By Barbara Weltman
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Additional resources for AARP J.K. Lasser's Small Business Taxes 2010. Your Complete Guide to a Better Bottom Line
You may have capital gain transactions as well as sales of business assets. But you may also have losses—from operations or the sale of assets. Special rules govern the tax treatment of these losses. The first part of each chapter discusses the types of income to report and special rules that affect them. Then scan the second part of each chapter, which explains where on the tax return to report the income or claim the loss. Part 3 focuses on specific deductions and tax credits. It will provide you with guidance on the various types of deductions you can use to reduce your business income.
This, then, creates a two-tier tax system, commonly referred to as double taxation. First, earnings are taxed at the corporate level. Then, when they are distributed to shareholders as dividends, they are taxed again, this time at the shareholder level.
Generally all of the income your business receives is taxable unless there is a specific tax rule that allows you to exclude the income permanently or defer it to a future time. When you report income depends on your method of accounting. How and where you report income depends on the nature of the income and your type of business organization. Over the next several years, the declining tax rates for owners of pass-through entities—sole proprietorships, partnerships, limited liability companies (LLCs), and S corporations—requires greater sensitivity to the timing of business income as these rates decline.
AARP J.K. Lasser's Small Business Taxes 2010. Your Complete Guide to a Better Bottom Line by Barbara Weltman