Taxes made simple mike piper pdf free download

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Praise for Taxes For Dummies "The best of these books for tax novices. Financial Advice for Every Season of Life Does successfully making the most of your money feel like a mystery? Are you wondering where it goes or how to get a grip on your spending? Author and Christian financial advisor Russ Crosson has spent more than 40 years guiding individuals and couples in everyday financial situations.

Customized to meet your needs, this resource teaches you how to manage your income wisely by The "LLC, S-Corp, or C-Corp" question is one of essential importance: Make the right decision, and you'll be paying less tax; you'll know your personal assets are protected from lawsuits against your business; and you might even save yourself some money on accounting and legal fees. Make the wrong decision, and you'll be paying an unnecessary amount of tax; you'll be wasting money on legal bills; and you'll be only a lawsuit away from losing your home and other personal assets.

How to protect your personal assets from lawsuits against your business. When the protection offered by an LLC will work. And more importantly, when it will not! Which business structures could reduce your federal income tax or self-employment tax. Legal Structures: An explanation of the pros and cons of each structure sole proprietorship, corporation, LLC, etc , and how to know when it's time to consider changing. Audit Protection: Learn what records you need to keep and how long to keep them in order to protect yourself in case of an audit.

The ultimate tax expert shows small business owners how to keep more of what you earn For millions of self-employed Americans, Eva Rosenberg is the go-to person for tax advice. Now, from the woman behind the wildly popular TaxMama. Small Business Taxes Made Easy walks you through every stage of the process, showing you how to reduce your tax losses at every step. You'll learn: How to set up a business plan that helps minimize taxes The tax benefits of various forms of financing How to spot errors in s and what to do about them Record-keeping techniques that legally increase deductible expenses.

Author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability.

The problem is, businesses are run by humans, and humans aren't always logical. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows.

With dozens of case studies, practical, step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of. Do you deal in cryptocurrency? If your answer is yes, then you should know how your virtual income is taxed. As it is with any other sort of income out there, using your cryptocurrency for transactions is a taxable event in the eyes of the IRS.

Hence, it is quite necessary for you to understand just how you can ensure that you are not unintentionally avoiding your taxes or even filing them wrongly. As with any other task that you may undertake, it is important to first understand how it really works. Accounting by Joe Booth is a developer's guide to basic accounting. Written with business app development in mind, Booth discusses some of the most common accounting processes, including assets, multiple accounts, journaling, posting, inventory, and payroll.

An appendix includes SQL code examples to get you started with several basic accounting transactions. The most common example of a current liability is Accounts Payable. One column shows the balances as of the end of the most recent accounting period, and the adjoining column shows the balances as of the prior period-end. This is done so that a reader can see how the financial position of the company has changed over time.

For example, looking at the balance sheet on the following page we can learn a few things about the health of the company. Overall, it appears that things are going well. The only thing that might be of concern is an increase in Accounts Receivable. An increase in Accounts Receivable could be indicative of trouble with getting clients to pay on time. Any asset that is not a current asset is a non-current a. By default, any liability that is not a current liability is a long-term liability.

This is in contrast to the balance sheet, which shows financial position at a point in time. A frequently used analogy is that the balance sheet is like a photograph, while the income statement is more akin to a video. Cost of Goods Sold CoGS is the amount that the company paid for the goods that it sold over the course of the period. All of his costs are overhead— that is, each additional return he prepares adds nothing to his total costs—so he has no Cost of Goods Sold.

His Gross Profit is simply equal to his revenues. Operating Income vs. Non-Operating Expenses are those that are unrelated to the regular operation of the business and, as a result, are unlikely to be incurred again in the following year.

A typical example of a Non-Operating Expense would be a lawsuit. The effect of this focus on Operating Income as opposed to Net Income has been to cause many companies to make efforts to classify as many expenses as possible as Non-Operating with the intention of making their Operating Income look more impressive to investors.

See example on following page. Its retained earnings statement for the year would look as follows. It takes information from the income statement, and it provides information to the balance sheet. When first learning accounting, many people are tempted to classify dividend payments as an expense. Unlike many other cash payments, however, dividends are simply a distribution of profits as opposed to expenses, which reduce profits.

Because they are not a part of the calculation of net income, dividend payments do not show up on the income statement. Instead, they appear on the statement of retained earnings. For instance, profits are frequently reinvested in growing the company by purchasing more inventory for sale or purchasing more equipment for production. They are a distribution of profits. Cash Flow Statement vs. Income Statement At first, it may sound as if a cash flow statement fulfills the same purpose as an income statement.

There are, however, some important differences between the two. First, there are often differences in timing between when an income or expense item is recorded and when the cash actually comes in or goes out the door. In September, this sale would be recorded as an increase in both Sales and Accounts Receivable. And the sale would show up on a September income statement. The second major difference between the income statement and the cash flow statement is that the cash flow statement includes several types of transactions that are not included in the income statement.

The loan will not appear on the income statement, as the transaction is neither a revenue item nor an expense item. It is simply an increase of an asset Cash and a liability Notes Payable. As discussed in Chapter 4, dividends are not an expense. Therefore, the dividend will not appear on the income statement. It will, however, appear on the cash flow statement as a cash outflow. Categories of Cash Flow On a cash flow statement such as the example on page 39 all cash inflows or outflows are separated into one of three categories: 1.

Cash flow from operating activities, 2. Cash flow from investing activities, and 3. Cash flow from financing activities. Cash Flow from Operating Activities The concept of cash flow from operating activities is quite similar to that of Operating Income. The goal is to measure the cash flow that is the result of activities directly related to normal business operations i.

Cash Flow from Investing Activities Cash flow from investing activities includes cash spent on—or received from—investments in financial securities stocks, bonds, etc. For the most part, this work is done by calculating and comparing several different ratios. Liquidity Ratios Liquidity ratios are used to determine how easily a company will be able to meet its short-term financial obligations. Generally speaking, with liquidity ratios, higher is better. The difference between quick ratio and current ratio is that the calculation of quick ratio excludes inventory balances.

This is done in order to provide a worst-case-scenario assessment: How well will the company be able to fulfill its current liabilities if sales are slow that is, if inventories are not converted to cash? However, a quick ratio of only 0. But the two businesses are of such different sizes that the comparison is rather meaningless, right?

For example, comparing the gross profit margin of two different grocery stores can give you an idea of which one does a better job of keeping inventory costs down. Gross profit margin comparisons across different industries can be rather meaningless. For instance, a grocery store is going to have a lower profit margin than a software company, regardless of which company is run in a more cost-effective manner.

Financial Leverage Ratios Financial leverage ratios attempt to show to what extent a company has used debt as opposed to capital from investors to finance its operations. There is, however, something to be gained from using leverage. The more highly leveraged a company is, the greater its return on equity will be for a given amount of net income. In short, the question of leverage is a question of balance.

Being more highly leveraged i. On the other hand, financing a company primarily with loans is obviously a risky way to run a business. Asset Turnover Ratios Asset turnover ratios seek to show how efficiently a company uses its assets.