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Additional info for AARP J.K. Lasser's Small Business Taxes 2010. Your Complete Guide to a Better Bottom Line
Thus, each deduction claimed saves 35 cents of tax on the corporation’s income. Deductions are even more valuable if your business is in a state that imposes income tax. The impact of state income tax and special rules for state income taxes are not discussed in this book. However, you should explore the tax rules in your state and ascertain their impact on your business income. When Do You Claim Deductions? Like the timing of income, the timing of deductions—when to claim them—is determined by your tax year and method of accounting.
Example A corporation (on a calendar year) that has been in existence for a number of years wants to elect S status for its 2010 tax year. It can file an election at any time during 2009. To be eligible for an S election, the corporation must meet certain shareholder requirements. There can be no more than 100 shareholders. For this purpose, all family members (up to six generations) are treated as a single shareholder. Only certain types of trusts are permitted to be shareholders. There can be no nonresident alien shareholders.
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.