Study Guide - Small Business Taxes

The study guide is provided to guide you through the course material in a step by step format.

Course material is JK Lasser's Small Business Taxes.  The cost of the text and free shipping is included in the price.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and exam

 

1) Organization

The learning objectives for this lesson are to gain an understanding of:

  • Business Organization.
  • Tax Year and Accounting Methods.
  • Recordkeeping for Business Income and Deductions.

2) Business Income and Losses

The learning objectives for this lesson are to gain an understanding of:

  • Income or Loss from Business Operations.
  • Capital Gains and Losses.
  • Gains and Losses from Sales of Business Property.

3) Business Deductions and Credits

The learning objectives for this lesson are to gain an understanding of:

  • Employee Compensation: Salary, Wages, and Employee Benefits.
  • Travel and Entertainment Expenses.
  • Car and Truck Expenses.
  • Repairs, Maintenance, and Energy Improvements.
  • Bad Debts.
  • Rents.
  • Taxes and Interest.
  • First-Year Expensing, Depreciation, Amortization, and Depletion.
  • Advertising Expenses.
  • Retirement Plans.
  • Casualty and Theft Losses.
  • Home Office Deductions.
  • Medical Coverage.
  • Deductions for Farmers.
  • Domestic Production Activities Deduction.
  • Miscellaneous Business Deductions.
  • Roundup of Tax Credits

4) Tax Planning For Your Small Business

The learning objectives for this lesson are to gain an understanding of:

  • Income and Deduction Strategies.
  • Tax Strategies for Opening or Closing a Business.
  • Tax Strategies for a Sideline Business.
  • Tax Strategies for Multiple Businesses.
  • Alternative Minimum Tax.
  • Other Taxes.
  • Filing Income Tax Returns and Paying Taxes.

5) Information Returns

The learning objectives for this lesson are to gain an understanding of:

  • Information returns that a business may need to prepare.
  • Tax penalties
  • Checklist of tax-related corporate resolutions
  • List of dollar limits and amounts adjusted for inflation

CPA Information

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