The tax facts and strategies that every small business owner needs to know 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 2012, 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. Includes detailed coverage of the newest tax laws and IRS rules Reveals strategies that can help you run a tax-smart business all year long Contains comprehensive information on each deductible expense, including dollar limits and record-keeping requirements Offers clear instructions on where to report income and claim deductions on your tax forms Includes a free online supplement at JKLasser.com, which contains up-to-the-minute tax law changes Other titles by Barbara Weltman: J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 Making the right tax moves can make your business better. Let J.K. Lasser?s Small Business Taxes 2012 show you how, with strategies and advice that will help you understand and plan for both today?s and tomorrow?s tax laws.

The tax facts and strategies that every small business ownerneeds to knowOwning a small business is a big responsibility. While all smallbusiness owners seek to improve their bottom line, few realize allthe ways that both current and new tax laws can help them do so.With J.K. Lasser?s Small Business Taxes 2012, you?ll quicklydiscover how. Written in a straightforward and accessible stylethis reliable resource offers a complete overview of small businesstax planning and provides you with the information needed to maketax-smart decisions throughout the year.Focusing on strategies that help you use deductions and taxcredits effectively, shield business income, and maximize otheraspects of small business taxes, this practical guide will show youhow your actions in business today can affect your bottom line froma tax perspective tomorrow.* Includes detailed coverage of the newest tax laws and IRSrules* Reveals strategies that can help you run a tax-smart businessall year long* Contains comprehensive information on each deductible expenseincluding dollar limits and record-keeping requirements* Offers clear instructions on where to report income and claimdeductions on your tax forms* Includes a free online supplement at JKLasser.com, whichcontains up-to-the-minute tax law changes* Other titles by Barbara Weltman: J.K. Lasser?s 1001Deductions & Tax Breaks 2012Making the right tax moves can make your business better. LetJ.K. Lasser?s Small Business Taxes 2012 show you how, withstrategies and advice that will help you understand and plan forboth today?s and tomorrow?s tax laws.

Preface vIntroduction ixPart 1 Organization 11. Business Organization 32. Tax Year and Accounting Methods 393. Recordkeeping for Business Income and Deductions 56Part 2 Business Income and Losses 694. Income or Loss from Business Operations 715. Capital Gains and Losses 1016. Gains and Losses from Sales of Business Property 121Part 3 Business Deductions and Credits 1337. Employee Compensation: Salary, Wages, and Employee Benefits1358. Travel and Entertainment Expenses 1709. Car and Truck Expenses 20110. Repairs, Maintenance, and Energy Improvements 23111. Bad Debts 24412. Rents 25613. Taxes and Interest 26714. First-Year Expensing, Depreciation, Amortization, andDepletion 28215. Advertising Expenses 32016. Retirement Plans 32717. Casualty and Theft Losses 36418. Home Office Deductions 37819. Medical Coverage 39520. Deductions for Farmers 41121. Domestic Production Activities Deduction 42322. Miscellaneous Business Deductions 43023. Roundup of Tax Credits 473Part 4 Tax Planning For Your Small Business 48724. Income and Deduction Strategies 48925. Tax Strategies for Opening or Closing a Business 50626. Tax Strategies for a Sideline Business 51727. Tax Strategies for Multiple Businesses 52228. Alternative Minimum Tax 52829. Other Taxes 53530. Filing Income Tax Returns and Paying Taxes 556Appendix A. Information Returns 567Appendix B. Checklist of Tax-Related Corporate Resolutions575Index 579