J. K. Lasser's Small Business Taxes 2025 : Your Complete Guide to a Better Bottom Line.

Format:

Book

Author/Creator:

Weltman, Barbara.

Language:

English

Subjects (All):

Small business--Taxation--Law and legislation--United States.

Small business.

Small business--Taxation--Law and legislation.

Small business--Taxation--United States.

Physical Description:

1 online resource (0 pages)

Edition:

27th ed.

Place of Publication:

Newark : John Wiley & Sons, Incorporated, 2024.

Summary:

In the newly revised J.K. Lasser's Small Business Taxes 2025: Your Complete Guide to a Better Bottom Line, veteran small business attorney and tax expert Barbara Weltman delivers small business tax planning info based on the latest tax law updates. You'll discover the exact steps you need to take to minimize your 2024 tax bill and position your business for tax savings in the year ahead. The book contains comprehensive and straightforward guidance that walks you through which deductions and credits to look out for and how to use them. Weltman shows you the tax relief and newly created green energy tax breaks legally available to your small business—as well as how to claim them on your IRS forms—and what records and receipts you'll need to keep. An essential resource for small business owners, J.K. Lasser's Small Business Taxes 2025 is your personal roadmap to shrinking your tax bill while making sure you pay your fair (and legal) share.

Contents:

Cover

Title Page

Copyright

Contents

Preface

Introduction

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 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

Earned Income from 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: Salary, Wages, and Employee Benefits

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

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

Credits for Clean Vehicles

Dispositions of a Vehicle

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

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

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 Vehicle

Leveraged Leases

Chapter 13 Taxes and Interest

Deductible Taxes

Self‐Employment Tax

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

Overview of Qualified Retirement Plans

Borrowing from Plans

Distributions from the Plan

Added Costs for Retirement Plans

Retirement Plan Options

Employer Credits for Retirement Plans

Disaster-Related Rules

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

Simplified Method

Gross Income Limit

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

Green Energy‐Related Credits and Credit Transfers

Other Tax Credits

General Business Credit

Credit 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

Choose Your Accounting Solution

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

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.

Notes:

Includes index.

Description based on publisher supplied metadata and other sources.

ISBN:

9781394280940

1394280947

9781394280957

1394280955

OCLC:

1477813423