Chapter 30: Filing Income Tax Returns and Paying Taxes
by Barbara Weltman
J.K. Lasser's Small Business Taxes 2013: Your Complete Guide to a Better Bottom Line
- Cover
- Title Page
- Dedication
- Copyright
- Preface
- Introduction
- Part 1: Organization
- Chapter 1: Business Organization
- Sole Proprietorships
- Partnerships and Limited Liability Companies
- S Corporations and Their Shareholder-Employees
- C Corporations and Their Shareholder-Employees
- Employees
- Factors in Choosing Your Form of Business Organization
- Forms of Business Organization Compared
- Changing Your Form of Business
- Tax Identification Number
- Chapter 2: Tax Year and Accounting Methods
- Chapter 3: Recordkeeping for Business Income and Deductions
- Chapter 1: Business Organization
- Part 2: Business Income and Losses
- Part 3: Business Deductions and Credits
- Chapter 7: Employee Compensation
- Chapter 8: Travel and Entertainment Expenses
- Chapter 9: Car and Truck Expenses
- Deducting Car Expenses in General
- Actual Expense Method
- Standard Mileage Allowance
- Leasing a Car for Business
- Arranging Car Ownership
- Employee Use of an Employer-Provided Car
- Vehicle Trade-In
- Trucks and Vans
- Credit for Plug-In Electric Vehicles
- Reimbursement Arrangements
- Recordkeeping for Car Expenses
- Chapter 10: Repairs, Maintenance, and Energy Improvements
- Chapter 11: Bad Debts
- Chapter 12: Rents
- Chapter 13: Taxes and Interest
- Chapter 14: First-Year Expensing, Depreciation, Amortization, and Depletion
- First-Year Expensing
- Other Expensing Opportunities
- General Rules for Depreciation
- Modified Accelerated Cost Recovery System
- Mid-Quarter Convention
- Mid-Month Convention
- Bonus Depreciation
- Limitations on Listed Property
- Rebuilding Incentives for Certain Disaster Victims
- Putting Personal Property to Business Use
- Amortization
- Depletion
- Chapter 15: Advertising Expenses
- Chapter 16: Retirement Plans
- Qualified Retirement Plans
- Added Costs for Retirement Plans
- Retirement Plans for Self-Employed Individuals
- Regular 401(k)s, Roth 401(k)s, and Db(k)s
- Individual Retirement Accounts
- When to Take Action
- Comparison of Qualified Retirement Plans
- ESOPs
- Correcting Plan Defects
- Nonqualified Retirement Plans
- Glossary of Terms for Retirement Plans
- Chapter 17: Casualty and Theft Losses
- Chapter 18: Home Office Deductions
- Chapter 19: Medical Coverage
- Deducting Medical Insurance
- Deducting Health Coverage by Self-Employed Persons and More-Than-2% S Corporation Shareholders
- Using Medical Reimbursement Plans
- Tax Credit for Contributions to Employee Health Coverage
- Shifting the Cost of Coverage to Employees
- Setting Up Health Savings Accounts (HSAs)
- Archer Medical Savings Accounts (MSAs)
- Health Reimbursement Arrangements
- COBRA Coverage
- Wellness Programs
- Future Health Care Changes
- Chapter 20: Deductions for Farmers
- Chapter 21: Domestic Production Activities Deduction
- Chapter 22: Miscellaneous Business Deductions
- Other Business Expenses in General
- Job-Seeking Expenses
- Moving Expenses
- Educational Expenses
- Charitable Contributions Made by Your Business
- Licenses and Permits
- Dues and Subscriptions
- Legal and Professional Fees
- Bank and Merchant Fees
- Supplies, Materials, and Office Expenses
- Uniforms and Clothing
- Insurance
- Commissions
- Outsourced Workers
- Payments to Directors and Independent Contractors
- Penalties, Fines, and Damages
- Meal Costs for Day-Care Providers
- Expenses of Disabled Persons
- The Dividends-Received Deduction
- Other Expenses
- Chapter 23: Roundup of Tax Credits
- Part 4: Tax Planning For Your Small Business
- Chapter 24: Income and Deduction Strategies
- Chapter 25: Tax Strategies for Opening or Closing a Business
- Initial Tax Decisions to Make
- Investing Your Own Resources
- Debt versus Equity Financing
- Tax Identification Numbers
- Tax Reporting for the First Year
- How to Write Off Start-Up Costs
- Setting Up a Business Bank Account and Credit Card
- Moving a Business
- Aborted Business Ventures
- Bankruptcy
- Expenses of Winding Up a Small Business
- Tax Reporting in the Final Year
- Chapter 26: Tax Strategies for a Sideline Business
- Chapter 27: Tax Strategies for Multiple Businesses
- Chapter 28: Alternative Minimum Tax
- Chapter 29: Other Taxes
- Chapter 30: Filing Income Tax Returns and Paying Taxes
- Chapter 31: Succession Planning
- Appendix A: Information Returns
- Appendix B: Checklist of Tax-Related Corporate Resolutions
- Index
CHAPTER 30
Filing Income Tax Returns and Paying Taxes
Alert
At the time this book was printed, Congress had not extended numerous breaks for 2012 that had expired at the end of 2011. Check the online supplement in February 2013 at www.jklasser.com or www.barbaraweltman.com to see whether these breaks apply for 2012 returns.
It’s one of the facts of a business owner’s life to file returns and pay taxes. The filing deadlines and tax payment rules for businesses and their owners may be different than those for individuals. Making sure you comply with filing and payment requirements is essential for avoiding unnecessary penalties and interest.
In this chapter you will learn about:
- Filing deadlines and extensions
- Online filing of business income tax returns
- Paying taxes
- Online filing of other business returns
For more information about the electronic federal tax payment system, see IRS Publication 966, Electronic Federal Tax Payment System.
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