Читать книгу Small Business Taxes For Dummies - Eric Tyson - Страница 13

IN THIS CHAPTER

Appreciating the value of year-round tax planning

Understanding recent important tax law changes affecting small businesses

Checking on changes made by the SECURE Act of 2019 and COVID-19 relief bills

Looking ahead to possible upcoming tax law changes

Noting the various taxes you and your business pay

Even though I write about personal finances, including tax issues, I don’t particularly enjoy dealing with taxes. I would rather cut my lawn, take care of my neighbor’s dog, or even visit my dentist (for a routine cleaning). At least in all these cases, I know my time commitment is reasonably limited, and when I’m done, I’m satisfied that the job has been done well and I can move on to something else.

Filling out state and federal tax forms is often complicated and confusing. Because I write about taxes, I feel that it’s essential for me to complete my own income tax forms and returns, which forces me to wallow in the details as much as possible so that I can more fully appreciate the challenges taxpayers face. (By contrast, prior surveys have found that the representatives in Congress who sit on committees that draft the nation’s tax laws generally use paid tax preparers themselves.) Not surprisingly, a report from the National Taxpayer Advocate cited “the complexity of the tax code as the No. 1 most serious problem facing taxpayers.”

Though some of this book deals with the drudgery of completing required tax forms, much of it deals with the more interesting — and dare I say, fun — part of small business taxes, which is planning ahead and strategizing so as to reduce and minimize your taxes. You see, if you simply view your role with taxes and your small business as jumping through the many hoops that federal, state, and local authorities require, you’re missing out on something potentially really big — saving and keeping more of your hard-earned money.

This chapter introduces the basics of small business taxes. Here, I discuss the value of tax planning all year long. I also explain recent tax law changes along with those you may see in the future. Finally, I define some important tax-related terms regarding the taxes you pay or may come across.