DEDUCTIONS
Rule of Thumb
Universally Deductible
It’s All About You
Mixed-Use Assets
Depreciation
More Deductions Than You Can Imagine
Resources

7 OFFICE IN HOME
The Song Is Right! Let’s Stay Home
It’s a Red Flag; It’s Just Asking for an Audit
Frustrating Change to the Law Affecting Employees
An Attractive Change to the Law Affecting Homeowners Only
Simplify, Simplify
Inner Space
Two Critical Reminders
Prove It, Baby!
What Are Office-in-Home Expenses?
When You Can’t Use Office-in-Home Deductions
Evaluate Your Options
A Final Note—and a Final Story
Resources

8 VEHICLES: EVERYONE’S FAVORITE DEDUCTION
Deducting Auto Expenses for Employees
Deducting Auto Expenses for Business Owners
Should I Lease or Buy?
The Cons of Depreciation
Give Yourself Credit
Driving Home Conclusions
Resources

9 EMPLOYEES AND INDEPENDENT CONTRACTORS
Who Is an Employee?
Protecting Yourself from Independent Contractor Claims
What Are 1099-MISCs?
Payroll and Payroll Taxes
Payroll Across Entities
Hiring Family Members
Paying Payroll
Preparing Payroll: Checks, Journals, Reports
Reporting Payroll
Employee Benefits
Employee Ownership and Stock Options
Summing up Employees
Resources

10 OWNERS’ FRINGE BENEFITS, RETIREMENT, AND TAX
DEFERMENT
Fringe Benefits and Reimbursements
Retirement Plans
Tax-Deferred Opportunities
Using the IRS to Your Advantage
Resources

11 ESTIMATED PAYMENTS
Estimated Payments Overview
My Short Method
Worst-Case Scenario
Computing Your Estimated Installment Payments
Paying the Tax
Tips to Reduce Penalties for Underpayment of Estimated Tax
Don’t Overpay Your Estimates If You’re in Trouble
Resources

12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES—
AND BUSINESSES THAT SELL ACROSS STATE LINES
WWW = Who, What, Where
What? I Thought There Was No Internet Tax
Nexus
Internet Sales Tax Issues
Rents and Services—Domestic and Abroad
Legal Issues on the Internet
In the End
Resources

13 TAX NOTICES, AUDITS, AND COLLECTION NOTES
Dealing with Basic Tax Notices for Individual Returns
IRS Audits
What Will Happen During the Audit?
Negotiating
Audit Reconsiderations, Appeals, and Tax Court:
Some Brief Words
Owing Taxes
How About Filing Bankruptcy?
Summary of IRS Interactions
Resources

Epilogue: Some Final Words of Advice—and Resources to Rely On

Index











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