By Barbara Weltman
Cease PAYING extra TAXES in your BUSINESS-TODAY! Small companies are monstrous information. they're ecocnomic, versatile, and efficient. yet come tax time, so much small enterprise proprietors are at a loss. permit small enterprise and tax professional Barbara Weltman assist you maximize your deductions and reduce your funds with J.K. Lasser's New ideas for Small enterprise Taxes. With the recent tax legislation in impression, many favorable tax alterations were made for small enterprise owners-but except you are a tax specialist, you may no longer observe the entire methods a small enterprise can take advantage of either new and present tax legislation. J.K. Lasser's New principles for Small enterprise Taxes promises an entire evaluate of small company tax making plans in an obtainable and pleasant demeanour. targeting options that assist you use deductions, company source of revenue, and different facets of your corporation to save lots of in the course of tax time, this accomplished consultant is all you want to stay alongside of Uncle Sam. The important recommendation and suggestions during this publication will convey you the way your activities in company this day can have an effect on your base line from a tax point of view the next day. during this quantity, you will discover: * precise assurance of latest tax legislation and IRS principles * a whole rundown of accessible company expenditures * accomplished details on each one deductible cost, together with greenback limits and record-keeping necessities * transparent directions on the place to file source of revenue and declare deductions in your tax types * pattern types and priceless checklists that may continue you geared up in the course of tax time * making plans thoughts that may assist you run a tax-smart enterprise all 12 months long-and keep away from issues of the IRS J.K. Lasser-Practical publications for all of your monetary wishes Please stopover at our website at www.jklasser.com
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Additional info for J.K. Lasser's New Rules for Small Business and Tax
Under the 2-percent rule, only the portion of total miscellaneous deductions in excess of 2 percent of adjusted gross income is deductible on Schedule A. 21 CCC-Weltman 1 (1-56) 10/29/01 12:41 PM Page 22 22 ORGANIZATION Adjusted gross income is the tax term for your total income subject to tax (gross income) minus business expenses (other than employee business expenses), capital losses, and certain other expenses that are deductible even if you do not claim itemized deductions, such as qualifying IRA contributions or alimony.
If you are a small inventory-based business that has been using the accrual method and you want to change to the cash method, you can do so under automatic consent procedures. These procedures are explained in Revenue Procedure 2001-10 and in Revenue Procedure 99-49. In addition to the inventory limitation, certain types of business organizations generally cannot use the cash method of accounting. These include: SMALL INVENTORY-BASED BUSINESS EXCEPTION. • Corporations other than S corporations • Partnerships that have a corporation (other than an S corporation) as a partner • Tax shelters CCC-Weltman 1 (1-56) 10/29/01 12:41 PM Page 37 TAX YEAR AND ACCOUNTING METHODS However, there are exceptions under which some of these businesses can still use the cash method of accounting.
Remember that sole proprietors are not employees, so they cannot get the beneﬁts given only to employees. Similarly, partners, LLC members, and even S corporation shareholders who own more than 2 percent of the stock in their corporations are not considered employees and thus not eligible for fringe beneﬁts. If the business can afford to provide these beneﬁts, the form of business becomes important. All forms of business can offer tax-favored retirement plans. Nature and Number of Owners With whom you go into business affects your choice of business organization.
J.K. Lasser's New Rules for Small Business and Tax by Barbara Weltman