CONTENTS
Introduction: A Letter from Eva Rosenberg to You, the Business Owner
Three Indicators Will Predict the Success of the Business
2 BUSINESS PLANS YOU KNOW AND TRUST
Chapter 2 Exercise—Create a Business Plan
The Fine Line Between Success and Failure
Rebalancing Your Business Plan for Tax Consequences
Business Plan Books and Resources
Decisions, Decisions, Decisions
What Do You Want to Be When You Grow Up?
Major Issues Related to Entities
A Brief Word About Nevada, Delaware, and Wyoming Corporations
All the Highlights in One Place
How Long Should You Keep Records?
Money In, Money Out, Wave Your Hands All About
A Brief Note About Accrual Basis
Sales Taxes Received—Are They Your Money?
The IRS Has a Cash Audit Guide
More Deductions Than You Can Imagine
The Song Is Right! Let’s Stay Home
It’s a Red Flag; It’s Just Asking for an Audit
Another Attractive Change to the Law Affecting Homeowners Only
What Are Office-in-Home Expenses?
When You Can’t Use Office-in-Home Deductions
A Final Note—and a Final Story
8 VEHICLES: EVERYONE’S FAVORITE DEDUCTION
9 EMPLOYEES AND INDEPENDENT CONTRACTORS
Protecting Yourself from Independent Contractor Claims
Preparing Payroll: Checks, Journals, Reports
Employee Ownership and Stock Options
Employee and Independent Contractor Resources
10 OWNERS’ FRINGE BENEFITS, RETIREMENT, AND TAX DEFERMENT
Fringe Benefits and Reimbursements
Using the IRS to Your Advantage
Computing Your Estimated Installment Payments
Tips to Reduce Penalties for Underpayment of Estimated Tax
Don’t Overpay Your Estimates If You’re in Trouble
12 SPECIAL CONSIDERATIONS FOR ONLINE BUSINESSES
What? I Thought There Was No Internet Tax
Rents and Services—Domestic and Abroad
13 TAX NOTICES, AUDITS, AND COLLECTION NOTES
Dealing with Basic Tax Notices for Individual Returns
What Will Happen During the Audit?
Audit Reconsiderations, Appeals, and Tax Court: Some Brief Words
Tax Notices, Audits, and Collection Notes Resources
Epilogue:
Some Final Words of Advice—and Resources to Rely On