The owner of a small business who has a reasonable knowledge of tax issues can save a substantial amount of money. The Small Business Tax Guide keeps you informed of the tax rules, so that you can take advantage of what the law allows. To this end, the Guide covers such matters as vehicle expense deductions, accelerated depreciation, payroll tax requirements, the deductibility of fringe benefits, the home office deduction, tax considerations for a family business, and much more.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the types of laws and how they are created.
Specify the characteristics of the marginal tax rate.
Describe how the constructive receipt concept works.
Identify what constitutes a capital expense.
Specify how to deal with start-up and organizational costs.
Identify which business expenses can be immediately deducted.
Recall the characteristics of tangible and intangible assets.
Specify the various types of listed property.
Describe the rules pertaining to Section 179 expensing.
Specify the characteristics of depreciable assets.
Specify the rules used to control the amount of net operating losses recognized.
Specify the characteristics of contractors and employees.
Recall how the Form W-4 is used.
Recall the payroll tax requirements for a self-employed person.
Specify the methods used to calculate payroll for employees.
Identify the deposit schedules used to send payroll taxes to the government.
Recall the circumstances under which the Form 941 must be filed.
Recall the calculation method for the federal unemployment tax.
Specify the tax implications of the various employee benefit types.
Identify the factors that indicate whether an operation is a hobby activity.
Recall the advantages and disadvantages of the various business entity types.
Specify the tax issues pertaining to a partnership.
Identify the types of entities that could be classified as a personal services corporation.
Recall why the dividends received deduction is used.
Specify how an S corporation can lose its status.
Identify the tax issues related to a family-owned business.
Recall the tests to see if the home office deduction can be used.
Specify the methods used to determine the amount of the home office deduction.
Identify the characteristics of the various types of acquisitions.
Recall how appraisal rights are to be used in an acquisition.
Specify the outcome of an asset acquisition.
Identify the process for appealing an adverse examination report.
Recall the contents of the Taxpayer Bill of Rights.
Major Topics
The Sources of Tax Law
The Internal Revenue Service
Types of Taxes
Tax Credits
Long-Term Business Assets
Business Losses
Payroll Issues
Payroll Tax Withholdings
Tax Remittances
Remittance Method
Fringe Benefits
Pension Plans
Retirement Planning Services
Types of Business Entities
Tax Considerations for a Family Business
The Home Office Deduction
Merger and Acquisition Tax Issues
IRS Audits
