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J.K. Lasser's Small Business Taxes 2024
Your Complete Guide to a Better Bottom Line
Taschenbuch von Barbara Weltman
Sprache: Englisch

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Beschreibung

The tax facts and strategies that every small business owner needs to know for their 2023 tax return and year-round planning

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 2024 you'll quickly discover how.

Completely revised to reflect the INFLATION REDUCTION ACT, Secure Act 2.0, and other new laws, and 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. It also highlights tax changes throughout the book to help you plan ahead.

In this fully updated volume, you'll find:

  • Detailed coverage of the newest tax laws, court decisions, and IRS rulings
  • Planning strategies that can help you run a tax-smart business all year long
  • Comprehensive information on each available write-off, such as the QBI deduction, as well as dollar limits and record-keeping requirements
  • Clear instructions on where to report income and claim deductions and credits on your tax forms
  • Guidance on green energy opportunities, opening or closing a business, running a sideline activity or multiple businesses, and succession planning
  • Help with state taxes and a guide to information returns you may need to file
  • Sample forms and checklists to help you prepare for tax time

Get your free online supplement for the latest tax changes.

The tax facts and strategies that every small business owner needs to know for their 2023 tax return and year-round planning

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 2024 you'll quickly discover how.

Completely revised to reflect the INFLATION REDUCTION ACT, Secure Act 2.0, and other new laws, and 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. It also highlights tax changes throughout the book to help you plan ahead.

In this fully updated volume, you'll find:

  • Detailed coverage of the newest tax laws, court decisions, and IRS rulings
  • Planning strategies that can help you run a tax-smart business all year long
  • Comprehensive information on each available write-off, such as the QBI deduction, as well as dollar limits and record-keeping requirements
  • Clear instructions on where to report income and claim deductions and credits on your tax forms
  • Guidance on green energy opportunities, opening or closing a business, running a sideline activity or multiple businesses, and succession planning
  • Help with state taxes and a guide to information returns you may need to file
  • Sample forms and checklists to help you prepare for tax time

Get your free online supplement for the latest tax changes.

Über den Autor

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(R) and Big Ideas for Small Business(R), an award-winning blogger and quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Consumer Reports). Visit her at [...]

Inhaltsverzeichnis
Preface v

Introduction ix

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 37

3. Recordkeeping for Business Income and Deductions 52

Part 2 Business Income and Losses 63

4. Income or Loss from Business Operations 65

5. Capital Gains and Losses 97

6. Gains and Losses from Sales of Business Property 116

Part 3 Business Deductions and Credits 129

7. Employee Compensation: Salary, Wages, and Employee Benefits 131

8. Travel, Meals, and Gift Expenses 164

9. Car and Truck Expenses 186

10. Repairs, Maintenance, and Energy Improvements 210

11. Bad Debts 227

12. Rents 238

13. Taxes and Interest 248

14. First-Year Expensing, Depreciation, Amortization, and Depletion 263

15. Advertising Expenses 297

16. Retirement Plans 303

17. Casualty and Theft Losses 346

18. Home Office Deductions 360

19. Medical Coverage 378

20. Deductions and Tax Credits for Farmers 397

21. Qualified Business Income Deduction 408

22. Miscellaneous Business Deductions 422

23. Roundup of Tax Credits 456

Part 4 Tax Planning for Your Small Business 469

24. Income and Deduction Strategies 471

25. Distributions from Your Business 485

26. Tax Strategies for Opening or Closing a Business 489

27. Tax Strategies for a Sideline Business 502

28. Tax Strategies for Multiple Businesses 506

29. Alternative Minimum Tax 511

30. Other Taxes 515

31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 532

32. Retirement and Succession Planning 545

33. Working with CPAs and Other Tax Professionals 553

34. Handling Audits with the IRS 557

Appendix A. Information Returns 563

Appendix B. Tax Penalties 571

Appendix C. Checklist of Tax-Related Corporate Resolutions 577

Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 579

Index 583
Details
Erscheinungsjahr: 2023
Fachbereich: Rechtsratgeber
Genre: Recht
Produktart: Nachschlagewerke
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Reihe: J.K. Lasser
ISBN-13: 9781394192472
ISBN-10: 1394192479
Sprache: Englisch
Herstellernummer: 1W394192470
Einband: Kartoniert / Broschiert
Autor: Weltman, Barbara
Auflage: 3. Auflage
Hersteller: Wiley John + Sons
Maße: 252 x 176 x 36 mm
Von/Mit: Barbara Weltman
Erscheinungsdatum: 09.11.2023
Gewicht: 1,154 kg
Artikel-ID: 126851180
Über den Autor

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(R) and Big Ideas for Small Business(R), an award-winning blogger and quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Consumer Reports). Visit her at [...]

Inhaltsverzeichnis
Preface v

Introduction ix

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 37

3. Recordkeeping for Business Income and Deductions 52

Part 2 Business Income and Losses 63

4. Income or Loss from Business Operations 65

5. Capital Gains and Losses 97

6. Gains and Losses from Sales of Business Property 116

Part 3 Business Deductions and Credits 129

7. Employee Compensation: Salary, Wages, and Employee Benefits 131

8. Travel, Meals, and Gift Expenses 164

9. Car and Truck Expenses 186

10. Repairs, Maintenance, and Energy Improvements 210

11. Bad Debts 227

12. Rents 238

13. Taxes and Interest 248

14. First-Year Expensing, Depreciation, Amortization, and Depletion 263

15. Advertising Expenses 297

16. Retirement Plans 303

17. Casualty and Theft Losses 346

18. Home Office Deductions 360

19. Medical Coverage 378

20. Deductions and Tax Credits for Farmers 397

21. Qualified Business Income Deduction 408

22. Miscellaneous Business Deductions 422

23. Roundup of Tax Credits 456

Part 4 Tax Planning for Your Small Business 469

24. Income and Deduction Strategies 471

25. Distributions from Your Business 485

26. Tax Strategies for Opening or Closing a Business 489

27. Tax Strategies for a Sideline Business 502

28. Tax Strategies for Multiple Businesses 506

29. Alternative Minimum Tax 511

30. Other Taxes 515

31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 532

32. Retirement and Succession Planning 545

33. Working with CPAs and Other Tax Professionals 553

34. Handling Audits with the IRS 557

Appendix A. Information Returns 563

Appendix B. Tax Penalties 571

Appendix C. Checklist of Tax-Related Corporate Resolutions 577

Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 579

Index 583
Details
Erscheinungsjahr: 2023
Fachbereich: Rechtsratgeber
Genre: Recht
Produktart: Nachschlagewerke
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Reihe: J.K. Lasser
ISBN-13: 9781394192472
ISBN-10: 1394192479
Sprache: Englisch
Herstellernummer: 1W394192470
Einband: Kartoniert / Broschiert
Autor: Weltman, Barbara
Auflage: 3. Auflage
Hersteller: Wiley John + Sons
Maße: 252 x 176 x 36 mm
Von/Mit: Barbara Weltman
Erscheinungsdatum: 09.11.2023
Gewicht: 1,154 kg
Artikel-ID: 126851180
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