CCH Business Owner’s Toolkit™ Tax Guide 2002 Helps Entrepreneurs Take Charge Of Their Taxes

Fourth Edition of Popular Guide Bundled with
Free Online Income Tax Preparation and Filing for Total Tax Solution

(RIVERWOODS, ILL., December 19, 2001) – CCH INCORPORATED (CCH), a leading provider of tax law information for companies and business professionals, today announced CCH Business Owner’s Toolkit™ Tax Guide 2002, created specifically to help small, single-owner businesses manage their taxes and prepare their 2001 tax returns. The fourth edition of the popular reference includes free income tax preparation and filing with CompleteTax™ (completetax.com), CCH’s easy-to-use online tax return service. The book will be available in bookstores nationwide beginning in January 2002.

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 2002 combines CCH’s small business knowledge with its decades of authoritative tax law and tax preparation software expertise. The result is a resource entrepreneurs can use year-round to plan and manage their taxes as well as file their returns.

"Reducing the tax burden continues to be one of the single-most important concerns for small business owners. Fortunately, many small business owners stand to gain from the tax legislation of 2001. But they need to understand what the laws are, how they apply and when they take effect if they’re to fully capitalize on tax saving opportunities," said Drew Snider, publisher of CCH Business Owner’s Toolkit Tax Guide 2002. "Over the last several years, the Tax Guide has earned the reputation among small business owners as the authoritative source for accurate, easy-to-understand information that can help readers save time and money."

CCH Business Owner’s Toolkit Tax Guide 2002 provides entrepreneurs with the information they need to correctly complete their filings, thereby lessening the possibility of an audit. In addition, it’s filled with tips, examples and guidelines on how to minimize taxes by taking advantage of all the existing laws and regulations available to the small business owner.

The Entrepreneur’s Best Source for This Year’s Tax Preparation

CCH Business Owner’s Toolkit Tax Guide 2002 offers clear, step-by-step explanations and tools covering all facets of tax planning and preparation, including:

Getting organized and preparing taxes for the 2002 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, healthcare 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.

"There are a variety of opportunities for small business owners to help reduce their tax obligation, but unless they understand the rules, what may seem like a savings can ultimately end up costing a lot," said Snider. "For example, some small business owners may realize a short-term savings in their taxes by taking the home office deduction, only to find they owe taxes on capital gains a few years from now when they go to sell their homes.

"Other small business owners may be contemplating moving to a corporate structure to lower their personal taxes, but with the reduced income tax brackets that started going into effect in 2001, this may not end up saving them anything in taxes and end up costing them more to administer. Tax Guide 2002 presents the information these owners need to make informed situations that best meet their particular situation."

Also, 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.

Planning for 2002 and Beyond

In addition to providing the information entrepreneurs need to complete their 2001 tax returns, Business Owner’s Toolkit Tax Guide 2002 offers detailed discussions of the tax changes that small business owners need to be aware of as they begin planning for 2002.

"Small business owners are among the largest segment of taxpayers expected to benefit just from the reductions in marginal tax rates that are part of the 2001 Tax Relief Act, said Snider. "But there are a host of other tax changes, including those related to estates, retirement and education, that Tax Guide highlights to help entrepreneurs start planning wisely for the future."

Helpful Tools for Year-Round Use

Business Owner’s Toolkit Tax Guide 2002 also includes an extensive glossary providing plain-language definitions of tax terms and straightforward descriptions often needed to decipher IRS instructions. Examples throughout Tax Guide clearly show entrepreneurs how the issues apply in the real world. Ready-to-use tax forms and a tax calendar are provided as well 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 2002 will be able to prepare both a 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 and CompleteTax together provides small business owners with a powerful solution to navigate the entire tax process," said Snider. "The book provides the detail entrepreneurs need to effectively understand and manage their tax situations, while CompleteTax allows them to quickly organize tax materials electronically, complete their returns and file online."

Also, individuals can rely on the experts at toolkit.cch 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 2002 (ISBN 0-8080-0676-2) is available in major retail and online bookstores (Barnes and Noble, Borders, amazon.com) nationwide; via the CCH Business Owner’s Toolkit bookstore (toolkit.cch.com) or by calling 1-800-248-3248. The 424-page soft-cover book sells for $17.95, plus applicable shipping, handling and tax.

About CCH Business Owner’s Toolkit

The same team of tax, financial planning and small business experts who have produced CCH Business Owner’s Toolkit Tax Guide are also responsible for developing the acclaimed online service for small businesses, CCH Business Owner’s Toolkit (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 cch.com.

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EDITORS NOTE: For a complimentary editorial review copy of Business Owner’s Toolkit Tax Guide 2002, members of the press can contact Mary Jung at 773-429-0940/mtjung@msn.com; or Mary Dale Walters at 847-267-2038/mediahelp@cch.com.