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CCH Toolkit™ Tax Guide 2005 Helps Entrepreneurs Understand Tax Obligations and Identify Tax-Saving Options

Saving Even More with Free Tax Prep and e-Filing via CCH CompleteTax

(RIVERWOODS, ILL., January 4, 2005) – In the last year, two major tax packages have been enacted that promise to lower taxes for millions of entrepreneurs and individual taxpayers, but who is affected and how continues to change as each law makes hundreds of adjustments to the tax code, according to the small business tax law experts at CCH Tax and Accounting (CCH), a leading provider of tax law information and software and publisher of the CCH Toolkit Tax Guide 2005, available in bookstores nationwide starting this month (

“With the passage of the Working Families Tax Relief Act of 2004 and the American Jobs Creation Act of 2004, last year was the fourth consecutive year of major tax-cut legislation,” said Paul Gada, JD, author of CCH Toolkit Tax Guide 2005. “Add to this other changes resulting from tax cuts being phased in from the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002, and the Jobs and Growth Tax Relief Reconciliation Act of 2003, and the average small business owner is confronted with a highly complex tax landscape both professionally and personally. Benefits are certainly available but you have to know where to look and when.”

This seventh edition of the CCH Toolkit Tax Guide is created specifically to help small business owners identify the benefits and manage their taxes so they can better prepare their 2004 tax returns and begin planning for 2005. It also includes free income tax preparation and filing with CompleteTax™ (, CCH’s easy-to-use online tax return service for individuals.

The Small Business Owner’s Best Tax Planning Guide

CCH Toolkit Tax Guide 2005 has complete analysis of individual income tax issues. Also, unlike other tax guides, it has an extensive glossary that demystifies tax jargon and offers detailed discussions on issues of primary interest to small business owners such as:

  • Differentiating between personal and business expenses;
  • Maximizing deductions for auto, entertainment, depreciation, and home office expenses;
  • Capturing contributions to employee benefit plans on tax returns;
  • Identifying what the IRS looks for in an audit of business activities and best approaches in dealing with them; and
  • Deciding on the best form of organization for a business.

The Tax Guide’s thorough analysis of individual and family income tax issues, including detailed sections on estates, retirement and education, are designed to help entrepreneurs address current tax issues and plan for the future for both themselves and their growing businesses.

“While entrepreneurs must keep separate records of their business and personal dealings, most view their businesses as a very integral part of who they are. Understanding that and approaching topics from a perspective that keeps those priorities in mind is what sets the CCH Toolkit Tax Guide apart from other tax references,” said Gada.

Practical Guidance on Making Tax-Wise Decisions Throughout the Year

The Tax Guide offers easy-to-follow guidelines that help entrepreneurs take advantage of all available tax breaks and deductions while avoiding common errors. In addition, a section is devoted to future tax planning matters.

“While it could easily take an entire book just to explain the many tax law changes enacted between 2001 and 2004 that will be phased in through 2010, the Tax Guide provides a comprehensive synopsis of those most likely to impact entrepreneurs and their families so that they can be aware and best position themselves to take advantage of the changes,” said Gada.

Beyond using clear language to help entrepreneurs through the tax maze, the Tax Guide helps to diminish complexity by offering hundreds of tips, examples, charts and tables to equip small business owners with the information they need to make informed decisions to address their immediate situation, as well as for longer term planning.

Combining Print and Online for Best Resources

Purchasers of the CCH Toolkit Tax Guide 2005 will be able to prepare and electronically file both a federal and a state income tax return at no additional charge via CCH CompleteTax (, a value of $32.95.

CCH Business Owner's Toolkit (, developed by the same team of tax, financial planning and small business experts who have produced CCH Toolkit Tax Guide 2005, also is available for online updates as well as useful resources to help entrepreneurs start, run and grow their small businesses, including the widely read “Ask Alice” advice column.

The CCH Financial Planning Toolkit site ( also provides individuals with year-round access to financial planning information on topics such as retirement, estate planning and investing as well as more tax guidance.

Pricing and Availability

CCH Toolkit Tax Guide 2005 (ISBN 0-8080-113-8) is available in major retail and online bookstores (Barnes and Noble, Borders, nationwide; via the CCH Business Owner’s Toolkit bookstore ( or by calling 1-800-248-3248. The 432-page soft-cover book sells for $17.95, plus applicable shipping, handling and tax.

About CCH Tax and Accounting

CCH Tax and Accounting (, based in Riverwoods, Ill., is a leading provider of tax and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market leading products are The ProSystem fx Office, CCH® Tax Research NetWork™, Accounting Research Manager™ and the U.S. Master Tax Guide®. CCH Tax and Accounting is a Wolters Kluwer company. Wolters Kluwer is a leading multinational publisher and information services company.

Wolters Kluwer has annual revenues (2003) of €3.4 billion, employs approximately 18,750 people worldwide and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. ( Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

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EDITORS’ NOTE: For a complimentary editorial review copy of CCH Toolkit Tax Guide 2005, members of the press can contact Mary Jung at 773-429-0940 /; or Leslie Bonacum at 847-267-7153 /


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