By Barbara Weltman
Organize to avoid wasting for those who plan with J.K. Lasser's Small enterprise Taxes, 2005 version As a small enterprise proprietor, the day by day tasks of preserving your organization up and operating could devour a majority of a while. And until you are a tax specialist, chances are you'll no longer observe the entire methods a small company can take advantage of either new and present tax legislation. yet with the 2005 version of J.K. Lasser's Small enterprise Taxes as your consultant, you do not have to be a tax specialist to avoid wasting on taxes and decrease tax liability—all you might want to do is persist with the confirmed tax information and sensible options inside of those pages. J.K. Lasser's Small enterprise Taxes, 2005 variation grants an entire evaluate of small company tax making plans in an obtainable and pleasant demeanour. targeting concepts that assist you use deductions successfully, guard company source of revenue, and maximize different features of small company taxes, this worthwhile ebook will express you ways your activities in enterprise this present day can have an effect on your final analysis from a tax point of view the next day. during this quantity you will find: making plans thoughts which could assist you run a tax-smart enterprise throughout the year targeted assurance of recent tax legislation and IRS principles, together with well-being rate reductions bills transparent directions on the place to record source of revenue and declare deductions in your tax varieties complete info on every one deductible cost, together with buck limits and record-keeping requisites support with nation taxes and a consultant to details returns you'll have to dossier pattern types and checklists that can assist you organize for tax time
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Additional info for JK Lasser's Small Business Taxes: Your Complete Guide to a Better Bottom Line, 2005 Edition
For example, the tax brackets for corporations are graduated. qxd 10/13/04 11:02 AM Page 25 BUSINESS ORGANIZATION graduated rates must be shared. In effect, each corporation pays a slightly higher tax because it is part of a group of multiple corporations. If you want to avoid restrictions on multiple corporations, you may want to look to LLCs or some other form of business organization. Tax Rates Both individuals and C corporations (other than PSCs) can enjoy graduated income tax rates. The top tax rate paid by sole proprietors and owners of other pass-through businesses is 35 percent for 2004.
Generally, you must use the percentage-of-completion method to report income and expenses from these long-term contracts. Under this method, you must estimate your income and expenses while the contract is in progress and report a percentage of these items relative to the portion of the contract that has been completed. However, income and expenses are not fully accounted for until the earlier of completion of the job and acceptance of the work or the buyer starts to use the item and 5 percent or less of the total contract costs remain to be completed.
When you are deciding on which form of business organization to choose, many factors come into play. Personal Liability If your business owes money to another party, are your personal assets—home, car, investment—at risk? The answer depends on your form of business organization. You have personal liability—your personal assets are at risk—if you are a sole proprietor or a general partner in a partnership. In all other cases, you do not have personal liability. Thus, for example, if you are a shareholder in an S corporation, you do not have personal liability for the debts of your corporation.
JK Lasser's Small Business Taxes: Your Complete Guide to a Better Bottom Line, 2005 Edition by Barbara Weltman