JK Lasser's Small Business Taxes 2010: Your Complete Guide to a Better Bottom Line » (Original)

Barbara Weltman is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance. She is also an experienced writer and has been featured in many media outlets, including the Wall Street Journal, Inc.com, Bloomberg TV, CNN, and CNBC, and is host of her own radio show, Build Your Business. Sign up for her free e-newsletter and daily tips at www.barbaraweltman.com.

The tax facts and strategies that every small business owner needs to know for their 2009 tax return and year-round planning

Owning a small business is a big responsibility. While all small business owners seek to improve their bottom line, few realize all the ways that both current and new tax laws can help them do so. With J.K. Lasser's Small Business Taxes 2010, you'll quickly discover how.

Written in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year. Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this practical guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.

In this fully updated volume, you'll find:

• Detailed coverage of the newest tax laws and IRS rules (including the American Recovery and Reinvestment Act of 2009)

• Planning strategies that can help you run a tax-smart business all year long

• Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements

• Clear instructions on where to report income and claim deductions on your tax forms

• Help with state taxes and a guide to information returns you may need to file

• Sample forms and checklists to help you prepare for tax time

• Access to a free online supplement to this book at JKLasser.com, which contains up-to-the-minute tax changes

Preface v

Introduction ix

Part 1 Organization 1

1 Business Organization 3

2 Tax Year and Accounting Methods 34

3 Recordkeeping for Business Income and Deductions 51

Part 2 Business Income and Losses 63

4 Income or Loss from Business Operations 65

5 Capital Gains and Losses 93

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 and Entertainment Expenses 158

9 Car and Truck Expenses 189

10 ssRepairs, Maintenance, and Energy Improvements 218

11 Bad Debts 231

12 Rents 243

13 Taxes and Interest 254

14 First-Year Expensing, Depreciation, Amortization, and Depletion 269

15 Advertising Expenses 307

16 Retirement Plans 314

17 Casualty and Theft Losses 347

18 Home Office Deductions 361

19 Medical Coverage 377

20 Deductions for Farmers 390

21 Domestic Production Activities Deduction 402

22 Miscellaneous Business Deductions 409

23 Roundup of Tax Credits 451

Part 4 Tax Planning For Your Small Business 463

24 Income and Deduction Strategies 465

25 Tax Strategies for Opening or Closing a Business 481

26 Tax Strategies for a Sideline Business 491

27 Tax Strategies for Multiple Businesses 495

28 Alternative Minimum Tax 501

29 Other Taxes 508

30 Filing Income Tax Returns and Paying Taxes 529

Appendix A Information Returns 539

Appendix B Checklist of Tax-Related Corporate Resolutions 546

Index 549