JK Lasser's Small Business Taxes 2007: Your Complete Guide by Barbara Weltman

By Barbara Weltman

J.K. Lasser’s Small enterprise Taxes 2007 delivers an entire review of small company tax making plans in an obtainable demeanour. concentrating on techniques that assist you use deductions and tax credit successfully, protect company source of revenue, and maximize different features of small company taxes, this invaluable advisor will convey you ways your activities in company at the present time can impact your final analysis from a tax standpoint the following day.

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Seasonal Businesses Seasonal businesses should use special care when selecting their tax year. It is often advisable to select a tax year that will include both the period in which most of the expenses as well as most of the income is realized. For example, if a business expects to sell its products primarily in the spring and incurs most of its expenses for these sales in the preceding fall, it may be best to select a fiscal year ending just after the selling season, such as July or August. In this way, the expenses and the income that are related to each other will be reported on the same return.

When owners have different tax years, special rules determine which owner’s tax year governs. Business Purpose for Fiscal Year The entity can use a fiscal year even though its owners use a calendar year if it can be established to the satisfaction of the IRS that there is a business purpose for the fiscal year. The fact that the use of a fiscal year defers income for its owners is not considered to be a valid business purpose warranting a tax year other than a required tax year. Business purpose This is shown if the fiscal year is the natural business year of the entity.

If you are a small inventory-based business that has been using the accrual method but is qualified to change to the cash method, you can make the change under an automatic change of accounting rule. For more information about qualifying for the cash method and changing to it, see Revenue Procedure 2002-28. FARMING EXCEPTION. A farming business with gross receipts of $25 million or less can use the cash method. A farming business includes any business that operates a nursery or sod farm or that raises or harvests trees bearing fruit, nuts, or other crops and ornamental trees.

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