J.K. Lasser's Small Business Taxes 2015: Your Complete Guide to a Better Bottom Line

by Barbara Weltman

Overview

Eliminate confusion, maximize deductions, reduce payments, and conquer your small business taxes with ease

In J.K. Lasser's Small Business Taxes 2015, the most trusted name in tax guidance helps small business owners maximize their bottom line. Fully updated for 2014 tax returns and 2015 tax planning, this detailed guide provides concise, plain-English explanations of tax laws tailored to business owners who are experts in their field—not in taxes. A complete listing of available business expense deductions includes comprehensive information on dollar limits and record-keeping requirements, allowing business owners to quickly recognize the deductions for which they qualify and make tax-savvy business decisions year round. Sample forms and checklists allow you to organize your preparation, and clear instruction on tax form navigation helps you get it right the first time.

Small business owners have a full plate. Indeed, just keeping the business going is a more than full-time job. But when tax time rolls around, you still need to file—correctly, on time, and without making errors or leaving money on the table. Small Business Taxes 2015 simplifies the process, breaking down tax laws and the filing process. You'll get expert insight on every step of the process, from organizing paperwork to sending the check, including clear guidance on how to:

• Create a year-long record-keeping system that will streamline the filing process
• Clarify income and losses and deal with operational income and losses, capital gains, and property sales
• Discover the latest tax credits and deductions that may apply to your business
• Tailor a tax strategy to your business's size, maturity, and growth potential

Frustration-free filing is not a myth. With the proper planning and understanding, you can save your business a significant amount of money, without wading through volumes of tax legalese. J.K. Lasser's Small Business Taxes 2015 provides the facts, strategies, and up to date information you need to get it done right, and get back to work.

Product Details

ISBN-13:	9781118922033
Publisher:	Wiley
Publication date:	10/27/2014
Series:	J.K. Lasser Series
Pages:	656
Product dimensions:	6.00(w) x 9.20(h) x 1.90(d)

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^®, a contributor to SBA.gov, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine), and hosts a business radio show. Visit her at www.barbaraweltman.com.

Table of Contents

Preface v

Introduction ix

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 40

3. Recordkeeping for Business Income and Deductions 58

Part 2 Business Income and Losses 71

4. Income or Loss from Business Operations 73

5. Capital Gains and Losses 104

6. Gains and Losses from Sales of Business Property 125

Part 3 Business Deductions and Credits 139

7. Employee Compensation: Salary, Wages, and Employee Benefits 141

8. Travel and Entertainment Expenses 178

9. Car and Truck Expenses 209

10. Repairs, Maintenance, and Energy Improvements 239

11. Bad Debts 253

12. Rents 266

13. Taxes and Interest 277

14. First-Year Expensing, Depreciation, Amortization, and Depletion 292

15. Advertising Expenses 330

16. Retirement Plans 338

17. Casualty and Theft Losses 379

18. Home Office Deductions 395

19. Medical Coverage 415

20. Deductions and Tax Credits for Farmers 433

21. Domestic Production Activities Deduction 444

22. Miscellaneous Business Deductions 451

23. Roundup of Tax Credits 494

Part 4 Tax Planning for Your Small Business 507

24. Income and Deduction Strategies 509

25. Tax Strategies for Opening or Closing a Business 526

26. Tax Strategies for a Sideline Business 540

27. Tax Strategies for Multiple Businesses 545

28. Alternative Minimum Tax 551

29. Other Taxes 558

30. Filing Income Tax Returns and Paying Taxes 580

31. Retirement and Succession Planning 592

Appendix A. Information Returns 600

Appendix B. Checklist of Tax-Related Corporate Resolutions 608

Appendix C. List of Dollar Limits and Amounts Adjusted for Inflation 611

Index 615