Business Owners Need Tax Professionals, but Here's Why You Need a Tax Guide

This practical guide shows how your actions in business today can affect your bottom line from a tax perspective tomorrow.



The Wall Street Journal called Barbara Weltman the guru of small businesses taxes. 

She brings her insight and guidance to you in J.K. Lasser’s Small Business Taxes 2018. This tax guide helps business owners make sense of their taxes and file correctly, on time, and without over- or underpaying. It’s written in a straightforward and accessible style, and is peppered with sample forms, schedules, and worksheets.

One reviewer wrote “it simplified everything you need to know about taxes” another said “there is a lot of information in here that I had not seen anywhere else” and a third shared “my favorite way to read the book is to just open the book to any page and learn some new information.”

The vast majority of business owners use CPAs or other tax professionals, so why do they need a tax guide?

“As a small business owner, your obligations taxwise are broad. Not only do you have to pay income taxes and file income tax returns, but you must also manage payroll taxes if you have any employees. You may also have to collect and report state and local sales taxes. Some businesses, such as farms, may have excise tax responsibilities. Finally, you may have to notify the IRS of certain activities on information returns.”

And it’s up to you as the business owner to make tax-smart business decisions for your operations throughout the year.

For example, should you buy or lease equipment, hire a new employee or use an independent contractor, operate as a sole proprietor or incorporate your business?

This book covers all the bases, including special strategies focusing on opening and closing a business, operating multiple businesses, and addressing retirement and succession planning.

It explains how apps can be used to meet recordkeeping requirements and which benefit plans can help you attract and retain valued employees while saving the business money. For example, using an “accountable plan” for reimbursing employees’ travel and entertainment costs can save income and payroll taxes for the business and employees.

This practical guide shows how your actions in business today can affect your bottom line from a tax perspective tomorrow. The 2018 edition is for 2017 returns and year-round planning. There’s a free online supplement in February 2018 covering post-publication developments, including possible tax reform. Find the book here.

Related articles:

10 Tips to Help You Choose a Tax Preparer 

New Tax Year- New Tax Law, Small Business Owners Need to Know

Small Business Tax Time…It’s All In the Prep

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