Preface v Introduction vii Part 1 Organization 1 1. Business Organization 3 2. Tax Year and Accounting Methods 37 3. Recordkeeping for Business Income and Deductions 52 Part 2 Business Income and Losses 63 4. Income or Loss from Business Operations 65 5. Capital Gains and Losses 98 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 164 9. Car and Truck Expenses 186 10. Repairs, Maintenance, and Energy Improvements 214 11. Bad Debts 232 12. Rents 243 13. Taxes and Interest 253 14. First-Year Expensing, Depreciation, Amortization, and Depletion 271 15. Advertising Expenses 305 16.

Retirement Plans 311 17. Casualty and Theft Losses 354 18. Home Office Deductions 367 19. Medical Coverage 384 20. Deductions and Tax Credits for Farmers 404 21. Qualified Business Income Deduction 415 22. Miscellaneous Business Deductions 430 23. Roundup of Tax Credits 464 Part 4 Tax Planning for Your Small Business 479 24.

Income and Deduction Strategies 481 25. Distributions from Your Business 495 26. Tax Strategies for Opening or Closing a Business 499 27. Tax Strategies for a Sideline Business 512 28. Tax Strategies for Multiple Businesses 516 29. Alternative Minimum Tax 521 30. Other Taxes 525 31. Filing Tax Returns, Paying Taxes, and Making Refund Claims 543 32.

Retirement and Succession Planning 556 33. Working with CPAs and Other Tax Professionals 564 34. Handling Audits with the IRS 568 Appendix A. Information Returns 573 Appendix B. Tax Penalties 581 Appendix C. Checklist of Tax-Related Corporate Resolutions 587 Appendix D. List of Dollar Limits and Amounts Adjusted for Inflation 589 Index 593.