Study guide for Small Business Taxes

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

Reading assignments are for Small Business Taxes.

1) Organization

Reading Assignment: Part 1 <<>> Review Questions: # 1-11

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

Reading Assignment: Part 2 <<>> Review Questions: # 12-21

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

Reading Assignment: Part 3  <<>> Review Questions: # 22-82

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

Reading Assignment: Part 4  <<>> Review Questions: # 83-99

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

Reading Assignment: Part 5  <<>> Review Question: # 100

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

• Information returns that a business may need to prepare.