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More About This Title J.K. Lasser's Small Business Taxes 2019: Your Complete Guide to a Better Bottom Line
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Maximize your bottom line with the nation's most trusted small business tax guide
J.K. Lasser's Small Business Taxes 2019 is the small business owner's ultimate guide to a money-saving, stress-free tax season. Providing straightforward advice from the nation's most trusted tax expert on small business taxes, this book gives you the answers you need quickly, with clear, concise guidance. Updated to cover changes from the Tax Cuts and Jobs Act and other legislation, this edition also includes an e-supplement covering additional developments from Congress and the IRS to keep you fully up-to-date.
A complete listing of all available business deductions and credits helps you identify those you qualify for, and includes critical information on dollar limits, recordkeeping requirements, and how to actually take the write-off—all the way down to the IRS form to use. Organizational and planning strategies help you get through the process quickly and with fewer headaches, and this year's changes to the tax laws are explained in terms of how they affect your filing.
Keeping up with the intricacies of tax law and filing is a full-time job—but it's not your full-time job. You have a business to run. This book gives you the guidance you need in the time that you have so you can get taxes out of the way and get back to work.
- Learn which expenses qualify for deductions—and which ones don't
- Adopt a more organized recordkeeping system to streamline the filing process
- Explore small-business-specific strategies for starting or closing a business, running a sideline business, and operating in multiple businesses
- Decode the various forms and worksheets correctly with step-by-step guidance
- Audit-proof your return
- Review obligations for the “other taxes,” including payroll and excise taxes
Every year, millions of small business owners overpay their taxes because they lack the time and expertise to make tax-sensitive business decisions throughout the year only to learn that it’s too late to act when it comes to tax time. Now you can put your money back where it belongs—in your business. J.K. Lasser's Small Business Taxes 2019 helps you take wise actions during the year and tells you how to file completely and accurately while maximizing your bottom line.
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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® and Big Ideas for Small Business®, a contributor to SBA.gov, and quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine). Visit her at www.BigIdeasForSmallBusiness.com.
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Preface vii
Introduction xi
Part 1 Organization 1
1. Business Organization 3
2. Tax Year and Accounting Methods 43
3. Recordkeeping for Business Income and Deductions 61
Part 2 Business Income and Losses 75
4. Income or Loss from Business Operations 77
5. Capital Gains and Losses 112
6. Gains and Losses from Sales of Business Property 134
Part 3 Business Deductions and Credits 149
7. Employee Compensation: Salary, Wages, and Employee Benefits 151
8. Travel, Meals, and Gift Expenses 192
9. Car and Truck Expenses 218
10. Repairs, Maintenance, and Energy Improvements 245
11. Bad Debts 265
12. Rents 279
13. Taxes and Interest 290
14. First-Year Expensing, Depreciation, Amortization, and Depletion 307
15. Advertising Expenses 347
16. Retirement Plans 355
17. Casualty and Theft Losses 399
18. Home Office Deductions 415
19. Medical Coverage 435
20. Deductions and Tax Credits for Farmers 457
21. Qualified Business Income Deduction 470
22. Miscellaneous Business Deductions 479
23. Roundup of Tax Credits 521
Part 4 Tax Planning for Your Small Business 535
24. Income and Deduction Strategies 537
25. Tax Strategies for Opening or Closing a Business 554
26. Tax Strategies for a Sideline Business 569
27. Tax Strategies for Multiple Businesses 574
28. Alternative Minimum Tax 581
29. Other Taxes 587
30. Filing Tax Returns and Paying Taxes 610
31. Retirement and Succession Planning 624
32. Working with CPAs and Other Tax Professionals 632
33. Handling Audits with the IRS 637
Appendix A. Information Returns 642
Appendix B. Tax Penalties 652
Appendix C. Checklist of Tax-Related Corporate Resolutions 659
Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 662
Index 667
