J.K. Lasser's Small Business Taxes 2018 by Weltman, Barbara -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Dedication Preface Introduction PART 1 Organization

1 Business Organization

Sole Proprietorships Partnerships and Limited Liability Companies S Corporations and Their Shareholder-Employees C Corporations and Their Shareholder-Employees Employees Factors in Choosing Your Form of Business Organization Forms of Business Organization Compared Changing Your Form of Business Tax Identification Number

2 Tax Year and Accounting Methods

Accounting Periods Accounting Methods Uniform Capitalization Rules

3 Recordkeeping for Business Income and Deductions

General Recordkeeping Specific Substantiation Requirements for Certain Expenses Records for Depreciation, Basis, Carryovers, and Prepaid Expenses How Long You Should Maintain Records

PART 2 Business Income and Losses

4 Income or Loss from Business Operations

Business Income Income for Service Businesses Income from the Sale of Goods Income from Farming Income from Commercial Fishing Investment-Type Income Miscellaneous Business Income State Income Taxes on Business Income Net Operating Losses Limitations on Business Losses Income Earned Abroad

5 Capital Gains and Losses

What Are Capital Gains and Losses? Tax Treatment of Capital Gains and Losses for Pass-Through Entities Tax Treatment of Capital Gains for C Corporations Loss Limitations Sales of Business Interests Special Situations

6 Gains and Losses from Sales of Business Property

Section 1231 Gains and Losses Sale-Leasebacks Installment Sales Recapture Involuntary Conversions Abandonment, Foreclosure, and Repossession of Property Sale of All the Assets of the Business

PART 3 Business Deductions and Credits

7 Employee Compensation: Salary, Wages, and Employee Benefits

Worker Classification Temporary Workers and Outsourced HR Deductible Employee Compensation Compensation to Owners Stock Options and Restricted Stock Deferred Compensation Disallowance Repayment Agreements Employee Benefits Golden Parachute Payments Cafeteria Plans Employment Tax Credits

8 Travel and Entertainment Expenses

Local Transportation Costs Travel within the United States Foreign Travel Conventions Living Away from Home on Temporary Assignments Meal and Entertainment Expenses Business Gifts Reimbursement Arrangements Recordkeeping Requirements Employees

9 Car and Truck Expenses

Deducting Car and Truck Expenses in General Actual Expense Method Standard Mileage Allowance Leasing a Car for Business Arranging Vehicle Ownership Employee Use of an Employer-Provided Car Vehicle Trade-In Trucks and Vans Credit for Plug-In Electric Vehicles Reimbursement Arrangements Recordkeeping for Vehicle Expenses

10 Repairs, Maintenance, and Energy Improvements

Ordinary Repairs Rehabilitation Plans Small Business Safe Harbors Rotable Spare Parts Change in Accounting Method Special Rules for Improvements for the Elderly and Handicapped Lists of Deductible Repairs and Capital Improvements Energy Improvements

11 Bad Debts

Bad Debts in General Collection of Bad Debts Business versus Nonbusiness Bad Debts Loans by Shareholder-Employees Guarantees That Result in Bad Debts Special Rules for Accrual Taxpayers Reporting Bad Debts on the Tax Return Collection Strategies

12 Rents

Deducting Rent Payments in General The Cost of Acquiring, Modifying, or Canceling a Lease Improvements You Make to Leased Property Rental of a Portion of Your Home for Business Leasing a Car Leveraged Leases

13 Taxes and Interest

Deductible Taxes Nondeductible Taxes Deductible Interest Nondeductible Interest and Other Limitations on Deductibility

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

First-Year Expensing Other Expensing Opportunities General Rules for Depreciation Modified Accelerated Cost Recovery System Depreciation Methods Bonus Depreciation Limitations on Listed Property De Minimis Safe Harbor Rule Putting Personal Property to Business Use Amortization Depletion

15 Advertising Expenses

Ordinary Advertising Expenses Promotion of Goodwill Prizes, Contests, and Other Promotional Activities Help-Wanted Ads Websites and Apps Social Media

16 Retirement Plans

Qualified Retirement Plans Added Costs for Retirement Plans Retirement Plans for Self-Employed Individuals Regular 401(k)s and Designated Roth Accounts Individual Retirement Accounts MyRAs State-Sponsored Plans for the Private Sector When to Take Action Actions to Avoid Comparison of Qualified Retirement Plans ESOPs Correcting Plan Defects Retirement Plans Owning Your Business Nonqualified Retirement Plans Glossary of Terms for Retirement Plans

17 Casualty and Theft Losses

Casualties and Thefts Condemnations and Threats of Condemnation Disaster Losses Deducting Property Insurance and Other Casualty/Theft-Related Items Certain Disaster Victims Disaster Assistance

18 Home Office Deductions

Home Office Deductions in General Special Requirements for Employees Actual Expense or Simplified Method Actual Expense Method Simplified Method Special Business Uses of a Home Mobile Offices Ancillary Benefits of Claiming Home Office Deductions Impact of Home Office Deductions on Home Sales

19 Medical Coverage

Health Care Mandates Deducting Medical Insurance for Employees Deducting Health Coverage by Self-Employed Persons and More-Than-2% S Corporation Shareholders Using Reimbursement Plans Tax Credit for Contributions to Employee Health Coverage Shifting the Cost of Coverage to Employees Setting Up Health Savings Accounts (HSAs) Archer Medical Savings Accounts (MSAs) COBRA Coverage Wellness Programs Reporting Health Coverage on W-2s Reporting Health Coverage on Forms 1095

20 Deductions and Tax Credits for Farmers

Farm Expenses Timber Gains Farm Losses Farm-Related Tax Credits Nondeductible Farm-Related Expenses

21 Domestic Production Activities Deduction

Background Qualified Producers Figuring the Deduction

22 Miscellaneous Business Deductions

Other Business Expenses in General Job-Seeking Expenses Moving Expenses Educational Expenses Charitable Contributions Made by Your Business Licenses and Permits Dues and Subscriptions Legal and Professional Fees Bank and Merchant Fees Supplies, Materials, and Office Expenses Uniforms and Clothing Insurance Commissions Outsourced Workers Payments to Directors and Independent Contractors Penalties, Fines, and Damages Meal Costs for Day-Care Providers Expenses of Disabled Persons The Dividends-Received Deduction Foreign Housing Deduction Other Expenses

23 Roundup of Tax Credits

Employment-Related Credits Capital Construction–Related Credits Other Tax Credits General Business Credit

PART 4 Tax Planning for Your Small Business

24 Income and Deduction Strategies

Tax-Saving Tips Audit-Proofing Your Return Common Errors and How to Avoid Them Tax Assistance

25 Tax Strategies for Opening or Closing a Business

Initial Tax Decisions to Make Investing Your Own Resources Debt versus Equity Financing Tax Identification Numbers Tax Reporting for the First Year How to Write Off Start-Up Costs Setting Up a Business Bank Account and Credit Card Moving a Business Aborted Business Ventures Bankruptcy Expenses of Winding Up a Small Business Tax Reporting in the Final Year

26 Tax Strategies for a Sideline Business

Reporting Sideline Business Income Hobby Losses Business Expenses

27 Tax Strategies for Multiple Businesses

Advantages and Disadvantages of Multiple Entities When to Run Multiple Activities within One Business Treatment of Multiple Corporations Tax Rules for Owners of Multiple Businesses

28 Alternative Minimum Tax

Alternative Minimum Tax Basics Deduction Limits for Alternative Minimum Tax Credit Offsets Minimum Tax Credit

29 Other Taxes

State Income Taxes Employment Taxes Self-Employment Tax Sales and Use Taxes Excise Taxes

30 Filing Tax Returns and Paying Taxes

Income Tax Deadlines and Extensions Online Filing of Business Income Tax Returns Estimated Taxes Making Tax Payments Filing Other Business Returns Using Tax Professionals

31 Retirement and Succession Planning

Retirement Planning Exit Strategies Financing Options to Fund Buyouts Consulting Agreements Estate Taxes Estate Planning Concerns

32 Working with CPAs and Other Tax Professionals

Types of Tax Professionals Finding a Tax Professional Tips for Selecting a Tax Professional

33 Handling Audits with the IRS

Types of Audits Appeals Litigation Mediation Taxpayer Bill of Rights Taxpayer Advocate Service

APPENDIX A Information Returns

Dividends Large Cash Transactions Payments to Independent Contractors Pension and Retirement Plan Distributions Retirement and Employee Benefit Plans Small Cash Transactions Wages Health Coverage Merchant Transactions Foreign Accounts

APPENDIX B Tax Penalties

Failure to File a Tax Return or Pay Tax Failure to File Correct Information Returns Failure to File Correct Payee Statements Accuracy-Related Penalties Preparer Penalties Penalty Relief

APPENDIX C Checklist of Tax-Related Corporate Resolutions APPENDIX D List of Dollar Limits and Amounts Adjusted for Inflation

Items Adjusted Annually for Inflation Items Fixed by the Tax Code Items Set by the IRS

Index EULA

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