Comprehensive guide to small business tax write-offs and strategies from a leading name in tax
Small business owners in the US face enough challenges without overpaying tax. Despite this, millions of small businesses miss out on crucial deductions, tax credits, and tax-saving moves every year, resulting in higher-than-necessary tax bills. In J.K. Lasser’s Small Business Taxes 2023: Your Complete Guide to a Better Bottom Line, renowned attorney and small business advocate Barbara Weltman offers a thorough and exhaustively researched roadmap to legally minimizing your tax liability and maximizing your deductions and credits.
In the book, you’ll find tax facts and planning strategies that help you make business decisions in the most tax-efficient way possible. You’ll also discover:
- A complete list of the business expense deductions and tax credits available to you and what you need to do to qualify for them
- Up-to-date info on current tax law and procedure, including information on the latest relevant legislation
- Guidance on avoiding tax penalties and minimizing audit risk
- A heads-up on coming changes to help you plan for next year’s taxes
- Sample forms and checklists to help you get organized and help you stay tax compliant
- A free e-supplement that includes the latest developments from the IRS and Congress
A concise and plain-English guide for every small business owner in America, Small Business Taxes 2023 is the detailed and accessible tax overview you’ve been waiting for.
Table of Contents
Preface v
Introduction ix
Part 1 Organization 1
1. Business Organization 3
2. Tax Year and Accounting Methods 36
3. Recordkeeping for Business Income and Deductions 51
Part 2 Business Income and Losses 61
4. Income or Loss from Business Operations 63
5. Capital Gains and Losses 95
6. Gains and Losses from Sales of Business Property 113
Part 3 Business Deductions and Credits 125
7. Employee Compensation: Salary, Wages, and Employee Benefits 127
8. Travel, Meals, and Gift Expenses 160
9. Car and Truck Expenses 182
10. Repairs, Maintenance, and Energy Improvements 205
11. Bad Debts 221
12. Rents 232
13. Taxes and Interest 242
14. First-Year Expensing, Depreciation, Amortization, and Depletion 257
15. Advertising Expenses 290
16. Retirement Plans 296
17. Casualty and Theft Losses 334
18. Home Office Deductions 348
19. Medical Coverage 366
20. Deductions and Tax Credits for Farmers 385
21. Qualified Business Income Deduction 396
22. Miscellaneous Business Deductions 410
23. Roundup of Tax Credits 444
Part 4 Tax Planning for Your Small Business 457
24. Income and Deduction Strategies 459
25. Distributions from Your Business 473
26. Tax Strategies for Opening or Closing a Business 477
27. Tax Strategies for a Sideline Business 490
28. Tax Strategies for Multiple Businesses 494
29. Alternative Minimum Tax 499
30. Other Taxes 504
31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 522
32. Retirement and Succession Planning 535
33. Working with CPAs and Other Tax Professionals 543
34. Handling Audits with the IRS 547
Appendix A. Information Returns 553
Appendix B. Tax Penalties 561
Appendix C. Checklist of Tax-Related Corporate Resolutions 567
Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 569
Index 573
