South-Western Federal Taxation 2013: Taxation of Business by William H. Hoffman, David M. Maloney, William A. Raabe,

By William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

Sincerely introduce thoughts with regards to the taxation of industrial entities and state-of-the-art ever-changing tax laws with Smith/Raabe/Maloney's SOUTH-WESTERN FEDERAL TAXATION 2013: TAXATION of industrial ENTITIES, 16E. popular for its comprehensible, time-tested presentation, this e-book continues to be the simplest resolution for supporting scholars completely snatch taxation recommendations and purposes -- now with much more insurance of tax making plans. This 2013 variation displays the newest tax laws, as of e-book. on-line updates spotlight suitable tax legislations adjustments as they take influence to make sure your path continues to be present. This version now accommodates extra particular studying results with Bloom's Taxonomy extra to the results evaluation standards. New and confirmed studying positive factors, comparable to extra "Big photograph" examples, memorable tax situations and "What If?" case adaptations, aid make clear suggestions whereas delivering possibilities to sharpen scholars' critical-thinking, writing abilities, and on-line examine abilities. as well as accomplished teacher aid, each one new ebook contains prime CPAexcelTM on-line CPA examination research instruments, H&R Block At domestic® software program, and the pro tax examine instrument, Checkpoint® (Student version) from Thomson Reuters, to boot ApliaTM on-line homework resolution. belief SOUTH-WESTERN FEDERAL TAXATION 2013: TAXATION of industrial ENTITIES for the best tax assurance to steer your scholars' luck.

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Additional info for South-Western Federal Taxation 2013: Taxation of Business Entities

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Accelerate recognition of deductions to achieve tax deferral. Elect to deduct charitable contribution in year of pledge rather than in year of payment (see Example 22). Ø Shift net income from high-bracket years to low-bracket years. Postpone recognition of income to a lowbracket year (see Example 23). − Deductions = Taxable income × Tax rate Postpone recognition of deductions to a highbracket year (see Example 24). Ø Shift net income from high-bracket taxpayers to low-bracket taxpayers. Pay children to work in the family business (see Example 25).

Self-employed individuals deduct half of the SE tax—the amount normally deductible by an employer as a business expense. Self-employment income is discussed in more detail in Chapter 17. THE BIG PICTURE E X A M P L E 7 Return to the facts of The Big Picture on p. 1-1. Presuming that April and Martin perform meaningful services for Travis (which the facts seem to imply), they are legitimate employees. April is not subject to Social Security tax because she is under age 18. However, Martin is age 18, and his wages are subject to the Social Security tax.

Com Digging Deeper State Income Taxes Most states (except Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming) impose a traditional income tax on individuals. 2 Federal Income Tax Formula for Individuals Income (broadly conceived) $xx,xxx Less: Exclusions (income that is not subject to tax) Gross income (income that is subject to tax) (x,xxx) $xx,xxx Less: Certain business and investment deductions (usually referred to as deductions for adjusted gross income) Adjusted gross income (x,xxx) $xx,xxx Less: The greater of certain personal and employee deductions (usually referred to as itemized deductions) or The standard deduction (including any additional standard deduction) (x,xxx) (x,xxx) Less: Personal and dependency exemptions Taxable income $xx,xxx Federal income tax on taxable income (see Tax Rate Schedules inside front cover of text) $ x,xxx Less: Tax credits (including Federal income tax withheld and other prepayments of Federal income taxes) Tax owed (or refund) $ (xxx) xxx Copyright 2012 Cengage Learning.

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