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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.
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 [...]
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
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 |
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 [...]
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
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 |