J.K. Lasser's Small Business Taxes 2023 Your Complete Guide to a Better Bottom Line

Comprehensive guide to small business tax write-offs and strategies from a leading name in tax

Small business owners in the US face enough challenges without overpaying tax. Despite this, millions of small businesses miss out on crucial deductions, tax credits, and tax-saving moves every year, resulting in higher-than-necessary tax bills. In J.K. Lasser’s Small Business Taxes 2023: Your Complete Guide to a Better Bottom Line, renowned attorney and small business advocate Barbara Weltman offers a thorough and exhaustively researched roadmap to legally minimizing your tax liability and maximizing your deductions and credits.

In the book, you’ll find tax facts and planning strategies that help you make business decisions in the most tax-efficient way possible. You’ll also discover:

• A complete list of the business expense deductions and tax credits available to you and what you need to do to qualify for them
• Up-to-date info on current tax law and procedure, including information on the latest relevant legislation
• Guidance on avoiding tax penalties and minimizing audit risk
• A heads-up on coming changes to help you plan for next year’s taxes
• Sample forms and checklists to help you get organized and help you stay tax compliant
• A free e-supplement that includes the latest developments from the IRS and Congress

A concise and plain-English guide for every small business owner in America, Small Business Taxes 2023 is the detailed and accessible tax overview you’ve been waiting for.

BARBARA WELTMAN is an attorney and a nationally recognized expert in taxation for small businesses, as well as the author of many top-selling books on taxes and finance, including J.K. Lasser’s 1001 Deductions & Tax Breaks. She is also the publisher of Idea of the Day^® and Big Ideas for Small Business^®, a contributor to SBA.gov, and quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Consumer Reports). Visit her at www.BigIdeasForSmallBusiness.com.

Preface v

Introduction ix

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 36

3. Recordkeeping for Business Income and Deductions 51

Part 2 Business Income and Losses 61

4. Income or Loss from Business Operations 63

5. Capital Gains and Losses 95

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, Meals, and Gift Expenses 160

9. Car and Truck Expenses 182

10. Repairs, Maintenance, and Energy Improvements 205

11. Bad Debts 221

12. Rents 232

13. Taxes and Interest 242

14. First-Year Expensing, Depreciation, Amortization, and Depletion 257

15. Advertising Expenses 290

16. Retirement Plans 296

17. Casualty and Theft Losses 334

18. Home Office Deductions 348

19. Medical Coverage 366

20. Deductions and Tax Credits for Farmers 385

21. Qualified Business Income Deduction 396

22. Miscellaneous Business Deductions 410

23. Roundup of Tax Credits 444

Part 4 Tax Planning for Your Small Business 457

24. Income and Deduction Strategies 459

25. Distributions from Your Business 473

26. Tax Strategies for Opening or Closing a Business 477

27. Tax Strategies for a Sideline Business 490

28. Tax Strategies for Multiple Businesses 494

29. Alternative Minimum Tax 499

30. Other Taxes 504

31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 522

32. Retirement and Succession Planning 535

33. Working with CPAs and Other Tax Professionals 543

34. Handling Audits with the IRS 547

Appendix A. Information Returns 553

Appendix B. Tax Penalties 561

Appendix C. Checklist of Tax-Related Corporate Resolutions 567

Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 569

Index 573

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