Small Business Taxes for Dummies.

Format:

Book

Author/Creator:

Tyson, Eric.

Language:

English

Subjects (All):

Small business--Taxation.

Small business.

Small business--Taxation--United States.

Physical Description:

1 online resource (291 pages)

Edition:

4th ed.

Place of Publication:

Newark : John Wiley & Sons, Incorporated, 2026.

Summary:

Don't leave any money on the table this tax season!Small Business Taxes For Dummies is your one-stop source for tax information, checklists, and tips to keep your tax bill manageable.As a small business owner, you have enough on your plate already without having to wade through tax code.

Contents:

Intro

Title Page

Copyright Page

Table of Contents

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Part 1 Understanding Small Business Taxes

Chapter 1 Small Business Taxes 101

Valuing Year-Round Tax Planning

Factoring taxes into small-business decisions

Checking out common tax mistakes

Making important decisions without expert input

Failing to withhold or submit enough taxes

Missing legal deductions

Forsaking retirement accounts

Not owning real estate

Neglecting the timing of events you can control

Not using tax advisors effectively

Noting How Corporate and Individual Tax Reform Impacts Small Business

Checking out corporate income tax rate reduction and simplification

Reducing individual income tax rates

Noting 20 percent deduction for pass-through entities

Enjoying better equipment expensing rules

Increasing maximum depreciation deduction for automobiles

Limiting interest deductions and net operating losses

Reducing meal and entertainment deductions

Eliminating the health insurance mandate

Considering the SECURE ACTs of 2019 and 2022

Understanding the Different Types of Taxes You Pay and Your Tax Rates

Defining total taxes and taxable income

Noting your marginal income tax rate for federal income taxes

Including state income taxes

Considering corporate income tax rates

Paying employment (payroll) taxes

Submitting sales taxes

Chapter 2 Making Important Business Decisions

Choosing Your Business Entity

Looking into sole proprietorships

Understanding the "solo" advantages

Weighing the disadvantages of operating "solo"

Deciding whether to incorporate: C corporations

Getting a handle on liability protection

Investigating liability insurance.

Understanding corporate taxes

Examining other incorporation considerations

Knowing where to get advice

Going one step further: S corporations

S corporation tax specifics

S corporation requirements

Building a partnership

Setting up limited liability companies (LLCs)

Valuing Employee Benefits

Retirement plans

Health insurance plans

Looking at plan attributes

Making sense of the impact of healthcare reform

Buying health insurance

Noting other ways to save on healthcare spending

Other benefits

Benefits that are deductible for corporation owners

Chapter 3 Retirement Accounts and Investments for Small Businesses

Beginning with Retirement Account Basics: Tax-Saving Guidelines

Instant rewards: Upfront tax breaks

Ongoing tax breaks on your investment earnings

Additional tax credits for lower-income earners

Retirement account penalties for early withdrawals

Guidelines for saving (but not excessively)

Surveying Your Retirement Account Options

Maximizing your retirement plan's value

Checking out your choices

SEP-IRAs

SIMPLE plans

Individual 401(k)

401(k) plans for "larger" small companies

403(b) plans for nonprofit organizations

Deciding amongst your plan options

Developing Realistic Investment Return Expectations

Estimating your investments' likely future returns

Bond returns

Stock returns

Real estate returns

Compounding your returns

Selecting Top-Notch Investments for Your Retirement Account

Considering fund advantages

Maximizing your chances for fund investing success

Understanding the role of risk in evaluating performance

Scrutinizing fund management experience

Minimizing fund costs

Understanding and using index funds

Considering exchange-traded funds

Using asset allocation in your retirement fund portfolio.

Selecting the best stock funds

U.S. stock funds

International stock funds

Investing in the best exchange-traded funds

Balancing your act: Funds that combine stocks and bonds

Finding the best bond funds

The dangers of yield-chasing

Recommended short-term bond funds

Recommended intermediate-term bond funds

Recommended long-term bond funds

Chapter 4 Real Estate and Your Small Business

Deciding Whether to Work out of Your Home

Researching local ordinances and issues

Controlling costs

Separating your work life from your personal life

Doing a cost comparison

Leasing Space for Your Business

Leaning toward leasing

Leasing burdens of retail businesses

Negotiating a lease

Buying Business Property

Taking stock of your financial situation

Doing a lease-versus-buy analysis

Evaluating leases as a real-estate investor

Lease transferability and analysis

Making sense of commercial leases

Chapter 5 Planning for Tomorrow: Estate Taxes

Determining Your Estate's Tax Concerns

Understanding the federal estate tax exemption

Figuring out your taxable estate

Examining federal estate tax rates

Surveying state estate tax rules

Surveying special estate tax treatment afforded small businesses

Reducing Expected Estate Taxes with a Few Strategies

Giving away your assets

Knowing what you should/can give

Making gifts greater than 19,000 per year

Leaving all your assets to your spouse

Buying cash-value life insurance

Agent conflicts of interest

Rare instances when life insurance can help with estate taxes

Setting up trusts

Living trusts

Charitable trusts

Getting advice and help

Part 2 Ongoing Tax Jobs

Chapter 6 Keeping Track of Your Small Business Revenues and Costs

Establishing an Accounting System for Your Business.

Separating business from personal finances

Documenting expenses and income in the event of an audit

Keeping current on income, employment/payroll, and sales taxes

Reducing your taxes by legally shifting income and expenses

Keeping Good Tax Records for Your Small Business

Ensuring a complete and accurate tax return

Setting up a record-keeping system

Deciding when to stash and when to trash

Watching out for state differences

Replacing lost business records

Chapter 7 Form 1040 Filing Options

Sizing Up the New and Improved Form 1040

Tackling the Income Lines

Line 1: Wages, salaries, tips, and so forth

Line 2a: Tax-exempt interest

Line 2b: Taxable interest

Lines 3a and 3b: Qualified dividends and ordinary dividends

Lines 4a and 4b: IRA distributions and taxable amount

Lines 5a and 5b: Total pensions and annuities

Lines 6a and 6b: Social Security benefits

Line 7: Capital gain (or loss)

Line 8: Other income from Schedule 1, line 10

Line 11a: Adjusted gross income

Line 12a: Standard deduction or itemized deductions (from Schedule A)

Line 13: Qualified business income deduction

Schedule 1: Additional Income and Adjustments to Income

Line 3: Business income (or loss)

Line 4: Other gains (or losses)

Line 5: Rental real estate, royalties, partnerships, S corporations, trusts, and so on

Line 6: Farm income (or loss)

Line 7: Unemployment compensation

Line 8: Other income

Adjustments to Income

Line 11: Educator expenses

Line 12: Certain business expenses of reservists, performing artists, and some government officials

Line 13: Health savings account deduction

Line 15: Deductible part of self-employment tax

Line 16: Self-employed SEP, SIMPLE, and qualified plans

Line 17: Self-employed health insurance deduction

Line 20: IRA deduction.

Line 21: Student loan interest deduction

Nonrefundable Credits: Schedule 3

Line 1: Foreign tax credit

Line 2: Credit for child and dependent care expenses

Line 3: Education credits

Line 4: Retirement savings contributions credit

Chapter 8 Schedule C: Profit or Loss from Business

Detailing Schedule C

Getting the Basics Down: Lines A through H

Accounting methods

Material participation

Marking Information Returns (Lines I and J)

Part I: Income

Line 1: Gross receipts or sales

Line 2: Returns and allowances

Line 4: Cost of goods sold

Line 6: Other income

Part II: Expenses

Line 8: Advertising

Line 9: Car and truck expenses

Standard mileage rate or actual expenses?

No help from Uncle Sam with commuting expenses

Travel to a second job

Travel to a temporary job site

Line 10: Commissions and fees

Line 11: Contract labor

Line 12: Depletion

Line 13: Depreciation

The 2,500,000 deduction (section 179 depreciation)

IRS depreciation percentages

Line 14: Employee benefit programs

Line 15: Insurance (other than health)

Line 16a: Mortgage interest

Line 16b: Other interest

Line 17: Legal and professional services

Line 18: Office expense

Line 19: Pension and profit-sharing plans

Lines 20a and b: Rent or lease

Line 21: Repairs and maintenance

Line 22: Supplies

Line 23: Taxes and licenses

Lines 24a and b: Travel and meals

Line 25: Utilities

Line 26: Wages

Line 27b: Other expenses

Line 30: Form 8829

Line 31: Net profit (or loss)

Lines 32a and b: At-risk rules

Startup expenses

Operating loss

Chapter 9 The Business Use of Your Home

Utilizing the Home Office Deduction

Filling Out Form 8829

Recognizing who can use Form 8829

Measuring the part of your home used for business.

Figuring your allowable home office deduction.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

1-394-41912-0

9781394419128

OCLC:

1583174309