Small Business Taxes For Dummies, 3rd Edition

Small Business Taxes For Dummies, 3rd Edition

by Eric Tyson
Released February 2022
Publisher(s): For Dummies
ISBN: 9781119861140

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Book description

Get your taxes right the first time and save $ 

If you run a small business, you’ve likely got more work than you already feel able to handle. The last thing you need is to be running around trying to figure out your taxes at the last minute. So, if you need a hands-on guide to small business taxes that doesn’t mess around, look no further than Small Business Taxes For Dummies. 

In this book, nationally recognized personal finance expert Eric Tyson clearly and concisely delivers the best methods to save on your taxes and make the process as easy as possible. You’ll get the latest info about all the newest tax deductions and credits (including COVID-19-related breaks), as well as location-specific incentives and other little-known tips. 

You’ll also find: 

  • Expanded discussions of new retirement account options for small business owners 
  • The latest advice on how to deal with online and software tax prep and filing options to make life easier at tax time 
  • Explorations of likely new changes coming  

A can’t-miss resource for small business owners, managers, and employees, Small Business Taxes For Dummies is the book to help you make sure you don’t pay more than you need to pay at tax time! 

 

Table of contents

  1. Cover
  2. Title page
  3. Copyright
  4. Introduction
    1. About This Book
    2. Foolish Assumptions
    3. Icons Used in This Book
    4. Beyond the Book
    5. Where to Go from Here
  5. Part 1: Understanding Small Business Taxes
    1. Chapter 1: Small Business Taxes 101
      1. Valuing Year-Round Tax Planning
      2. Noting How Corporate and Individual Tax Reform Impacts Small Business
      3. Considering the SECURE ACT of 2019 and COViD-19 Relief Tax Acts
      4. Contemplating Potential Upcoming Tax Law Changes
      5. Understanding the Different Types of Taxes You Pay and Your Tax Rates
    2. Chapter 2: Making Important Business Decisions
      1. Choosing Your Business Entity
      2. Valuing Employee Benefits
    3. Chapter 3: Retirement Accounts and Investments for Small Businesses
      1. Beginning with Retirement Account Basics: Tax Breaks, Penalties, and Saving Guidelines
      2. Surveying Your Retirement Account Options
      3. Developing Realistic Investment Return Expectations
      4. Selecting Top-Notch Investments for Your Retirement Account
    4. Chapter 4: Real Estate and Your Small Business
      1. Deciding Whether to Work out of Your Home
      2. Leasing Space for Your Business
      3. Buying Business Property
    5. Chapter 5: Estate Planning
      1. Determining Your Estate’s Tax Concerns
      2. Reducing Expected Estate Taxes with a Few Strategies
  6. Part 2: Ongoing Tax Jobs
    1. Chapter 6: Keeping Track of Your Small Business Revenues and Costs
      1. Establishing an Accounting System for Your Business
      2. Keeping Good Tax Records for Your Small Business
    2. Chapter 7: Form 1040 Filing Options
      1. Sizing Up the New and Improved Form 1040
      2. Tackling the Income Lines
      3. Schedule 1: Additional Income and Adjustments to Income
      4. Adjustments to Income
      5. Nonrefundable Credits: Schedule 3
    3. Chapter 8: Schedule C: Profit or Loss From Business
      1. Detailing Schedule C
      2. Getting the Basics Down
      3. Part I: Income
      4. Part II: Expenses
    4. Chapter 9: The Business Use of Your Home
      1. Checking Out the New, Simplified Home Office Deduction
      2. Filling Out Form 8829
      3. Understanding the Downsides to Home Office Deductions
    5. Chapter 10: Estimated Taxes, Self-Employment Taxes, and Other Common Forms
      1. Form 1040-ES: Estimated Tax for Individuals
      2. Keeping Current on Your Employees’ (and Your Own) Tax Withholding
      3. Schedule SE: Self-Employment Tax
      4. Form 8889: Health Savings Accounts (HSAs)
  7. Part 3: Getting Help
    1. Chapter 11: Dealing with Notices and Audits
      1. Understanding the Basics You’ll Find on an IRS Notice
      2. Assessing Assessment Notices
      3. Handling Non-Assessment Notices
      4. What You Should Know about Audits
      5. Correcting IRS Errors
      6. Amending a Return
      7. Taking Action Even When You Can’t Pay Your Taxes
      8. Reducing Your Chances of Being Audited
    2. Chapter 12: Keeping Up with and Researching Tax Strategies and Rules
      1. The Benefits of Preparing Your Own Return
      2. Using IRS Publications
      3. Buying Software
      4. Accessing Internet Tax Resources
      5. Hiring Help
    3. Chapter 13: Paying for Tax Help
      1. Deciding to Hire Tax Help
      2. Finding Tax Advisors
      3. Interviewing Prospective Tax Advisors
  8. Part 4: The Part of Tens
    1. Chapter 14: Ten+ Useful Apps and Software Packages for Small Business Tax Issues
      1. Tracking Expenses with Expensify
      2. Processing Sales with Square
      3. Managing Transactions with EMS+
      4. Marking Miles with MileIQ
      5. Managing Your Accounting with QuickBooks
      6. Handling Accounting and Invoicing with FreshBooks
      7. Preparing Taxes with TurboTax Self-Employed
      8. Completing Taxes with H&R Block Tax Preparation and Filing Software
    2. Chapter 15: Ten Often Overlooked Tax Reduction Opportunities
      1. Invest in Wealth-Building Assets
      2. Fund Some Retirement Accounts
      3. Contribute to a Health Savings Account
      4. Work Overseas
      5. Calculate Whether a Deduction Is Worth Itemizing
      6. Trade Consumer Debt for Mortgage Debt
      7. Consider Charitable Contributions and Expenses
      8. Scour for Self-Employment Expenses
      9. Married Couples Should Crunch the Numbers on Filing Separately
      10. Tax Breaks for Minority Owned Businesses and Those in Low-Income Areas
    3. Chapter 16: Ten Resources to Turn to After Reading This Book
      1. To Develop a Good Business Plan and Improve Your Small Business
      2. To Whip Your Finances into Shape
      3. To Select the Best Business Entity
      4. To Set Up an Accounting and Financial Management System
      5. To Hone Your Investment Savvy for Your (and Your Employees’) Retirement Funds
      6. For Help with Payroll Regulations and Employee Tax Withholdings
      7. To Dig Deeper into IRS Rules and Regulations
      8. To Deal with IRS Collection Efforts
      9. For More Detailed Advice about All Aspects of Your Income Tax Return
      10. For Assistance in Preparing Your Income Tax Return
  9. Index
  10. About the Author
  11. Advertisement Page
  12. Connect with Dummies
  13. End User License Agreement

Product information

  • Title: Small Business Taxes For Dummies, 3rd Edition
  • Author(s): Eric Tyson
  • Release date: February 2022
  • Publisher(s): For Dummies
  • ISBN: 9781119861140