J.K. Lasser's New Rules for Small Business and Tax by Barbara Weltman

By Barbara Weltman

Cease PAYING extra TAXES in your BUSINESS-TODAY! Small companies are vast information. they're ecocnomic, versatile, and effective. yet come tax time, such a lot small enterprise proprietors are at a loss. permit small enterprise and tax specialist Barbara Weltman assist you maximize your deductions and reduce your funds with J.K. Lasser's New ideas for Small enterprise Taxes. With the hot tax legislations in influence, many favorable tax alterations were made for small company owners-but until you are a tax specialist, it's possible you'll no longer detect all of the methods a small enterprise can take advantage of either new and present tax legislation. J.K. Lasser's New ideas for Small enterprise Taxes grants a whole evaluation of small company tax making plans in an obtainable and pleasant demeanour. concentrating on innovations that assist you use deductions, enterprise source of revenue, and different elements of your online business to avoid wasting in the course of tax time, this finished advisor is all you want to stay alongside of Uncle Sam. The precious suggestion and suggestions during this booklet will express you ways your activities in company this day can have an effect on your base line from a tax viewpoint day after today. during this quantity, you will discover: * distinctive insurance of recent tax legislation and IRS ideas * a whole rundown of accessible company expenditures * entire info on each one deductible price, together with buck limits and record-keeping requisites * transparent directions on the place to document source of revenue and declare deductions in your tax types * pattern kinds and worthy checklists that might continue you geared up in the course of tax time * making plans options that may assist you run a tax-smart enterprise all 12 months long-and steer clear of issues of the IRS J.K. Lasser-Practical publications for your whole monetary wishes Please stopover at our website at www.jklasser.com

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You use the same tax year thereafter. If you commence your business in the middle of the tax year you have selected, your first tax year will be short. Example You start your S corporation in May 2001. It uses a calendar year to report expenses. The corporation will have a short tax year ending December 31, 2001, for its first tax year. Then, for 2002, it will have a full 12-month tax year. A short period may occur in the first or final year of business. For example, if you closed the doors to your business on May 1, 2001, even though you operated on a calendar year.

If you are the only owner, then your choices are limited to a sole proprietorship or a corporation (either C or S). Most states allow one-member LLCs. If you have more than one owner, you can set up the business in just about any way you choose. S corporations cannot have more than 75 shareholders, but this number provides great leeway for small businesses. If you have a business already formed as a C corporation and want to start another corporation, you must take into consideration the impact of special tax rules for multiple corporations.

Example You contributed $2,000 to the AB Partnership. In 2001 the partnership had sizable expenses and only a small amount of revenue. Your allocable share of partnership loss is $3,000. You may deduct only $2,000 in 2001, which is the amount of your basis in your partnership interest. You may deduct that additional $1,000 of loss when you have additional basis to offset it. There may be additional limits on your write-offs from partnerships and LLCs. If you are a passive investor—a silent partner—in these businesses, 15 CCC-Weltman 1 (1-56) 10/29/01 12:41 PM Page 16 16 ORGANIZATION your loss deduction is further limited by the passive activity loss rules.

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