J.K. Lasser's Small Business Taxes 2024
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J.K. Lasser's Small Business Taxes 2024 Your Complete Guide to a Better Bottom Line

By Barbara Weltman
John Wiley & Sons November 2023

Specifications

ISBN-13
9781394192472
Publisher
John Wiley & Sons
Publication
November 2023
Format
Paperback , 624 pages
Jurisdiction
U.S. ? Countri(es) for reference only

Details

Expert small business tax guidance from America’s favorite expert

In the newly revised J.K. Lasser’s Small Business Taxes 2024: Your Complete Guide to a Better Bottom Line, renowned small business attorney and tax expert Barbara Weltman delivers the latest and most up-to-date edition of America’s most trusted small business tax guide. In the book, you’ll explore exactly how to minimize your 2023 business tax bill and position your business for 2024 tax savings with straightforward and comprehensive guidance that walks you through which deductions and credits to look out for and how to claim them.

You’ll discover what kinds of tax relief and green energy tax breaks are legally available to your small business and how to access them, complete with specific instructions on how to properly fill out IRS tax forms, what records to keep in case the IRS has questions, and applicable dollar limits. You’ll also find:

  • Tax facts, strategies, checklists, and the latest information you need to ensure you pay what you legally owe – and not a penny more
  • Sample IRS forms that demonstrate how to properly claim the deductions and credits that apply to your small business
  • New tax laws and the latest court decisions and IRS rulings that impact your bottom-line
  • A complimentary new e-supplement containing the latest developments from the Internal Revenue Service (IRS) and Congress

A must-read roadmap to properly completing this year’s business taxes, J.K. Lasser’s Small Business Taxes 2024 is your comprehensive and up-to-date guide to legally minimizing your tax bill while making sure Uncle Sam gets what he’s owed.

Table of Contents

Preface vii

Introduction xi

Part 1 Organization 1

1. Business Organization 3

2. Tax Year and Accounting Methods 40

3. Recordkeeping for Business Income and Deductions 58

Part 2 Business Income and Losses 71

4. Income or Loss from Business Operations 73

5. Capital Gains and Losses 106

6. Gains and Losses from Sales of Business Property 127

Part 3 Business Deductions and Credits 141

7. Employee Compensation: Salary, Wages, and Employee Benefits 143

8. Travel and Entertainment Expenses 180

9. Car and Truck Expenses 211

10. Repairs, Maintenance, and Energy Improvements 241

11. Bad Debts 255

12. Rents 268

13. Taxes and Interest 279

14. First-Year Expensing, Depreciation, Amortization, and Depletion 294

15. Advertising Expenses 332

16. Retirement Plans 340

17. Casualty and Theft Losses 380

18. Home Office Deductions 395

19. Medical Coverage 415

20. Deductions and Tax Credits for Farmers 435

21. Domestic Production Activities Deduction 446

22. Miscellaneous Business Deductions 453

23. Roundup of Tax Credits 498

Part 4 Tax Planning for Your Small Business 511

24. Income and Deduction Strategies 513

25. Tax Strategies for Opening or Closing a Business 530

26. Tax Strategies for a Sideline Business 544

27. Tax Strategies for Multiple Businesses 549

28. Alternative Minimum Tax 555

29. Other Taxes 562

30. Filing Tax Returns and Paying Taxes 584

31. Retirement and Succession Planning 598

Appendix A. Information Returns 606

Appendix B. Checklist of Tax-Related Corporate Resolutions 614

Appendix C. List of Dollar Limits and Amounts Adjusted for Inflation 617

Index 621

About the Author

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, is quoted regularly in major publications (including the New York Times, the Wall Street Journal, and Money magazine), and hosts a monthly radio show. Visit her at www.barbaraweltman.com.

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