Preface vii Introduction xi Part 1 Organization 1 1. Business Organization 3 2. Tax Year and Accounting Methods 44 3. Recordkeeping for Business Income and Deductions 62 Part 2 Business Income and Losses 75 4. Income or Loss from Business Operations 77 5. Capital Gains and Losses 116 6. Gains and Losses from Sales of Business Property 139 Part 3 Business Deductions and Credits 155 7. Employee Compensation: Salary, Wages, and Employee Benefits 157 8.

Travel, Meals, and Gift Expenses 205 9. Car and Truck Expenses 232 10. Repairs, Maintenance, and Energy Improvements 260 11. Bad Debts 280 12. Rents 294 13. Taxes and Interest 306 14. First-Year Expensing, Depreciation, Amortization, and Depletion 325 15. Advertising Expenses 367 16.

Retirement Plans 375 17. Casualty and Theft Losses 423 18. Home Office Deductions 440 19. Medical Coverage 462 20. Deductions and Tax Credits for Farmers 487 21. Qualified Business Income Deduction 500 22. Miscellaneous Business Deductions 515 23. Roundup of Tax Credits 559 Part 4 Tax Planning for Your Small Business 577 24.

Income and Deduction Strategies 579 25. Distributions from Your Business 597 26. Tax Strategies for Opening or Closing a Business 602 27. Tax Strategies for a Sideline Business 617 28. Tax Strategies for Multiple Businesses 622 29. Alternative Minimum Tax 629 30. Other Taxes 635 31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 657 32.

Retirement and Succession Planning 675 33. Working with CPAs and Other Tax Professionals 684 34. Handling Audits with the IRS 689 Appendix A. Information Returns 695 Appendix B. Tax Penalties 704 Appendix C. Checklist of Tax-Related Corporate Resolutions 711 Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 714 Index 719.