By Barbara Weltman
Cease PAYING extra TAXES in your BUSINESS-TODAY! Small companies are colossal information. they're ecocnomic, versatile, and efficient. yet come tax time, such a lot small company proprietors are at a loss. allow small company and tax specialist Barbara Weltman assist you maximize your deductions and reduce your funds with J.K. Lasser's New principles for Small enterprise Taxes. With the hot tax legislation in impression, many favorable tax adjustments were made for small company owners-but until you are a tax specialist, it's possible you'll now not notice the entire methods a small company can make the most of either new and present tax legislation. J.K. Lasser's New ideas for Small company Taxes grants a whole assessment of small enterprise tax making plans in an obtainable and pleasant demeanour. concentrating on recommendations that assist you use deductions, company source of revenue, and different elements of what you are promoting to avoid wasting in the course of tax time, this accomplished consultant is all you must stay alongside of Uncle Sam. The valuable suggestion and assistance during this booklet will convey you ways your activities in enterprise at the present time can impact your base line from a tax standpoint the following day. during this quantity, you will discover: * exact assurance of latest tax legislation and IRS principles * a whole rundown of accessible enterprise expenditures * complete info on each one deductible cost, together with buck limits and record-keeping specifications * transparent directions on the place to record source of revenue and declare deductions in your tax kinds * pattern kinds and useful checklists that might maintain you prepared in the course of tax time * making plans techniques which could assist you run a tax-smart company all yr long-and steer clear of issues of the IRS J.K. Lasser-Practical publications for your entire monetary wishes Please stopover at our website at www.jklasser.com
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Extra resources for J.K. Lasser's New Rules for Small Business and Tax
The election is made simply by reporting all of the gain on the appropriate tax form or schedule. Once made, however, this election generally is irrevocable. Other accounting methods include, for example: Special Accounting for Multi-Year Service Warranty Contracts and Special Rules for Farmers. ACCOUNTING FOR DISCOUNTS YOU RECEIVE. When vendors or other sellers give you cash discounts for prompt payment, there are two ways to account for this discount, regardless of your method of accounting. They are: CCC-Weltman 1 (1-56) 10/29/01 12:41 PM Page 43 TAX YEAR AND ACCOUNTING METHODS • Deduct the discount as a purchase in ﬁguring the cost of goods sold.
1 percent in 2001. Excess accumulations are those above an exemption amount ($250,000 for most businesses, but only $150,000 for PSCs) plus amounts for the reasonable needs of the business. Thus, for example, amounts retained to ﬁnance planned construction costs, to pay for a possible legal liability, or to buy out a retiring owner are reasonable needs not subject to penalty regardless of amount. 1 percent to 35 percent, the PHC penalty and the accumulated earnings tax decline accordingly. Employees If you do not own any interest in a business but are employed by one, you may still have to account for business expenses.
An individual and a C corporation (other than a PSC) in which he or she owns more than 50 percent of the corporation’s outstanding stock (based on the stock’s value). Stock ownership may be direct or indirect. Direct means that the individual holds the stock in his or her name. Indirect ownership means the stock is owned by a member of the individual’s immediate family (listed above) or by a corporation, partnership, estate, or trust owned in full or in part by the individual. If the individual has only a partial ownership interest, that same proportion of stock owned by the entity is treated as owned by the individual.
J.K. Lasser's New Rules for Small Business and Tax by Barbara Weltman