Preface v Introduction vii Part 1 Organization 1 1. Business Organization 3 2. Tax Year and Accounting Methods 36 3. Recordkeeping for Business Income and Deductions 51 Part 2 Business Income and Losses 61 4. Income or Loss from Business Operations 63 5. Capital Gains and Losses 96 6. Gains and Losses from Sales of Business Property 117 Part 3 Business Deductions and Credits 129 7. Employee Compensation: Salary, Wages, and Employee Benefits 131 8.

Travel, Meals, and Gift Expenses 166 9. Vehicle Expenses 187 10. Repairs, Maintenance, and Energy Improvements 215 11. Bad Debts 234 12. Rents 245 13. Taxes and Interest 255 14. Expensing, Depreciation, Amortization, and Depletion 274 15. Advertising Expenses 308 16.

Retirement Plans 314 17. Casualty and Theft Losses 359 18. Home Office Deductions 372 19. Medical Coverage 389 20. Deductions and Tax Credits for Farmers 410 21. Qualified Business Income Deduction 421 22. Miscellaneous Business Deductions 436 23. Roundup of Tax Credits 470 Part 4 Tax Planning for Your Small Business 483 24.

Income and Deduction Strategies 485 25. Distributions from Your Business 497 26. Tax Strategies for Opening or Closing a Business 501 27. Tax Strategies for a Sideline Business 514 28. Tax Strategies for Multiple Businesses 518 29. Alternative Minimum Tax 523 30. Other Taxes 527 31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 545 32.

Retirement and Succession Planning 558 33. Working with CPAs and Other Tax Professionals 566 34. Handling Audits with the IRS 570 35. Using IRS Services 575 Appendix A. Information Returns 582 Appendix B. Tax Penalties 591 Appendix C. Checklist of Tax-Related Corporate Resolutions 598 Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 600 Index 603.