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DescriptionStraightforward Advice
from an Expert Is money tight this quarter? Have you skipped an estimated payment? Are you behind in your FICA deposits? If so, you need to know what you MUST do to set things right with the IRS. Tax Smarts for Small Business can relieve some of the stress associated with the dreaded tax word, and answer all your questions. Its easy-to-understand format and pointed examples break down the mystery of the Internal Revenue Tax Code and give you an accessible guide for understanding the many tax rules facing small businesses. All of the common and not-so-common tax laws and loopholes are explored, including: • deducting employees’ expenses • qualifying a home office • converting property • keeping records • deferring capital gains • paying taxes • filing returns • establishing retirement plans • avoiding double taxation • selecting the best entity for tax savings Find what you need to know to make the best decisions for your business and personal tax savings. Learn to prevent problems and make the right choices. Achieve the success you deserve. Tax Smarts for Small Business is your ALL-IN-ONE HANDBOOK for understanding tax laws and making them work for you. If you like this title, you might also like…
Table of ContentsIntroduction
Chapter 1: Income Realizing Income Constructive Receipt Assignment of Income Method of Accounting Chapter 2: Gross Income Compensation for Services Business Income Gain from Dealings in Property Capital Gains and Losses Determining Whether Property is a Capital Asset Deferring Recognition of Capital Gains Conversions of Property Reporting Capital Gains and Losses Interest Rents Royalties Dividends Distributive Share of Partnership Income Loans Specifically Excluded Sources of Income Chapter 3: Adjusted Gross Income Losses from Sale or Exchange of Property Expenses Related to Rents and Royalties Trade and Business Deductions Deductible Employees’ Expenses Nonreimbursed, Employee Business Expenses Chapter 4: Home Office Expense Qualifying Business Purposes Regular, but not Exclusive Allocating Percentage of Use Eligible Expenses Drawbacks to Taking the Deduction Special Rules Limitations Chapter 5: Nonbusiness Deductions for the Self-Employed Self-Employment Tax Health Insurance Deduction Retirement Plans Chapter 6: Losses and Bad Debts Losses on Sale or Exchange of Property Casualty and Theft Loss Net Operating Losses Passive Losses Bad Debt Chapter 7: Taxable Income Categories of Deductions Itemized Deductions Exemptions Chapter 8: Taxes Individual Federal Income Taxes Alternative Minimum Tax FICA Taxes—Social Security and Medicare Taxes Self-Employment Tax Corporate Federal Income Taxes Chapter 9: Tax Credits General Business Credit Personal Credits Retirement Savings Contributions Other Nonrefundable Credits Refundable Credits Order of Application of Tax Credits Chapter 10: Tax Considerations in Entity Selection Sole Proprietorships Partnerships Joint Ventures Limited Partnerships Limited Liability Partnerships Family Partnerships Corporations Professional Corporations Limited Liability Companies Family Limited Liability Companies Chapter 11: Retirement Plans Individual Retirement Arrangements Roth IRAs Simplified Employee Pension Plans SIMPLE IRAs 401(k) Plans Other Retirement Plans Chapter 12: Withholding Taxes Withholding Employee Taxes Amount to Withhold Payment of Withholding Taxes Filing Appropriate Returns Estimated Tax Payments Glossary Index About the Author About the Author
James O. Parker has repeatedly encountered clients who were somewhat bewildered by our country’s tax laws, having been a practicing attorney for almost twenty-five years. Calling upon his twenty-seven years as a educator at Christian Brothers University in Memphis Tennessee, and being a small business owner himself for over forty years, Parker takes the mystery out of the tax code.
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A former U.S. Marine and community advocate, Parker possesses both a Masters of Arts in Economics from the University of Memphis and an LLM from Emory University in Atlanta, Georgia. A frequent speaker on tax topics, as well as business succession planning and small business development, Parker continues to advise others on the importance of tax planning. Mr. Parker lives with his wife, Linda, in Memphis, Tennessee. Digital Rights Information
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