J.K. Lasser's Small Business Taxes 2025

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