9th edition Tax Savvy for Small Business Year-Round Tax Strategies to Save You Money by Attorney Frederick W Daily edited by Bethany Laurence always up to date The law changes, but Nolo is always on top of it! We offer several ways to make sure you and your Nolo products are always up to date: Nolo’s Legal Updater We’ll send you an email whenever a new edition of your book is published! Sign up at www.nolo.com/legalupdater Updates @ Nolo.com Check www.nolo.com/updates to find recent changes in the law that affect the current edition of your book Nolo Customer Service To make sure that this edition of the book is the most recent one, call us at 800-728-3555 and ask one of our friendly customer service representatives Or find out at www.nolo.com NOLO please note We believe accurate and current legal information should help you solve many of your own legal problems on a cost-efficient basis But this text is not a substitute for personalized advice from a knowledgeable lawyer If you want the help of a trained professional, consult an attorney licensed to practice in your state NOLO 9th edition Tax Savvy for Small Business Year-Round Tax Strategies to Save You Money by Attorney Frederick W Daily edited by Bethany Laurence Ninth Edition SEPTEMBER 2005 Editor DIANA FITZPATRICK Illustrations MARI STEIN Cover Design SUSAN PUTNEY Book Design TERRI HEARSH Production SARAH HINMAN Proofreading ROBERT WELLS Index SONGBIRD INDEXING SERVICES Printing CONSOLIDATED PRINTERS, INC Daily, Frederick W., 1942Tax savvy for small business : year-round tax strategies to save you money / by Frederick W Daily ; edited by Bethany Laurence 9th ed p cm Includes index ISBN 1-4133-0391-9 (alk paper) Small business Taxation Law and legislation United States Tax planning United States I Laurence, Bethany K., 1968- II Title KF6491.D35 2005 343.7305'268 dc22 2005051823 Copyright © 1995, 1996, 1997, 1998, 1999, 2001, 2002, 2003, 2004, and 2005 by Frederick W Daily ALL RIGHTS RESERVED Printed in the U.S.A No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission For information on bulk purchases or corporate premium sales, please contact the Special Sales Department For academic sales or textbook adoptions, ask for Academic Sales Call 800-955-4775 or write to Nolo, 950 Parker Street, Berkeley, CA 94710 Dedication To my wife, Brenda, who has brought me everything that is good in life Acknowledgments Trying to translate the tax code into plain English for the small business owner was a challenge that all but overwhelmed me Without the help of many others I could not have done it Nolo has some of the most caring (and careful) editors on the face of this earth First and foremost in both categories is Mary Randolph Other Nolo folks with a hand in the project were Jake Warner, Robin Leonard, Lisa Goldoftas, and Steve Fishman Stephanie Harolde, Ely Newman, Robert Wells, and Susan Cornell made valuable contributions in copyediting, proofreading, and production Much thanks to Beth Laurence in updating the new editions Thank you one and all for putting up with me My peers in the tax community contributed immensely and without complaint The most helpful in making sure the things you need to know were covered: Chris Kollaja, CPA; Dewey Watson, Tax Attorney (both in San Francisco); Lew Hurwitz, EA (Oakland); Steven Mullenniex, EA (Berkeley); Malcolm Roberts, CPA, of Roberts Schultz & Co in Berkeley; and Gino Bianchini, Tax Attorney (Newport Beach) A special thanks to Richard L Church, CPA (Southwest Harbor, Maine), and to Jeff Quinn, CPA, of Incline Village, Nevada A special thanks in updating Chapter 15, Retirement Plans, goes out to Craig Schiller, CPC, owner of Schiller’s Pension Consulting in Burlingame, California (craig@schillerspension.com) Craig’s firm handles my retirement plan needs Table of Contents I Introduction A Taxes for Small Businesses and the Self-Employed I/2 B How Tax Law Is Made and Administered: The Short Course I/4 C Sources of Tax Law I/5 D Marginal Tax Rate and Tax Brackets I/6 E The Alternative Minimum Tax (AMT) I/6 Part 1: The Basics Deductible Expenses A What Is a Deductible Business Expense? 1/3 B Is It a Current or Future Year Expense? 1/5 C Top 25 Deductions for Businesses 1/5 D Vehicle Expenses 1/15 E How and Where to Claim Expense Deductions 1/19 F What Is—And Isn’t—Income? 1/20 Writing Off Business Assets A When Various Expenses May Be Deducted 2/3 B Section 179: Expensing Business Assets 2/5 C Depreciating Business Assets 2/8 D Tax Basis of Business Assets 2/15 E Leasing Instead of Buying Assets 2/18 F When You Dispose of Business Assets: Depreciation Recapture Tax 2/20 G Tax Errors in Depreciation 2/21 INDEX/ TAX SAVVY FOR SMALL BUSINESS Small Business Administration (SBA), 22/6 Small Business Development Centers (SBDCs), 22/6 Social Security Administration, 22/4 Social Security benefits, effect of working on, 12/5 Social Security tax See FICA Software for tax preparation, 22/6–7, 22/8, 23/7 Sole proprietorships, 6/2–9, 17/2–6 audit potential, 13/6, 13/9, 19/4 buying assets of, 16/3 claiming expense deductions, 1/19 deductions for travel, 1/10 employment tax rules, 6/7 ending the business, 6/9 estimated tax payments, 6/6–7 growing out of, 6/8–9 health insurance benefits, 14/9 incorporating, 6/8–9, 23/7 IRS collection efforts and, 18/6 LLC compared to, 10/3 married couple as, 12/6 operating losses, 4/2–3 profits left in the business, 6/2 record keeping, 6/8 reporting taxes, 6/3–6 selling, 17/2–6 See also Deductible business expenses Special allocations in partnerships, 9/7, 9/9 Spouse See Married couples Standard mileage method for vehicle expense, 1/16–18 Start-up issues of C corporations, 7/11–15 deductibility of costs, 1/6 permits, 6/8 State taxes and fees buying or selling unincorporated businesses, 16/3 death taxes, 12/7 forming LLCs, 10/4–5 incorporation and, 7/4, 23/7 liens based on, 16/5 on LLCs, 10/2 for partnerships, 9/3–4 for S corporations, 8/5 transfer taxes, 16/8 vehicle license fees, 1/19 Statute of limitations, 19/5, 19/14 Statutory employee, IRS definition of, 5/12 Statutory nonemployee, IRS definition of, 5/12 Stock, buying shares of, 16/3–6 Stock options, tax-deferred nature of, 14/3 Stock owners See Shareholders Straight-line depreciation method, 2/10 Subscriptions as fringe benefit, 14/8 Substantial compliance rule, 19/13 Substituted basis, 2/17 Summons issued by IRS, 18/7, 19/8 Supply expenses, 1/8 SUVs and trucks, depreciating, 2/11–12 Sweetheart deals, 17/4 T Tax-advantaged retirement plans See Retirement plans Tax advice, 1/7–8 Tax attorneys, 19/9, 22/8 See also Tax professionals Tax basis of business assets, 2/15–18 for home office deductions, 13/8 for like-kind exchanges, 2/21 loan to your S corporation and, 8/8 in partnerships, 9/10 selling interest in partnership and, 9/13–14 transferring assets to a new corporation, 7/13–15 Tax code See Internal Revenue Code Tax credits, 1/15, 15/3 Tax dates and penalties, 5/16–17 Tax debts, 18/2–12 asking for more time, 18/3 buying a business, 16/3 designating payment on delinquent bills, 21/6–7 enforced collection by IRS, 18/10–12 installment payment plans, 18/3–5, 19/20, 20/5 less than $25,000, 18/3 options for dealing with unpayable, 18/7–10 overview, 18/2–3 tax collectors, 18/5–7 INDEX Tax deductions See Deductible business expenses Tax-discounting the value of a family business, 12/11 Taxes buying shares of stock and liability for, 16/3–4 carryback, 4/3 carryforward, 2/6–7, 4/3, A2, 4/4–5 on C corporation retained earnings, 7/7–10 deductibility of, 1/13, 6/6 estate tax strategies, 12/7–12 estimated tax payments, 6/6–7 FAQs, 23/3–8 federal tax rate chart for corporations, 7/7 finding information about, 22/2–7 on gain or loss in selling sole proprietorship, 17/3 for LLCs, 10/2–3, 10/4 for PSCs, 11/3–4, 11/4–5 on real estate, 1/13 retirement plan issues, 15/13–14 sale of home used for home-based business and, 13/9 See also Employer tax concerns; Income taxes; Payroll taxes Tax fraud, avoiding charges of, 19/8–9 Tax-free benefit requirements, 14/3–4 Tax guides, private, 22/6–7 Tax law on business losses and failures, 4/2–5 federal court interpretations of, 22/6 federal government and, 22/2–3 See also Internal Revenue Code Taxpayer Bill of Rights, 18/3, 19/7, 19/17–18 Tax planning as fringe benefit, 14/13 Tax preference items, 7/21 Tax professionals CPAs, 3/13, 22/8 enrolled agents, 19/9, 22/8 IRS appeals and, 20/3–4 IRS audits and, 19/9 overview, 22/7–9, 23/7–8 tax attorneys, 19/9, 22/8 tax court and, 20/7 Tax rates for capital gains, 9/14 INDEX/15 for corporations, 7/7 Tax refunds, corporate, 4/5 Tax reporting for C corporations, 7/7 for LLCs, 10/2 by partnerships, 9/3–4, 9/7–9 for S corporations, 8/5–7 See also Record keeping Tax return preparers, 22/7–8 Tax returns, investigating a business with, 16/4 Tax shelters, microbusinesses as, 13/9–11 Tax withholding, 15/15 Tax year election, 3/14, 11/3 TELETAX, 22/4 Temporary assignment relocations, 14/6 TFRP (trust fund recovery penalty), 5/5, 18/9 Thirty-day letter from IRS, 20/2–3 “3 of 5” test of profit motive, 13/10–11 Trade association publications, 22/7 Trade-in allowances, 2/8 Trade or barter, 1/20, 2/17 Traditional IRAs, 15/4–6, 15/7, 15/14 Transportation deductions, 1/9; Travel expenses deductibility of, 1/9–10, 23/5 as fringe benefit, 14/5–7 record keeping, 3/8–9, 14/6, 19/10–11, 19/12 Treasury Regulations, 22/5 Trials (tax court), 20/6–7 Trucks and SUVs, depreciating, 2/11–12 Trust fund recovery penalty (TFRP), 5/5, 18/9 U UCC (Uniform Commercial Code), 16/5 Unemployment insurance payroll taxes, 5/3 Uniform Commercial Code (UCC), 16/5 Unincorporated businesses See Limited liability companies; Partnerships; Sole proprietorships Unlimited marital deduction, 12/9 U.S Tax Court appeals, 20/5–8 U.S Tax Court cases as information source, 22/6 User fee for IRS installment plans, 18/3 INDEX/ TAX SAVVY FOR SMALL BUSINESS V W Vacation facilities as fringe benefit, 14/12 Valuing inventory, 2/3–4 Vehicles deducting expenses, 1/15–19 depreciating, 2/9, 10–12 as fringe benefit, 14/3, 14/4 leasing versus buying, 2/11, 23/4 record keeping for, 19/10, 19/12 tax basis for, 2/18–20 Verification versus justification, 19/19 Wage 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ORDER IT ONLINE AT NOLO.COM 0 - 728-3555 or www.nolo.com About the Author Fred Daily graduated from the University of Florida College of Law in 1968 He later received a tax law degree and is now a practicing tax attorney in Idaho and Florida He is a frequent speaker at continuing education programs for tax professionals and is an adjunct professor at Golden Gate University’s Graduate School of Taxation He has appeared on numerous radio and national television programs, including Good Morning America Fred is also the author of Stand Up to the IRS (Nolo), a problem-solving manual for individuals dealing with the IRS He strongly believes that an educated taxpayer can beat the IRS at its own game In his free time, Fred does some world traveling, enjoys numismatics, Shakespeare, and rides his motorcycle You may contact the author by writing to him c/o Nolo, 950 Parker Street, Berkeley, California 94710, or by email: suirs@aol.com ... consult an attorney licensed to practice in your state NOLO 9th edition Tax Savvy for Small Business Year-Round Tax Strategies to Save You Money by Attorney Frederick W Daily edited by Bethany.. .9th edition Tax Savvy for Small Business Year-Round Tax Strategies to Save You Money by Attorney Frederick W Daily edited by Bethany Laurence always up to date The law changes,... CONSOLIDATED PRINTERS, INC Daily, Frederick W., 194 2Tax savvy for small business : year-round tax strategies to save you money / by Frederick W Daily ; edited by Bethany Laurence 9th ed p cm Includes