J.K. Lasser's Small Business Taxes 2024

Preface v Introduction ix Part 1 Organization 1 1. Business Organization 3 2. Tax Year and Accounting Methods 37 3. Recordkeeping for Business Income and Deductions 52 Part 2 Business Income and Losses 63 4. Income or Loss from Business Operations 65 5. Capital Gains and Losses 97 6. Gains and Losses from Sales of Business Property 116 Part 3 Business Deductions and Credits 129 7. Employee Compensation: Salary, Wages, and Employee Benefits 131 8. Travel, Meals, and Gift Expenses 164 9. Car and Truck Expenses 186 10. Repairs, Maintenance, and Energy Improvements 210 11. Bad Debts 227 12. Rents 238 13. Taxes and Interest 248 14. First-Year Expensing, Depreciation, Amortization, and Depletion 263 15. Advertising Expenses 297 16. Retirement Plans 303 17. Casualty and Theft Losses 346 18. Home Office Deductions 360 19. Medical Coverage 378 20. Deductions and Tax Credits for Farmers 397 21. Qualified Business Income Deduction 408 22. Miscellaneous Business Deductions 422 23. Roundup of Tax Credits 456 Part 4 Tax Planning for Your Small Business 469 24. Income and Deduction Strategies 471 25. Distributions from Your Business 485 26. Tax Strategies for Opening or Closing a Business 489 27. Tax Strategies for a Sideline Business 502 28. Tax Strategies for Multiple Businesses 506 29. Alternative Minimum Tax 511 30. Other Taxes 515 31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 532 32. Retirement and Succession Planning 545 33. Working with CPAs and Other Tax Professionals 553 34. Handling Audits with the IRS 557 Appendix A. Information Returns 563 Appendix B. Tax Penalties 571 Appendix C. Checklist of Tax-Related Corporate Resolutions 577 Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 579 Index 583

BARBARA WELTMAN is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser's 1001 Deductions & Tax Breaks. She is also the publisher of Idea of the Day(R) and Big Ideas for Small Business(R), an award-winning blogger and quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Consumer Reports). Visit her at www.BigIdeasForSmallBusiness.com.