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STOP PAYING MORE TAXES ON YOUR BUSINESS-TODAY! Small businesses are big news. They are profitable, flexible, and productive. But come tax time, most small business owners are at a loss. Let small business and tax expert Barbara Weltman help you maximize your deductions and minimize your payments with J.K. Lasser's New Rules for Small Business Taxes. With the new tax law in effect, many favorable tax changes have been made for small business owners-but unless you're a tax expert, you might not realize all the ways a small business can benefit from both new and current tax laws. J.K. Lasser's New Rules for Small Business Taxes gives you a complete overview of small business tax planning in an accessible and friendly manner. Focusing on strategies that help you use deductions, business income, and other aspects of your small business to save during tax time, this comprehensive guide is all you need to keep up with Uncle Sam. The invaluable advice and guidance in this book will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow. In this volume, you'll find: * Detailed coverage of new tax laws and IRS rules * A complete rundown of available business expenses * 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 * Sample forms and helpful checklists that will keep you organized during tax time * Planning strategies that can help you run a tax-smart business all year long-and avoid problems with the IRS J.K. Lasser-Practical Guides for All Your Financial Needs Please visit our Web site at www.jklasser.com
E-Book Content
J.K. LASSER’S™
NEW RULES FOR SMALL BUSINESS TAXES Barbara Weltman
John Wiley & Sons, Inc.
CCC-Weltman FM (i-xiv) 10/29/01 12:38 PM Page iii
CCC-Weltman FM (i-xiv) 10/29/01 12:38 PM Page i
J.K. LASSER’S™
NEW RULES FOR SMALL BUSINESS TAXES
CCC-Weltman FM (i-xiv) 10/29/01 12:38 PM Page ii
Look for these and other titles from J.K. LasserTM—Practical Guides for All Your Financial Needs J.K. Lasser’s Pick Winning Stocks by Edward F. Mrkvicka, Jr. J.K. Lasser’s Invest Online by LauraMaery Gold and Dan Post J.K. Lasser’s Year-Round Tax Strategies by David S. DeJong and Ann Gray Jakabin J.K. Lasser’s Taxes Made Easy for Your Home-Based Business by Gary W. Carter J.K. Lasser’s Finance and Tax for Your Family Business by Barbara Weltman J.K. Lasser’s Pick Winning Mutual Funds by Jerry Tweddell with Jack Pierce J.K. Lasser’s Your Winning Retirement Plan by Henry K. Hebeler J.K. Lasser’s Winning With Your 401(k) by Grace Weinstein J.K. Lasser’s Winning With Your 403(b) by Pam Horowitz J.K. Lasser’s Strategic Investing After 50 by Julie Jason J.K. Lasser’s Winning Financial Strategies for Women by Rhonda Ecker and Denise Gustin-Piazza J.K. Lasser’s Online Taxes by Barbara Weltman J.K. Lasser’s Pick Stocks Like Warren Buffett by Warren Boroson J.K. Lasser’s The New Tax Law Simplified J.K. Lasser’s New Rules for Retirement and Tax by Paul Westbrook
CCC-Weltman FM (i-xiv) 10/29/01 12:38 PM Page iii
J.K. LASSER’S™
NEW RULES FOR SMALL BUSINESS TAXES Barbara Weltman
John Wiley & Sons, Inc.
CCC-Weltman FM (i-xiv) 2/28/02 5:38 PM Page iv
This book is dedicated with love to my understanding husband, Malcolm Katt.
Copyright © 2002 by Barbara Weltman. All rights reserved. Published by John Wiley & Sons, Inc., New York. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior writ