In the newly revised J.K. Lasser’s Small Business Taxes 2024: Your Complete Guide to a Better Bottom Line, renowned small business attorney and tax expert Barbara Weltman delivers the latest and most up-to-date edition of America’s most trusted small business tax guide. In the book, you’ll explore exactly how to minimize your 2023 business tax bill and position your business for 2024 tax savings with straightforward and comprehensive guidance that walks you through which deductions and credits to look out for and how to claim them.
You’ll discover what kinds of tax relief and green energy tax breaks are legally available to your small business and how to access them, complete with specific instructions on how to properly fill out IRS tax forms, what records to keep in case the IRS has questions, and applicable dollar limits. You’ll also find: - Tax facts, strategies, checklists, and the latest information you need to ensure you pay what you legally owe - and not a penny more - Sample IRS forms that demonstrate how to properly claim the deductions and credits that apply to your small business - New tax laws and the latest court decisions and IRS rulings that impact your bottom-line - A complimentary new e-supplement containing the latest developments from the Internal Revenue Service (IRS) and Congress
A must-read roadmap to properly completing this year’s business taxes, J.K. Lasser’s Small Business Taxes 2024 is your comprehensive and up-to-date guide to legally minimizing your tax bill while making sure Uncle Sam gets what he’s owed.
Table of Contents
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
