When does nontaxable business income become taxable? How do you calculate the cost of goods sold? What can be deducted? What is a fixed asset? This no-nonsense guide answers these common questions and more, empowering small business owners to understand how and why they are taxed and maximize their deductions. You'll learn when depreciation begins, how to classify payments to employees, how to track inventory and sales, and strategies for successful accounting. Coverage also includes: Tax benefits for employers Business classifications S corporation tax issues Deductible expenses Retirement pl.;Cover Page; Title Page; Dedication; Copyright; Table of Contents; Introduction; PART I -- ESSENTIALS FOR THE SMALL BUSINESS OWNER; 1 Small Business Taxation Basics; 2 Business Income: Where it All Begins; 3 Cost of Goods Sold: Tracking the Flow of Costs; 4 Business Deductions: What, When and How Much?; 5 Fixed Assets and Depreciation; 6 Deducting Payments to Workers; 7 Accounting: The Key to Tax Savings & Success; PART II -- BUSINESS STRUCTURE; 8 Choosing Your Form of Business; 9 S Corporation Tax Issues; 10 Limited Liability Company Tax Issues; PART III -- MAXIMIZING YOUR DEDUCTIONS