Publisher's Synopsis
When does nontaxable business income become taxable? How do you calculate the cost of goods sold? What can be deducted? What is a fixed asset? This no-nonsense guide answers these common questions and more, empowering small business owners to understand how and why they are taxed and maximize their deductions. You'll learn when depreciation begins, how to classify payments to employees, how to track inventory and sales, and strategies for successful accounting.
Coverage also includes:
- Tax benefits for employers
- Business classifications
- S corporation tax issues
- Deductible expenses
- Retirement plans
- Shareholder loans
- Family employee payroll
- And more
