AARP J.K. Lasser's Small Business Taxes 2010 (eBook)

Barbara Weltman, an attorney for more than 25 years, is a nationally-recognized authority in the area of taxation and small business. She is the author of more than a dozen titles on business, taxes and finance, including The J.K. Lasser's Tax Deductions Small Business Taxes 2005 Edition, J.K. Lasser's 1001 Deductions and Tax Breaks 2005 Edition, as well as a number of continuing professional education courses for CCH Inc. and AICPA.

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. Repairs, 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