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Study guide for Small Business Taxes

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.

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