J.K. Lasser’s Small Business Taxes 2022: Your Complete Guide to a Better Bottom Line
- Length: 624 pages
- Edition: 1
- Language: English
- Publisher: Wiley
- Publication Date: 2021-11-12
- ISBN-10: 1119838584
- ISBN-13: 9781119838586
- Sales Rank: #25481 (See Top 100 Books)
A complete guide to taxes for small businesses, brought to you by the leading name in taxes
The over 30 million small businesses in America are the essential backbone of the American marketplace. J.K. Lasser’s Small Business Taxes 2022: Your Complete Guide to a Better Bottom Line helps owners save as much as possible on taxes. If you own a small business, this comprehensive guide provides a pathway to quickly determine your tax liability and what kind of tax relief is available to you, down to the nitty gritty―even going so far as to show where to claim deductions on the IRS forms.
Barbara Weltman brings her expertise to this topic, as a nationally recognized specialist in taxation for small businesses. Filled with tax facts and planning strategies, this guidebook is the ideal tool to help small business owners make business decisions on a tax-advantaged basis. Small Business Taxes 2022 also provides readers with:
- A complete listing of the available business expense deductions and tax credits, plus what’s needed to qualify for them
- The most up-to-date information on current tax law and procedures, including information on the American Rescue Plan Act (ARPA) and the Consolidated Appropriations Act, 2021 (CAA)
- A heads up on changes ahead to optimize tax planning
- Sample forms and checklists to help you get organized and prepare you to submit the most complete and proper filing
Small Business Taxes 2022 uses concise and plain English to help provide small business owners and their advisers a detailed overview on the tax rules they need to know.
Cover
Table of Contents
Title Page
Copyright
Preface
How to Use This Book
Introduction
Special Rules for Small Businesses
PART 1: Organization
CHAPTER 1: Business Organization
Sole Proprietorships
Partnerships and Limited Liability Companies
S Corporations and Their Shareholder-Employees
C Corporations and Their Shareholder-Employees
Benefit Corporations
Employees
Factors in Choosing Your Form of Business Organization
Forms of Business Organization Compared
Changing Your Form of Business
CHAPTER 2: Tax Year and Accounting Methods
Accounting Periods
Accounting Methods
Uniform Capitalization Rules
Change in Accounting Method
CHAPTER 3: Recordkeeping for Business Income and Deductions
General Recordkeeping
Specific Substantiation Requirements for Certain Expenses
Records for Depreciation, Basis, Carryovers, and Prepaid Expenses
How Long You Should Maintain Records
PART 2: Business Income and Losses
CHAPTER 4: Income or Loss from Business Operations
Business Income
Income for Service Businesses
Income from the Sale of Goods
Income from Farming
Income from Commercial Fishing
Income from Rentals
Income from Government Programs
Investment-Type Income
Miscellaneous Business Income
State Income Taxes on Business Income
Noncorporate Excess Business Losses
Net Operating Losses
Other Limitations on Business Losses
Income Earned Abroad
CHAPTER 5: Capital Gains and Losses
What Are Capital Gains and Losses?
Tax Treatment of Capital Gains and Losses for Pass-Through Entities
Tax Treatment of Capital Gains for C Corporations
Loss Limitations
Sales of Business Interests
Opportunity Zone Investments
Special Situations
CHAPTER 6: Gains and Losses from Sales of Business Property
Section 1231 Gains and Losses
Sale-Leasebacks
Installment Sales
Recapture
Involuntary Conversions
Abandonment, Foreclosure, and Repossession of Property
Sale of All the Assets of the Business
Opportunity Zone Business Transactions
PART 3: Business Deductions and Credits
CHAPTER 7: Employee Compensation
Worker Classification
Temporary Workers and Outsourced HR
Deductible Employee Compensation
Compensation to Owners
Stock Options and Restricted Stock
Deferred Compensation
Disallowance Repayment Agreements
Golden Parachute Payments
Fringe Benefits
Cafeteria Plans
Employment Tax Credits
Note
CHAPTER 8: Travel, Meals, and Gift Expenses
Local Transportation Costs
Travel within the United States
Foreign Travel
Conventions
Living Away from Home on Temporary Assignments
Meal and Entertainment Expenses
Business Gifts
Reimbursement Arrangements
Recordkeeping Requirements
CHAPTER 9: Car and Truck Expenses
Deducting Car and Truck Expenses in General
Actual Expense Method
Standard Mileage Allowance
Leasing a Vehicle for Business
Arranging Vehicle Ownership
Nonpersonal Use Vehicles
Credit for Plug-In Electric Vehicles
Dispositions of a Vehicle
Reimbursement Arrangements
Recordkeeping for Vehicle Expenses
CHAPTER 10: Repairs, Maintenance, and Energy Improvements
Ordinary Repairs
Rehabilitation Plans
Qualified Improvement Property
Small Business Safe Harbors
Rotable Spare Parts
Change in Accounting Method
Special Rules for Improvements for the Elderly and People with Disabilities
Lists of Deductible Repairs and Capital Improvements
Energy Improvements
CHAPTER 11: Bad Debts
Bad Debts in General
Collection of Bad Debts
Business versus Nonbusiness Bad Debts
Loans by Shareholder-Employees
Guarantees That Result in Bad Debts
Special Rules for Accrual Taxpayers
Reporting Bad Debts on the Tax Return
Collection Strategies
CHAPTER 12: Rents
Deducting Rent Payments in General
Rent for Employee Parking
The Cost of Acquiring, Modifying, or Canceling a Lease
Improvements You Make to Leased Property
Rental of a Portion of Your Home for Business
Leasing a Car
Leveraged Leases
CHAPTER 13: Taxes and Interest
Deductible Taxes
Nondeductible Taxes
Deductible Interest
Nondeductible Interest and Other Limitations on Deductibility
CHAPTER 14: First-Year Expensing, Depreciation, Amortization, and Depletion
Section 179 Expensing
Other Expensing Opportunities
Bonus Depreciation
General Rules for Depreciation
Modified Accelerated Cost Recovery System
Depreciation Methods
Limitations on Listed Property
De Minimis Safe Harbor Rule
Putting Personal Property to Business Use
Amortization
Depletion
CHAPTER 15: Advertising Expenses
Ordinary Advertising Expenses
Promotion of Goodwill
Prizes, Contests, and Other Promotional Activities
Help-Wanted Ads
Websites and Apps
Social Media
CHAPTER 16: Retirement Plans
Qualified Retirement Plans
Added Costs for Retirement Plans
Credit for Plan Start-Up Costs
Retirement Plans for Self-Employed Individuals
Regular 401(k)s and Designated Roth Accounts
Pooled Employer Plans (PEPs)
Individual Retirement Accounts
COVID-19-Related Rules
Disaster-Related Rules
State-Sponsored Plans for the Private Sector
When to Take Action
Plan Problems and Corrections
Comparison of Qualified Retirement Plans
ESOPs
Retirement Plans Owning Your Business
Terminating Plans
Nonqualified Retirement Plans
Glossary of Terms for Retirement Plans
CHAPTER 17: Casualty and Theft Losses
Casualties and Thefts
Condemnations and Threats of Condemnation
Disaster Losses
Deducting Property Insurance and Other Casualty/Theft-Related Items
Disaster Assistance
CHAPTER 18: Home Office Deductions
Home Office Deductions in General
Actual Expense or Simplified Method
Actual Expense Method
Simplified Method
Special Business Uses of a Home
Mobile Offices
Ancillary Benefit of Claiming Home Office Deductions
Impact of Home Office Deductions on Home Sales
CHAPTER 19: Medical Coverage
Health Care Mandates
Deducting Medical Insurance for Covering Employees
Deducting Health Coverage for Self-Employed Persons and More-Than-2% S Corporation Shareholders
Using Reimbursement Plans
Tax Credit for Contributions to Employee Health Coverage
Shifting the Cost of Coverage to Employees
Health Savings Accounts (HSAs)
Archer Medical Savings Accounts (MSAs)
COBRA Coverage
Wellness Programs
Reporting Health Coverage on W-2s
Glossary of Terms for Health Coverage
CHAPTER 20: Deductions and Tax Credits for Farmers
Farm Expenses
Interest on Loans
Qualified Business Income Deduction
Farm Losses
Farm-Related Tax Credits
Nondeductible Farm-Related Expenses
CHAPTER 21: Qualified Business Income Deduction
General Rules
Qualified Trade or Business
Qualified Business Income
Basic Limitations
Specified Service Trades or Businesses
Other Limitations
Partnerships and S Corporations
Understatement Penalty
CHAPTER 22: Miscellaneous Business Deductions
Other Business Expenses in General
Moving Expenses
Educational Expenses
Charitable Contributions Made by Your Business
Licenses and Permits
Dues and Subscriptions
Legal and Professional Fees
Bank and Merchant Fees
Supplies, Materials, and Office Expenses
Uniforms and Clothing
Insurance
Commissions
Outsourced Workers
Payments to Directors and Independent Contractors
Penalties, Fines, and Damages
Meal Costs for Day-Care Providers
Expenses of Persons with Disabilities
Dividends-Received Deduction
Foreign Housing Deduction
Other Expenses
Checklists of Deductible and Nondeductible Items
CHAPTER 23: Roundup of Tax Credits
Employment-Related Credits
Work-Related Personal Credits
Capital Construction—Related Credits
Other Tax Credits
General Business Credit
Credits Offsetting Employment Taxes
PART 4: Tax Planning for Your Small Business
CHAPTER 24: Income and Deduction Strategies
Tax-Saving Tips
Audit-Proofing Your Return
Common Errors and How to Avoid Them
Tax Assistance
CHAPTER 25: Distributions from Your Business
Distributions from a Sole Proprietorship
Distributions from a Partnership
Distributions from an S Corporation
Distributions from a C Corporation
CHAPTER 26: Tax Strategies for Opening or Closing a Business
Initial Tax Decisions to Make
Investing Your Own Resources
Debt versus Equity Financing
Tax Identification Numbers
Tax Reporting for the First Year
How to Write Off Start-Up Costs
Setting Up a Business Bank Account and Credit Card
Moving a Business
Aborted Business Ventures
Bankruptcy
Expenses of Winding Up a Small Business
Tax Reporting in the Final Year
CHAPTER 27: Tax Strategies for a Sideline Business
Reporting Sideline Business Income
Hobby Activities
Business Expenses
CHAPTER 28: Tax Strategies for Multiple Businesses
Advantages and Disadvantages of Multiple Entities
When to Run Multiple Activities within One Business
Treatment of Multiple Corporations
Tax Rules for Owners of Multiple Businesses
CHAPTER 29: Alternative Minimum Tax
Alternative Minimum Tax Basics
Deduction Limits for Alternative Minimum Tax
Credit Offsets
Minimum Tax Credit
CHAPTER 30: Other Taxes
State Income Taxes
Employment Taxes
Self-Employment Tax
Additional Medicare Taxes for Individuals
Sales and Use Taxes
Excise Taxes
CHAPTER 31: Filing Tax Returns, Paying Taxes, and Making Refund Claims
Income Tax Deadlines and Extensions
Online Filing of Business Income Tax Returns
Estimated Taxes
Making Tax Payments
Claiming Refunds
Filing Other Business Returns
CHAPTER 32: Retirement and Succession Planning
Retirement Planning
Social Security Planning
Exit Strategies
Financing Options to Fund Buyouts
Consulting Agreements
Estate Taxes
Estate Planning Concerns
CHAPTER 33: Working with CPAs and Other Tax Professionals
Types of Tax Professionals
Finding a Tax Professional
Tips for Selecting a Tax Professional
CHAPTER 34: Handling Audits with the IRS
Types of Audits
Appeals
Litigation
Mediation
Taxpayer Bill of Rights
Taxpayer Advocate Service
Special Audit Rules for Partnerships
APPENDIX A: Information Returns
Dividends
Large Cash Transactions
Payments to Independent Contractors
Pension and Retirement Plan Distributions
Retirement and Employee Benefit Plans
Small Cash Transactions
Wages
Merchant Transactions
Foreign Accounts
APPENDIX B: Tax Penalties
Failure to File a Tax Return or Pay Tax
Failure to File Retirement Plan Returns and Notices
Failure to File Correct Information Returns
Failure to File Correct Payee Statements
Accuracy-Related Penalties
Preparer Penalties
Penalty Relief
APPENDIX C: Checklist of Tax-Related Corporate Resolutions
APPENDIX D: List of Dollar Limits and Amounts Adjusted for Inflation
Items Adjusted Annually for Inflation
Items Fixed by the Tax Code
Items Set by the IRS
Index
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