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Small Business Taxes For Dummies®
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Small Business Taxes For Dummies®
by Eric Tyson
Small Business Taxes For Dummies, 2nd Edition
Cover
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Where to Go from Here
Part 1: Understanding Small Business Taxes
Chapter 1: Small Business Taxes 101
Valuing Year-Round Tax Planning
Noting How Corporate and Individual Tax Reform Impacts Small Business
Understanding the Different Types of Taxes You Pay and Your Tax Rates
Chapter 2: Making Important Business Decisions
Choosing Your Business Entity
Valuing Employee Benefits
Chapter 3: Retirement Accounts and Investments for Small Businesses
Beginning with Retirement Account Basics: Tax Breaks, Penalties, and Saving Guidelines
Surveying Your Retirement Account Options
Selecting Top-Notch Investments for Your Retirement Account
Developing Realistic Investment Return Expectations
Chapter 4: Real Estate and Your Small Business
Deciding Whether to Work out of Your Home
Leasing Space for Your Business
Buying Business Property
Chapter 5: Estate Planning
Determining Your Estate’s Tax Concerns
Reducing Expected Estate Taxes with a Few Strategies
Part 2: Ongoing Tax Jobs
Chapter 6: Keeping Track of Your Small Business Revenues and Costs
Establishing an Accounting System for Your Business
Keeping Good Tax Records for Your Small Business
Chapter 7: Form 1040 Filing Options
The New and Improved Form 1040
Tackling the Income Lines
Schedule 1: Additional Income and Adjustments to Income
Adjustments to Income
Nonrefundable Credits: Lines 48 to 55
Chapter 8: Schedules C and C-EZ
Schedule C-EZ
Schedule C
Chapter 9: The Business Use of Your Home
The New, Simplified Home Office Deduction
Filling Out Form 8829, “Expenses for Business Use of Your Home”
Understanding the Downsides to Home Office Deductions
Chapter 10: Estimated Taxes, Self-Employment Taxes, and Other Common Forms
Form 1040-ES: Estimated Tax for Individuals
Keeping Current on Your Employees’ (and Your Own) Tax Withholding
Schedule SE: Self-Employment Tax
Form 8889: Health Savings Accounts (HSAs)
Part 3: Getting Help
Chapter 11: Dealing with Notices and Audits
Understanding the Basics You’ll Find on an IRS Notice
Assessing Assessment Notices
Handling Non-Assessment Notices
What You Should Know about Audits
Correcting IRS Errors
Amending a Return
Taking Action Even When You Can’t Pay Your Taxes
Reducing Your Chances of Being Audited
Chapter 12: Keeping Up with and Researching Tax Strategies and Rules
The Benefits of Preparing Your Own Return
Using IRS Publications
Buying Software
Accessing Internet Tax Resources
Hiring Help
Chapter 13: Paying for Tax Help
Deciding to Hire Tax Help
Finding Tax Advisors
Interviewing Prospective Tax Advisors
Part 4: The Part of Tens
Chapter 14: Ten (Almost) Useful Apps and Software Packages for Small Business Tax Issues
Tracking Expenses with Expensify
Processing Sales with Square
Managing Transactions with EMS+
Marking Miles with MileIQ
Managing Your Accounting with QuickBooks
Handling Accounting and Invoicing with FreshBooks
Preparing Taxes with TurboTax Self-Employed
Completing Taxes with H&R Block Tax Preparation and Filing Software
Chapter 15: (Almost) Ten Often Overlooked Tax Reduction Opportunities
Invest in Wealth-Building Assets
Fund Some Retirement Accounts
Contribute to a Health Savings Account
Work Overseas
Calculate Whether a Deduction Is Worth Itemizing
Trade Consumer Debt for Mortgage Debt
Consider Charitable Contributions and Expenses
Scour for Self-Employment Expenses
Married Couples Should Crunch the Numbers on Filing Separately
Chapter 16: Ten Resources to Turn to After Reading This Book
To Develop a Good Business Plan and Improve Your Small Business
To Whip Your Finances into Shape
To Select the Best Business Entity
To Set Up an Accounting and Financial Management System
To Hone Your Investment Savvy for Your (and Your Employees’) Retirement Funds
For Help with Payroll Regulations and Employee Tax Withholdings
To Dig Deeper into IRS Rules and Regulations
To Deal with IRS Collection Efforts
For More Detailed Advice about All Aspects of Your Income Tax Return
For Assistance in Preparing Your Income Tax Return
Index
About the Author
Connect with Dummies
End User License Agreement
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Prev
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Title Page
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Introduction
Small Business Taxes For Dummies®
To view this book's Cheat Sheet, simply go to
www.dummies.com
and search for “Small Business Taxes For Dummies Cheat Sheet” in the Search box.
Table of Contents
Cover
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Where to Go from Here
Part 1: Understanding Small Business Taxes
Chapter 1: Small Business Taxes 101
Valuing Year-Round Tax Planning
Noting How Corporate and Individual Tax Reform Impacts Small Business
Understanding the Different Types of Taxes You Pay and Your Tax Rates
Chapter 2: Making Important Business Decisions
Choosing Your Business Entity
Valuing Employee Benefits
Chapter 3: Retirement Accounts and Investments for Small Businesses
Beginning with Retirement Account Basics: Tax Breaks, Penalties, and Saving Guidelines
Surveying Your Retirement Account Options
Selecting Top-Notch Investments for Your Retirement Account
Developing Realistic Investment Return Expectations
Chapter 4: Real Estate and Your Small Business
Deciding Whether to Work out of Your Home
Leasing Space for Your Business
Buying Business Property
Chapter 5: Estate Planning
Determining Your Estate’s Tax Concerns
Reducing Expected Estate Taxes with a Few Strategies
Part 2: Ongoing Tax Jobs
Chapter 6: Keeping Track of Your Small Business Revenues and Costs
Establishing an Accounting System for Your Business
Keeping Good Tax Records for Your Small Business
Chapter 7: Form 1040 Filing Options
The New and Improved Form 1040
Tackling the Income Lines
Schedule 1: Additional Income and Adjustments to Income
Adjustments to Income
Nonrefundable Credits: Lines 48 to 55
Chapter 8: Schedules C and C-EZ
Schedule C-EZ
Schedule C
Chapter 9: The Business Use of Your Home
The New, Simplified Home Office Deduction
Filling Out Form 8829, “Expenses for Business Use of Your Home”
Understanding the Downsides to Home Office Deductions
Chapter 10: Estimated Taxes, Self-Employment Taxes, and Other Common Forms
Form 1040-ES: Estimated Tax for Individuals
Keeping Current on Your Employees’ (and Your Own) Tax Withholding
Schedule SE: Self-Employment Tax
Form 8889: Health Savings Accounts (HSAs)
Part 3: Getting Help
Chapter 11: Dealing with Notices and Audits
Understanding the Basics You’ll Find on an IRS Notice
Assessing Assessment Notices
Handling Non-Assessment Notices
What You Should Know about Audits
Correcting IRS Errors
Amending a Return
Taking Action Even When You Can’t Pay Your Taxes
Reducing Your Chances of Being Audited
Chapter 12: Keeping Up with and Researching Tax Strategies and Rules
The Benefits of Preparing Your Own Return
Using IRS Publications
Buying Software
Accessing Internet Tax Resources
Hiring Help
Chapter 13: Paying for Tax Help
Deciding to Hire Tax Help
Finding Tax Advisors
Interviewing Prospective Tax Advisors
Part 4: The Part of Tens
Chapter 14: Ten (Almost) Useful Apps and Software Packages for Small Business Tax Issues
Tracking Expenses with Expensify
Processing Sales with Square
Managing Transactions with EMS+
Marking Miles with MileIQ
Managing Your Accounting with QuickBooks
Handling Accounting and Invoicing with FreshBooks
Preparing Taxes with TurboTax Self-Employed
Completing Taxes with H&R Block Tax Preparation and Filing Software
Chapter 15: (Almost) Ten Often Overlooked Tax Reduction Opportunities
Invest in Wealth-Building Assets
Fund Some Retirement Accounts
Contribute to a Health Savings Account
Work Overseas
Calculate Whether a Deduction Is Worth Itemizing
Trade Consumer Debt for Mortgage Debt
Consider Charitable Contributions and Expenses
Scour for Self-Employment Expenses
Married Couples Should Crunch the Numbers on Filing Separately
Chapter 16: Ten Resources to Turn to After Reading This Book
To Develop a Good Business Plan and Improve Your Small Business
To Whip Your Finances into Shape
To Select the Best Business Entity
To Set Up an Accounting and Financial Management System
To Hone Your Investment Savvy for Your (and Your Employees’) Retirement Funds
For Help with Payroll Regulations and Employee Tax Withholdings
To Dig Deeper into IRS Rules and Regulations
To Deal with IRS Collection Efforts
For More Detailed Advice about All Aspects of Your Income Tax Return
For Assistance in Preparing Your Income Tax Return
Index
About the Author
Connect with Dummies
End User License Agreement
List of Tables
Chapter 1
TABLE 1-1 2018 Federal Income Tax Brackets and Rates
Chapter 3
TABLE 3-1 “Saver’s Tax Credit” for the First $2,000 in Retirement Plan Contribut...
TABLE 3-2 Longer-Term Fund Asset Allocation
TABLE 3-3 How Compounding Grows Your Investment Dollars
Chapter 5
TABLE 5-1 States with an Estate or Inheritance Tax
Chapter 7
TABLE 7-1: A General Guide to What Schedule(s) You’ll Need to File
Chapter 9
TABLE 9-1 The Simplified Option versus the Regular Method
TABLE 9-2 Depreciation Percentage for Business Use of Home
List of Illustrations
Chapter 1
FIGURE 1-1: State marginal tax rates.
Chapter 2
FIGURE 2-1: The corporate tax form — IRS Form 1120 — entails a high degree of di...
FIGURE 2-2: Page one of IRS Form 1120S, “U.S. Income Tax Return for an S Corpora...
FIGURE 2-3: Page one of IRS Form 1040 Schedule E, “Supplemental Income and Loss....
Chapter 7
FIGURE 7-1: Page 2 of Form 1040.
FIGURE 7-2: Schedule 1 of Form 1040.
FIGURE 7-3: Schedule 3 of Form 1040.
Chapter 8
FIGURE 8-1: Schedule C.
Chapter 9
FIGURE 9-1: Form 8829, “Expenses for Business Use of Your Home.”
Chapter 10
FIGURE 10-1: Schedule SE.
Guide
Cover
Table of Contents
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