Small Business Taxes Made Easy

Acknowledgments Introduction: A Letter from Eva Rosenberg to You, the Business Owner Lighten Up How to Use This Book 1 SMALL BUSINESS CHECKLIST Three Indicators Will Predict the Success of the Business So What Do You Need to Do? The Checklist in To-Do OrderChecklist Resources 2 BUSINESS PLANS YOU KNOW AND TRUST Chapter 2 Exercise-Create a Business Plan Why You Need a Business Plan Real Business-Planned Losses General Benefits The Fine Line Between Success and Failure Exit Plans for Fun and Profit Let\'s Not Fail Due to Success Outline of a Plan Rebalancing Your Business Plan for Tax Consequences Business Plan Books and Resources 3 ENTITIES Decisions, Decisions, Decisions What Do You Want to Be When You Grow Up? Major Issues Related to Entities Entities, in All Their Glory A Brief Word About Nevada, Delaware, and WyomingCorporations What About Nonprofits? Entities We\'re Not Discussing All the Highlights in One Place Your Big Decision Entity Resources 4 RECORD KEEPING Keeping Records Is a Pain! Types of Accounting Systems Doing It by Hand The IRS Says It All Fiscal Year Accounting Styles Records You Must Keep How Long Should You Keep Records? Glossary of Bookkeeping TermsRecord-Keeping Resources5 INCOME Money In, Money Out, Wave Your Hands All About A Capital Idea What Is Income? Timing of Income A Brief Note About Accrual Basis Sales Taxes Received-Are They Your Money? Income Rarely Reported The IRS Has a Cash Audit Guide 1099s Your Business Receives So What the Heck Is Income? Income Resources 6 COMMON DEDUCTIONS Rule of Thumb Universally Deductible It\'s All About You Mixed-Use Assets Depreciation More Deductions Than You Can Imagine Deduction Resources 7 OFFICE IN HOME The Song Is Right! Let\'s Stay Home It\'s a Red Flag
 It\'s Just Asking for an Audit Another Attractive Change to the Law AffectingHomeowners Only Simplify, Simplify Inner Space Two Critical Reminders Prove It, Baby! What Are Office-in-Home Expenses? When You Can\'t Use Office-in-Home Deductions Evaluate Your Options A Final Note-and a Final Story Office-in-Home Resources 8 VEHICLES: EVERYONE\'S FAVORITE DEDUCTION Deducting Auto Expenses Should I Lease or Buy? The Cons of Depreciation Give Yourself Credit Vehicle Resources 9 EMPLOYEES AND INDEPENDENT CONTRACTORS Who Is an Employee? Protecting Yourself from Independent Contractor Claims What Are 1099-MISCs? Payroll and Payroll Taxes Payroll Across Entities Hiring Family Members Paying Payroll Preparing Payroll: Checks, Journals, Reports Reporting Payroll Employee Benefits Employee Ownership and Stock Options Summing Up Employees Employee and Independent Contractor Resources 10 OWNERS\' FRINGE BENEFITS, RETIREMENT,AND TAX DEFERMENT Fringe Benefits and Reimbursements Retirement Plans Tax-Deferred Opportunities Using the IRS to Your Advantage Benefits Resources 11 ESTIMATED PAYMENTS Estimated Payments Overview My Short Method Worst-Case Scenario Computing Your Estimated Installment Payments Paying the Tax Tips to Reduce Penalties for Underpayment of Estimated Tax Don\'t Overpay Your Estimates If You\'re in Trouble Estimated Payment Resources 12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES WWW = Who, What, Where? What? I Thought There Was No Internet Tax Nexus Internet Sales Tax Issues Rents and Services-Domestic and Abroad Legal Issues on the Internet In the End Online Business Resources 13 TAX NOTICES, AUDITS, AND COLLECTION NOTES Dealing with Basic Tax Notices for Individual ReturnsIRS AuditsWhat Will Happen During the Audit? Negotiating Audit Reconsiderations, Appeals, and Tax Court:Some Brief Words Owing Taxes How About Filing Bankruptcy? Summary of IRS Interactions Tax Notices, Audits, and Collection Notes Resources Epilogue:Some Final Words of Advice-and Resources to Rely On Index