2020 Guide to Small Business Tax Planning

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Federal and state tax laws are an integral part of business ventures, whether the business is a small sole-proprietorship, partnership or corporate entity. No matter if we like it or not, government, is a business partner which can be a burden, as well as, a useful tool for business growth. The United States Tax Code is very complicated. It is written as the Internal Revenue Code which is Title 26 of the United States Code. The Internal Revenue Code comprises some 10,000 plus pages and is further defined in the Internal Revenue Regulations which is written in some 10,000,000 plus pages. The intent of this book is to provide general guidance to small business. The books chapters provide accounting definitions, regulations and explanation in detail how business is created from its inception and what small business must do in order to be successful. Planning techniques for ongoing business ventures, as well as, retirement planning vehicles are explained. The book takes the business owner from the first day he or she opens their business, through the closure of the business. If the business owner is subjected to an examination by IRS, this book outlines the functions, procedures, rules and regulations that taxpayers and the IRS must follow.