Tax Savvy for Small Business A Complete Tax Strategy Guide 19th Edition by Frederick Daily ISBN 1413324231 9781413324235

Tax Savvy for Small Business A Complete Tax Strategy Guide 19th Edition by Frederick Daily – Ebook PDF Instant Download/Delivery: 1413324231 ,9781413324235
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Product details:
ISBN 10: 1413324231
ISBN 13: 9781413324235
Author: Frederick Daily
Getting your tax matters on track will free up your time to do what really counts: run a profitable business. Tax Savvy for Small Business shows you how to:

• deduct operating expenses
• deduct travel, vehicle and entertainment expenses
• take advantage of tax credits
• write off long-term assets
• compare business structures
• keep solid business records, and
• handle an IRS audit.
  This completely updated edition of Tax Savvy for Small Business explains the latest tax breaks and IRS rules and forms.

  Includes the top business deductions—the best ones to take and how to claim them.

  All the information in the book remains up-to-date for the 2017 tax year. The changes brought about by the Tax Cuts and Jobs Act all take effect in 2018, except for an increase in bonus depreciation which took effect September 27, 2017. Anyone who purchases the book has access to an update page on the Nolo website specific to this book which explains the 2017 bonus depreciation change and summarizes how the new tax law affects small business owners’ taxes for 2018 and later. A new edition of the book, completely updated for the new tax law, will be published August 1, 2018.

Tax Savvy for Small Business A Complete Tax Strategy Guide 19th Edition Table of contents:

Chapter 1: Understanding Your Business Structure

• The Different Types of Business Entities
  • Sole Proprietorship
  • Partnership
  • Corporation (C-Corp and S-Corp)
  • Limited Liability Company (LLC)
• How Structure Affects Taxes and Liability
• Choosing the Right Structure for Your Business

Chapter 2: Keeping Good Records

• The Importance of Recordkeeping
• Choosing the Right Accounting Method (Cash vs. Accrual)
• Essential Documents and Books for Tax Filing
• Common Recordkeeping Mistakes to Avoid

Chapter 3: Business Deductions

• Understanding What You Can Deduct
  • Office Supplies, Equipment, and Depreciation
  • Travel and Entertainment Expenses
  • Meals, Vehicles, and Home Office Deductions
• How to Maximize Deductions Without Crossing the Line

Chapter 4: Payroll Taxes and Employee Benefits

• Understanding Payroll Taxes: Social Security, Medicare, and Unemployment Taxes
• Tax Issues for Independent Contractors vs. Employees
• Tax-Free Employee Benefits
• How to Manage Employee Withholdings

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Chapter 5: Self-Employment Tax

• What is Self-Employment Tax?
• How to Calculate Self-Employment Tax
• Deductions to Reduce Your Self-Employment Tax
• When and How to Pay Self-Employment Tax

Chapter 6: Taxes for Partners and Shareholders

• Understanding Partnership Taxes
• How Profits and Losses Are Allocated
• Filing Tax Forms for Partnerships
• S-Corporations and Shareholder Taxes

Chapter 7: Tax Issues for LLCs

• How LLCs Are Taxed
• The Flexibility of LLCs: Sole Proprietor vs. Corporation Tax Treatment
• Managing Taxes in an LLC
• Special Considerations for Multi-Member LLCs

Chapter 8: Sales Tax and Other State Taxes

• Understanding Sales Tax for Small Businesses
• Filing and Collecting Sales Tax
• Sales Tax Exemptions and Special Circumstances
• State Income Taxes and Other Local Taxes

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Chapter 9: Estimated Taxes and Avoiding Penalties

• What Are Estimated Taxes?
• How to Estimate and Pay Your Taxes Quarterly
• Common Mistakes That Lead to Penalties
• Avoiding Late Fees and Interest

Chapter 10: Tax Credits and Incentives

• Understanding Business Tax Credits
  • Research & Development Credit
  • Energy Efficiency Credits
  • Hiring Credits for Employees
• How to Qualify and Claim Tax Credits

Chapter 11: The Tax Filing Process

• Filing Requirements for Small Businesses
• Choosing the Right Tax Forms and Filing Methods
• Electronic Filing vs. Paper Filing
• Working with a Tax Professional

Chapter 12: Preparing for an Audit

• What Triggers an IRS Audit?
• How to Prepare Your Business for an Audit
• Common Red Flags for the IRS
• How to Handle an Audit

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Chapter 13: Selling or Closing Your Business

• Tax Implications of Selling Your Business
• Capital Gains and Losses
• Tax Strategy for Closing Your Business
• Planning for Succession and Estate Taxes

Chapter 14: Tax Planning Strategies

• Year-End Tax Planning Tips
• How to Reduce Taxes with Retirement Plans
• Using Tax-Deferred Investments
• Strategic Charitable Contributions

Chapter 15: Working with a Tax Professional

• Choosing the Right Tax Advisor for Your Business
• What to Expect from Your Tax Professional
• How to Collaborate for Optimal Tax Savings
• Red Flags When Dealing with Tax Preparers

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