Minimize your taxes and maximize your refund with this expert guide to your small business tax return
Taxes remain one of the biggest headaches and costs for small businesses around the United States. J.K. Lasser’s Small Business Taxes 2021 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.
You’ll discover how to:
* Make tax-savvy business decisions
* Take advantage of COVID-19-related tax breaks
* Pick the right forms to claim available deductions and credits
* Use legal and effective tax strategies to minimize your taxes payable
* Use sample forms and checklists to get organized
* Keep the right records in case the IRS comes calling
Whether you’re filing your small business’ taxes or you work with a tax professional, J.K. Lasser’s Small Business Taxes 2021 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.
Inhoudsopgave
Preface vii
Introduction xi
Part 1 Organization 1
1. Business Organization 3
2. Tax Year and Accounting Methods 44
3. Recordkeeping for Business Income and Deductions 62
Part 2 Business Income and Losses 75
4. Income or Loss from Business Operations 77
5. Capital Gains and Losses 116
6. Gains and Losses from Sales of Business Property 139
Part 3 Business Deductions and Credits 155
7. Employee Compensation: Salary, Wages, and Employee Benefits 157
8. Travel, Meals, and Gift Expenses 205
9. Car and Truck Expenses 232
10. Repairs, Maintenance, and Energy Improvements 260
11. Bad Debts 280
12. Rents 294
13. Taxes and Interest 306
14. First-Year Expensing, Depreciation, Amortization, and Depletion 325
15. Advertising Expenses 367
16. Retirement Plans 375
17. Casualty and Theft Losses 423
18. Home Office Deductions 440
19. Medical Coverage 462
20. Deductions and Tax Credits for Farmers 487
21. Qualified Business Income Deduction 500
22. Miscellaneous Business Deductions 515
23. Roundup of Tax Credits 559
Part 4 Tax Planning for Your Small Business 577
24. Income and Deduction Strategies 579
25. Distributions from Your Business 597
26. Tax Strategies for Opening or Closing a Business 602
27. Tax Strategies for a Sideline Business 617
28. Tax Strategies for Multiple Businesses 622
29. Alternative Minimum Tax 629
30. Other Taxes 635
31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 657
32. Retirement and Succession Planning 675
33. Working with CPAs and Other Tax Professionals 684
34. Handling Audits with the IRS 689
Appendix A. Information Returns 695
Appendix B. Tax Penalties 704
Appendix C. Checklist of Tax-Related Corporate Resolutions 711
Appendix D. List of Dollar Limits and Amounts Adjusted for
Inflation 714
Index 719
Over de auteur
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.Big Ideas For Small Business.com.
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