7 Part 3: Getting Help Chapter 11: Dealing with Notices and Audits Understanding the Basics You’ll Find on an IRS Notice Assessing Assessment Notices Handling Non-Assessment Notices What You Should Know about Audits Correcting IRS Errors Amending a Return Taking Action Even When You Can’t Pay Your Taxes Reducing Your Chances of Being Audited Chapter 12: Keeping Up with and Researching Tax Strategies and Rules The Benefits of Preparing Your Own Return Using IRS Publications Buying Software Accessing Internet Tax Resources Hiring Help Chapter 13: Paying for Tax Help Deciding to Hire Tax Help Finding Tax Advisors Interviewing Prospective Tax Advisors
8 Part 4: The Part of Tens Chapter 14: Ten+ Useful Apps and Software Packages for Small Business Tax Issues Tracking Expenses with Expensify Processing Sales with Square Managing Transactions with EMS+ Marking Miles with MileIQ Managing Your Accounting with QuickBooks Handling Accounting and Invoicing with FreshBooks Preparing Taxes with TurboTax Self-Employed Completing Taxes with H&R Block Tax Preparation and Filing Software Chapter 15: Ten Often Overlooked Tax Reduction Opportunities Invest in Wealth-Building Assets Fund Some Retirement Accounts Contribute to a Health Savings Account Work Overseas Calculate Whether a Deduction Is Worth Itemizing Trade Consumer Debt for Mortgage Debt Consider Charitable Contributions and Expenses Scour for Self-Employment Expenses Married Couples Should Crunch the Numbers on Filing Separately Tax Breaks for Minority Owned Businesses and Those in Low-Income Areas Chapter 16: Ten Resources to Turn to After Reading This Book To Develop a Good Business Plan and Improve Your Small Business To Whip Your Finances into Shape To Select the Best Business Entity To Set Up an Accounting and Financial Management System To Hone Your Investment Savvy for Your (and Your Employees’) Retirement Funds For Help with Payroll Regulations and Employee Tax Withholdings To Dig Deeper into IRS Rules and Regulations To Deal with IRS Collection Efforts For More Detailed Advice about All Aspects of Your Income Tax Return For Assistance in Preparing Your Income Tax Return
9 Index
List of Tables
1 Chapter 1TABLE 1-1 2022 Federal Income Tax Brackets and Rates
2 Chapter 3TABLE 3-1 “Saver’s Tax Credit” for the First $2,000 in Retirement Plan Contribut...TABLE 3-2 How Compounding Grows Your Investment DollarsTABLE 3-3 Longer-Term Fund Asset Allocation
3 Chapter 5TABLE 5-1 States with an Estate or Inheritance Tax
4 Chapter 7TABLE 7-1 A General Guide to What Schedule(s) You’ll Need to File
5 Chapter 9TABLE 9-1 The Simplified Option versus the Regular MethodTABLE 9-2 Depreciation Percentage for Business Use of Home
List of Illustrations
1 Chapter 1FIGURE 1-1: State marginal tax rates.
2 Chapter 2FIGURE 2-1: The corporate tax form — IRS Form 1120 — entails a high degree of d...FIGURE 2-2: Page one of IRS Form 1120S, “U.S. Income Tax Return for an S Corpor...FIGURE 2-3: Page one of IRS Form 1040 Schedule E, “Supplemental