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The tax facts and strategies that every small business owner needs to know for their 2024 tax return and year-round planning Owning a small business is a huge responsibility. And while all small business owners try to improve their bottom lines, few are aware of all the ways that the constantly changing tax laws can help them save money. In
J.K. Lasser's Small Business Taxes 2025, award-winning attorney and small business taxation expert Barbara Weltman shows you exactly how to save money on your next tax return. You'll find reliable and straightforward information about small business tax planning you need to make tax-smart decisions throughout the year. You'll learn to use deductions and tax credits efficiently, shield your business income, and maximize your small business tax refund. The book also highlights the latest tax changes to help you plan ahead.
In this fully updated resource, you'll find: - Detailed coverage of the latest tax laws, court decisions, and IRS rulings
- Tax-planning strategies to help you make better decisions all year long
- Comprehensive information on every relevant tax write-off, like the QBI deduction
- Clear instructions on where to report income and claim deductions and credits on IRS forms
- Guidance on new cost-of-living adjustments to write-offs and income limits, transferring energy-related tax credits, and setting up emergency savings accounts (PLESAs) for employees
- Help with state tax and information returns you may need to file
- Sample forms and checklists to help you prepare for tax season
Get your free online supplement for the latest tax changes.
List of contents
Preface v
Introduction vii
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 98
6. Gains and Losses from Sales of Business Property 117
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 214
11. Bad Debts 232
12. Rents 243
13. Taxes and Interest 253
14. First-Year Expensing, Depreciation, Amortization, and Depletion 271
15. Advertising Expenses 305
16. Retirement Plans 311
17. Casualty and Theft Losses 354
18. Home Office Deductions 367
19. Medical Coverage 384
20. Deductions and Tax Credits for Farmers 404
21. Qualified Business Income Deduction 415
22. Miscellaneous Business Deductions 430
23. Roundup of Tax Credits 464
Part 4 Tax Planning for Your Small Business 479 24. Income and Deduction Strategies 481
25. Distributions from Your Business 495
26. Tax Strategies for Opening or Closing a Business 499
27. Tax Strategies for a Sideline Business 512
28. Tax Strategies for Multiple Businesses 516
29. Alternative Minimum Tax 521
30. Other Taxes 525
31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 543
32. Retirement and Succession Planning 556
33. Working with CPAs and Other Tax Professionals 564
34. Handling Audits with the IRS 568
Appendix A. Information Returns 573
Appendix B. Tax Penalties 581
Appendix C. Checklist of Tax-Related Corporate Resolutions 587
Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 589
Index 593
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® and
Big Ideas for Small Business®, 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 www.BigIdeasForSmallBusiness.com.
