Details

J.K. Lasser's Small Business Taxes 2021


J.K. Lasser's Small Business Taxes 2021

Your Complete Guide to a Better Bottom Line
J.K. Lasser 1. Aufl.

von: Barbara Weltman

14,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 18.11.2020
ISBN/EAN: 9781119740063
Sprache: englisch
Anzahl Seiten: 768

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

<p><b>Minimize your taxes and maximize your refund with this expert guide to your small business tax return</b></p> <p>Taxes remain one of the biggest headaches and costs for small businesses around the United States. <i>J.K. Lasser's Small Business Taxes 2021</i> delivers an approachable but expert guide in legally limiting your tax liabilities while maximizing your deductions and credits. You'll be in great hands as Barbara Weltman – attorney, expert, and author – shows you what tax relief is available to you and how to claim it.</p> <p>You'll discover how to:</p> <ul> <li>Make tax-savvy business decisions</li> <li>Take advantage of COVID-19-related tax breaks</li> <li>Pick the right forms to claim available deductions and credits</li> <li>Use legal and effective tax strategies to minimize your taxes payable</li> <li>Use sample forms and checklists to get organized</li> <li>Keep the right records in case the IRS comes calling</li> </ul> <p>Whether you’re filing your small business’ taxes or you work with a tax professional, <i>J.K. Lasser's Small Business Taxes 2021</i> will walk you through the tax process for 2020 returns and tax planning for 2021 to optimize your tax savings and minimize your audit exposure.</p>
<p>Preface vii</p> <p>Introduction xi</p> <p><b>Part 1 Organization 1</b></p> <p>1. Business Organization 3</p> <p>2. Tax Year and Accounting Methods 44</p> <p>3. Recordkeeping for Business Income and Deductions 62</p> <p><b>Part 2 Business Income and Losses 75</b></p> <p>4. Income or Loss from Business Operations 77</p> <p>5. Capital Gains and Losses 116</p> <p>6. Gains and Losses from Sales of Business Property 139</p> <p><b>Part 3 Business Deductions and Credits 155</b></p> <p>7. Employee Compensation: Salary, Wages, and Employee Benefits 157</p> <p>8. Travel, Meals, and Gift Expenses 205</p> <p>9. Car and Truck Expenses 232</p> <p>10. Repairs, Maintenance, and Energy Improvements 260</p> <p>11. Bad Debts 280</p> <p>12. Rents 294</p> <p>13. Taxes and Interest 306</p> <p>14. First-Year Expensing, Depreciation, Amortization, and Depletion 325</p> <p>15. Advertising Expenses 367</p> <p>16. Retirement Plans 375</p> <p>17. Casualty and Theft Losses 423</p> <p>18. Home Office Deductions 440</p> <p>19. Medical Coverage 462</p> <p>20. Deductions and Tax Credits for Farmers 487</p> <p>21. Qualified Business Income Deduction 500</p> <p>22. Miscellaneous Business Deductions 515</p> <p>23. Roundup of Tax Credits 559</p> <p><b>Part 4 Tax Planning for Your Small Business 577</b></p> <p>24. Income and Deduction Strategies 579</p> <p>25. Distributions from Your Business 597</p> <p>26. Tax Strategies for Opening or Closing a Business 602</p> <p>27. Tax Strategies for a Sideline Business 617</p> <p>28. Tax Strategies for Multiple Businesses 622</p> <p>29. Alternative Minimum Tax 629</p> <p>30. Other Taxes 635</p> <p>31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 657</p> <p>32. Retirement and Succession Planning 675</p> <p>33. Working with CPAs and Other Tax Professionals 684</p> <p>34. Handling Audits with the IRS 689</p> <p>Appendix A. Information Returns 695</p> <p>Appendix B. Tax Penalties 704</p> <p>Appendix C. Checklist of Tax-Related Corporate Resolutions 711</p> <p>Appendix D. List of Dollar Limits and Amounts Adjusted for</p> <p>Inflation 714</p> <p>Index 719</p>
<p><b>BARBARA WELTMAN</b> 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 <i>J.K. Lasser's 1001 Deductions & Tax Breaks</i>. She is also the publisher of <i>Idea of the Day<sup>®</sup></i> and <i>Big Ideas for Small Business</i><sup>®</sup>, a contributor to SBA.gov, and quoted regularly in major publications (including the <i>New York Times</i>, the <i>Wall Street Journal</i>, and <i>Money</i> magazine). Visit her at www.BigIdeasForSmallBusiness.com.
<p><b>The tax facts and strategies that every small business owner needs to know for their 2020 tax return and year-round planning</b> <p>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 <i>J.K. Lasser's Small Business Taxes 2021</i> you'll quickly discover how. <p>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 shows COVID-19-related refund opportunities to improve your cash flow. <p><b>In this fully updated volume, you'll find:</b> <ul> <li>Detailed coverage of the newest tax laws, court decisions, and IRS rulings</li> <li>Planning strategies that can help you run a tax-smart business all year long</li> <li>Comprehensive information on each available write-off, such as the QBI deduction, as well as dollar limits and record-keeping requirements</li> <li>Clear instructions on where to report income and claim deductions and credits on your tax forms</li> <li>Guidance on tax implications for PPP loans, opening or closing a business, running a sideline activity or multiple businesses, and succession planning</li> <li>Help with state taxes and a guide to information returns you may need to file</li> <li>Sample forms and checklists to help you prepare for tax time</li> </ul>

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