J.k. Lasser''s Small Business Taxes 2020 - Your Complete Guide to a Better Bottom Line

Maximize your bottom line with the nation's most trusted small business tax guideJ.K. Lasser's Small Business Taxes 2020 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 taxesEvery 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 2020 helps you take wise actions during the year and tells you how to file completely and accurately while maximizing your bottom line.

List of contents

Preface viiIntroduction xiPart 1 Organization 11. Business Organization 32. Tax Year and Accounting Methods 423. Recordkeeping for Business Income and Deductions 60Part 2 Business Income and Losses 734. Income or Loss from Business Operations 755. Capital Gains and Losses 1136. Gains and Losses from Sales of Business Property 135Part 3 Business Deductions and Credits 1497. Employee Compensation: Salary, Wages, and Employee Benefits 1518. Travel, Meals, and Gift Expenses 1929. Car and Truck Expenses 22010. Repairs, Maintenance, and Energy Improvements 24811. Bad Debts 26812. Rents 28213. Taxes and Interest 29414. First-Year Expensing, Depreciation, Amortization, and Depletion 31115. Advertising Expenses 35116. Retirement Plans 35917. Casualty and Theft Losses 40418. Home Office Deductions 42019. Medical Coverage 44020. Deductions and Tax Credits for Farmers 46421. Qualified Business Income Deduction 47722. Miscellaneous Business Deductions 49223. Roundup of Tax Credits 534Part 4 Tax Planning for Your Small Business 54924. Income and Deduction Strategies 55125. Tax Strategies for Opening or Closing a Business 56826. Tax Strategies for a Sideline Business 58327. Tax Strategies for Multiple Businesses 58828. Alternative Minimum Tax 59529. Other Taxes 60130. Filing Tax Returns and Paying Taxes 62231. Retirement and Succession Planning 63632. Working with CPAs and Other Tax Professionals 64433. Handling Audits with the IRS 649Appendix A. Information Returns 654Appendix B. Tax Penalties 663Appendix C. Checklist of Tax-Related Corporate Resolutions 670Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 673Index 677

About the author

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), 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.

Summary

Maximize your bottom line with the nation's most trusted small business tax guide

J.K. Lasser's Small Business Taxes 2020 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 2020 helps you take wise actions during the year and tells you how to file completely and accurately while maximizing your bottom line.

Product details

• Authors: Barbara Weltman
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 31.01.2020
• EAN: 9781119595175
• ISBN: 978-1-119-59517-5
• No. of pages: 736
• Series: J.K. Lasser; J.K. Lasser
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration