Learning Objective :
The objective of this course, based on J.K. Lasser's Small Business Taxes, is to review effective strategies for the use of deductions and tax credits, shielding business iincome, and improving your bottom line.
Prerequisite: None
Course level: Basic
Advanced preparation: None
Teaching method: Text and Online study
Recommended hours: 18
Lesson, Objectives, and Summary of Contents |
Reading
Assignment |
| Small Business Taxes |
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| 1. Organization |
Part 1 |
The learning objectives for this lesson are to gain an understanding of:
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2. Business Income and Losses |
Part 2 |
The learning objectives for this lesson are to gain an understanding of:
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Income or Loss from Business Operations.
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Capital Gains and Losses.
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Gains and Losses from Sales of Business Property.
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| 3. Business Deductions and Credits |
Part 3 |
The learning objectives for this lesson are to gain an understanding of:
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Employee Compensation: Salary, Wages, and Employee Benefits.
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Travel and Entertainment Expenses.
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Car and Truck Expenses.
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Repairs, Maintenance, and Energy Improvements.
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Bad Debts.
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Rents.
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Taxes and Interest.
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First-Year Expensing, Depreciation, Amortization, and Depletion.
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Advertising Expenses.
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Retirement Plans.
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Casualty and Theft Losses.
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Home Office Deductions.
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Medical Coverage.
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Deductions for Farmers.
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Domestic Production Activities Deduction.
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Miscellaneous Business Deductions.
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Roundup of Tax Credits.
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| 4. Tax Planning For Your Small Business |
Part 4 |
The learning objectives for this lesson are to gain an understanding of:
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Income and Deduction Strategies.
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Tax Strategies for Opening or Closing a Business.
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Tax Strategies for a Sideline Business.
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Tax Strategies for Multiple Businesses.
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Alternative Minimum Tax.
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Other Taxes.
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Filing Income Tax Returns and Paying Taxes.
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| 5. Information Returns |
Part 5 |
The learning objectives for this lesson are to gain an understanding of:
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Sample Exam Questions:
1. Alison owns a small software company as a sole proprietor and hires independent contractors to write code for software programs. The job meets all of the requirements that define an independent contractor. Which of the following taxes will Alison have to pay?
a) Unemployment taxes for her contractor under the Federal Unemployment Tax Act (FUTA).
b)Taxes on her business using Form 1040.
c) Employer's portion of Social Security Taxes for her contractor.
d) Employer's portion of Medicare Taxes for her contractor.
2. If your business has been using a particular tax year and you want to change to a different one, you must obtain IRS approval to do so.
a. True
b. False |
