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Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits will help the small business owner increase profits while feeling more comfortable dealing with taxes. It begins by looking at the often overlooked critical decision small business owners face when they start a business: the choice of business entity. The book then examines all the deductions that a business owner can take legally to reduce taxes. It also provides advice business owners need to make good tax-related decisions: Should I lease or buy? Should I hire an employee or outsource the task? How much will buying a building reduce my taxes and for how long?

Many people freeze up when they are forced to prepare or even think about taxes. Some receive a notice from the IRS and put it aside: They’re too scared to open it! Yet taxes for the most part follow common sense rules. You just need to know what they are and how they affect your decisions. In this book, readers will learn about the different business entities, the different taxes you must deal with (primarily income taxes), documentation procedures, how to work with a tax professional, how to handle an audit, and, in general, how to use the U.S. Tax Code to your advantage. Among other things, readers learn to take full advantage of tax benefits and avoid potholes hidden in things like:

Startup and ongoing expenses Cost of goods sold Depreciation Payroll Retirement plans In short, Tax Strategies for the Small Business Owner will not only help you relax when you deal with your taxes—it’ll show you how to use tax law to your financial benefit.

Inhaltsverzeichnis

Frontmatter

Before the Business Opens

Frontmatter

Chapter 1. The Business Entity

Abstract
The business of America is business.
Russell Fox

Chapter 2. An Overview of Taxation

Abstract
Don’t tax you, don’t tax me, tax that fellow behind the tree.
Russell Fox

Chapter 3. Before Your Business Opens

Abstract
The beginning is the most important part of the work.
Russell Fox

Day-to-Day Expenses

Frontmatter

Chapter 4. The Basics of Expenses

Abstract
The hardest thing in the world to understand is the income tax.
Russell Fox

Chapter 5. Cost of Goods Sold

Abstract
Whatever you tax, you get less of.
Russell Fox

Chapter 6. The Office

Abstract
I just filled out my income tax forms. Who says you can’t get killed by a blank?
Russell Fox

Chapter 7. The Car

Abstract
The avoidance of taxes is the only intellectual pursuit that carries any reward.
Russell Fox

Chapter 8. Travel

Abstract
You got to be careful if you don’t know where you’re going, because you might not get there.
Russell Fox

Chapter 9. Meals and Entertainment

Abstract
Look, we play the Star Spangled Banner before every game. You want us to pay income taxes, too?
Russell Fox

Chapter 10. Fixed Assets and Depreciation

Abstract
The income tax has made liars out of more Americans than golf.
Russell Fox

Employees, Payroll Taxes, and Benefit Plans

Frontmatter

Chapter 11. Other Deductions

Abstract
An income tax form is like a laundry list—either way you lose your shirt.
Russell Fox

Chapter 12. Employees and Wages

Abstract
I should fire you, but I don’t believe in mixing business with pleasure.
Russell Fox

Chapter 13. Payroll Taxes

Abstract
For every benefit you receive a tax is levied.
Russell Fox

Chapter 14. Medical Expenses

Abstract
He’s the best physician that knows the worthlessness of the most medicines.
Russell Fox

Chapter 15. Retirement Plans

Abstract
I need to retire from retirement.
Russell Fox

Other Items

Frontmatter

Chapter 16. Other Taxes

Abstract
There is no such thing as a good tax.
Russell Fox

Chapter 17. Dear Valued Taxpayer: When You Hear from the IRS

Abstract
The nine most terrifying words in the English language are, “I’m from the government and I’m here to help.”
Russell Fox

Chapter 18. Other Topics

Abstract
His ignorance is encyclopedic.
Russell Fox

Backmatter

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