The dream of many Americans is to run their own business. However, most do not think about the tax implications of being self employed. This book will explain what happens as the taxpayer acquires business property to start their new business venture. Then, it will move on to doing the tax return during the life of the business. Finally, it even explains what will happen when the taxpayer decides to sell some or all of their business property.
As you read through each chapter, you will learn the tax laws and see them in practice with comprehensive illustrations. Throughout the book, there are review questions and tax problems for you to work out, because we believe practice is the key to successful learning. We have included an Answer Guide in the appendix to assist you.