I’m proud to say it’s the 25th year of the original publication, and it’s all new for 2018 returns and year-round tax planning. The new edition, named the #1 New Release by Amazon, includes changes made by the Tax Cuts and Jobs Act as well as other developments small business owners need to know. As has been my practice, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead.
Why small business owners need a tax book
If you are like the vast majority of small business owners (86%), your accountants or software, do your returns, but you run your businesses and make decisions impacted by taxes on a daily basis.
- Should you hire employees or engage independent contractors?
- Should you buy or lease equipment?
- What type of financing should be used?
- Who should own the truck—the owner or the company?
- What are the consequences of offering your employees a particular type of health care arrangement, or opting not to offer any medical coverage?
- What are the tax implications of various employee benefit plans and how do I offer them without messing up and incurring penalties?
You may get information from your CPA that’s helpful to your business. According to the NFIB, more than half of small business owners learned about the Tax Cuts and Jobs Act from their tax preparer or advisor. But you can also educate yourself, without incurring professional fees, by reading my book.
What the book includes
“J.K. Lasser's Small Business Taxes 2019 is the small business owner's ultimate guide to a money-saving, stress-free tax season. Providing straightforward advice from the nation's most trusted tax expert on small business taxes, this book gives you the answers you need quickly, with clear, concise guidance. Updated to cover changes from the Tax Cuts and Jobs Act and other legislation, this edition also includes an e-supplement covering additional developments from Congress and the IRS to keep you fully up-to-date…. Keeping up with the intricacies of tax law and filing is a full-time job—but it's not your full-time job. You have a business to run. This book gives you the guidance you need in the time that you have so you can get taxes out of the way and get back to work.”
The tax law doesn’t stand still. There are always new laws, cases, and rulings that arise after the publication of the book. For example, Congress’ lame duck session is considering a technical corrections bill, an extender bill, and Tax Reform 2.0. For this reason, I prepare an online supplement to explain last-minute developments that may impact tax return preparation for 2018 and tax planning for 2019 and beyond. The supplement is free and should be posted early February 2018.
Interacting with readers
Each year I receive emails from readers asking questions, suggesting future inclusions, and sometimes pointing out errors. I welcome this communication to continually improve the book and provide valuable assistance to small business owners. If you have thoughts on the book, email me at barbara @ BigIdeasForSmallBusiness.com.