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CCH Business Owner’s Toolkit™ Tax Guide 2001 Now Available

Published by CCH Business Owner’s Toolkit (toolkit.cch.com), a small business portal that helps entrepreneurs start, run and grow a successful small business, Tax Guide 2001 combines CCH’s decades of authoritative tax law expertise with the value of its long-standing leadership in tax preparation and online guidance. Purchasers of the book will receive free preparation and e-filing of both a federal and a state tax return through CompleteTax.

"Over the last several years, CCH has become known as a leading resource among small business owners for accurate, straightforward information that’s easy to understand and apply to their situations," said Drew Snider, publisher of CCH Business Owner’s Toolkit Tax Guide 2001. "When it comes to managing taxes, a complicated topic for just about every entrepreneur, having the level of expertise we can provide is invaluable in helping small business owners save time and money."

CCH Business Owner’s Toolkit Tax Guide 2001 provides entrepreneurs with the authoritative information they need to accurately complete their filings, thereby lessening the possibility of an audit. In addition, it’s filled with tips and guidelines on how to minimize taxes by taking advantage of all the existing laws and regulations available to the small business owner.

Concise Guidance for the Entrepreneur

CCH Business Owner’s Toolkit Tax Guide 2001 offers clear, step-by-step explanations and tools covering all facets of tax planning and preparation. This year’s Tax Guide includes a detailed discussion of estimated tax payment changes for high-income entrepreneurs.

For several years, these entrepreneurs could avoid interest and penalties by paying 105 percent of their previous year’s taxes in advance. However, starting with their 2000 tax year, those with adjusted gross incomes of more than $150,000 (or $75,000 for a married person filing separately) must pay 108.6 percent of the previous year’s taxes in advance to avoid penalties. For 2001, the rate climbs to 110 percent.

"This is the type of tax change that can sneak up on a small business owner and result in significant costs, which is why having a resource like the Tax Guide available to provide you with the ins and outs of tax issues quickly pays for itself," said Snider.

Other key topics covered in the book include:

• Getting organized and preparing taxes for the 2001 tax season;
• How to make certain you claim all available business deductions while not stepping over the line between personal and business expenses;
• How to make the most of the home-office deductions;
• Maximizing often overlooked deductions for auto, entertainment, health care and depreciation expenses;
• Handling contributions to employee benefit plans and retirement plans for the self-employed;
• What tax credits are available for different small businesses and how to claim these credits;
• What the IRS looks for in an audit of business activities and the best approach in dealing with them should they inquire about your business; and
• Determining the best form of business organization and tax implications for those entities, from sole proprietorships, partnerships and limited liability companies to corporations or S corporations.

In addition, because entrepreneurs often must focus on personal finance issues as they’re focusing on their business requirements, Tax Guide also provides a complete analysis of individual and family income tax issues.

Valuable Tools for Year-Round Use

To help guide entrepreneurs through the process, the book includes an extensive glossary providing plain-language definitions of tax terms and straightforward descriptions often needed to decipher IRS instructions, and examples throughout Tax Guide clearly show entrepreneurs how the issues apply in the real world.

Also included are ready-to-use tax forms and a handy tax calendar so that a sole proprietor has fingertip access to everything needed to complete basic tax returns and the timelines for remembering important tax-related events throughout the year.

Combining Print with Online

Purchasers of CCH Business Owner’s Toolkit Tax Guide 2001 will be able to prepare both one federal and one resident state income tax return at no charge via CompleteTax. Electronic filing of the federal return as well as a state return in a state allowing electronic filings also is available for no charge.

"Using Tax Guide in conjunction with CompleteTax provides the small business owner both the knowledge and tools needed to successfully navigate the entire tax process," said Snider. "The book offers the detail entrepreneurs need to be aware of in effectively understanding and managing their tax situations, while CompleteTax offers a time-saving tool for electronically organizing tax materials, completing their returns and filing electronically with the IRS and many state revenue agencies."

Also, book readers can rely on the experts at toolkit.cch.com to ensure they have timely access to tax law changes throughout the year, as well as helpful guidance from CCH columnist, Ask Alice.

Pricing and Availability

CCH Business Owner’s Toolkit Tax Guide 2001 (ISBN 0-8080-0496-4) is available in major retail and online bookstores (Barnes and Noble, Borders, amazon.com) nationwide; via the CCH Business Owner’s Toolkit bookstore (www.toolkit.cch.com) or by calling 1-800-248-3248. The 432-page soft-cover book sells for $17.95, plus applicable shipping, handling and tax.

CCH Business Owner’s Toolkit Tax Guide 2001 is the third edition of CCH’s popular Tax Guide title and is one in a series of several CCH Business Owner's Toolkit books dedicated to helping small business owners start, run and grow their businesses. The same team of tax, financial planning and small business experts who have produced this book series are also responsible for developing the acclaimed online service for small businesses, CCH Business Owner’s Toolkit (www.toolkit.cch.com).

About CCH INCORPORATED

CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company annually produces more than 700 electronic and print products for the tax, legal, securities, financial services, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer North America. The CCH web site can be accessed at www.cch.com.

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 EDITORS NOTE: For members of the press, a complimentary editorial review copy of Business Owner’s Toolkit Tax Guide 2001, contact Mary Dale Walters at 847-267-2038 or mediahelp@cch.com.