It is estimated that over 1,600 new businesses are started each day. While entrepreneurship has been forced upon many people during the economic downturn, most people who start a business do so in pursuit of a dream, or the quest for independence and financial security. The U.S. government, through its tax code, encourages entrepreneurship and small business start ups by providing small businesses with a number of tax incentives.
For small businesses, it is a double-edge sword, as the tax code can also be frustratingly complicated. The unfortunate reality is that many business owners, already overwhelmed with the demanding tasks of starting and managing their business, fail to treat the tax aspects of their business as a year-round endeavor. As a result, they are unable to take full advantage of the tax incentives, and worse, they fall into traps that can be very costly.
The purpose of this guide is to help you navigate the maze of tax issues that confront small businesses each day in order to make the filing process far less taxing.
The following topics are covered:
Small Business Taxation Overview
Planning Your Business for Tax Efficiency
Record Keeping Essentials
Paying Your Estimated Taxes
Calculating Business Capital Gains and Losses
Tax Implications of Financing Your Business
Structuring Retirement and Health Benefits for Maximum Tax Advatanges
Getting the Most from Business Deductions (while staying out of trouble)
Online Resources for Tax Help
365 Day Tax Planning