Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
Knowing the ins and outs of the tax code is vital to the health of every small business. Virtually every decision a business makes has tax consequences that can affect its bottom line — and the IRS is always watching.
Fortunately, Tax Savvy for Small Business provides valuable strategies that will free up your time and money for what counts: running your business, and running it effectively. It explains how to:
*deduct current and capitalized expenses
*write off long-term assets
*write off up to ,000 of long-term assets each year
*compare the advantages of different legal structures
*take advantage of fringe benefits
*keep records that will head off trouble with the IRS
*get tax breaks from business losses
*pay payroll taxes on time
*deduct home-office expenses
*negotiate payment plans for late taxes
*handle an audit
*get IRS penalties and interest reduced
*maximize retirement funds
*use retirement funds as a tax break
Completely updated, the 7th edition provides the latest tax breaks, rules, forms and publications. An essential book for entrepreneurs, independent contractors, small-business owners and anyone else making money on their own — get it today!No matter what time of year it is, small-business owners and operators must keep atop their tax situation. For more than two decades, author and attorney Frederick Daily has taught entrepreneurs the ins and outs of the tax code and offered suggestions to help them remain in the black and out of hot water with the IRS. The revised third edition of his Tax Savvy for Small Business contains dozens of these tips along with real-life examples that show how they are used in comparable situations. –Howard Rothman
Rating: 
(out of 17 reviews)
List Price: $ 36.99
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5 Responses to “Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money”
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Review by Bobby Covic for Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
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Well, let’s get right to the point. This is a stellar small business survival guide and it deserves a+. I’ve practiced administrative tax law for nearly two decades now and believe me – I’ve read seemingly everything that comes out in this area of law.Tax Savvy is well-indexed, fun to read and covers everything any small businessperson might need to know to. Now even “mom and pop” can acquire the tax savvy necessary to generate more bottom-line dollars.Here’s the reason I recommend it to all my business clients: Following Daily’s advice takes all the risk out of tax-planning decisions. After all, he’s the man who literally wrote the book (Stand Up to the IRS) about “battling the beast”. He knows what’s legal, safe and sane. Benefit example: the very first thing I looked up in Mr. Daily’s book was in the RETIREMENT PLANS section. Just one paragraph in that section saved me, personally, a literal TON of dough.This one’s a winner for the little guy . . . no ivory tower legalese or attorney mumbo gumbo – just the facts, mam. Plain and simple. Thanks Nolo! This review refers to the paperback edition.
Review by for Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
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This book is really complete and will be useful to professional tax preparers and those who already know about tax law. It is definitely not for the beginner (which I am) who wants some basic information. I found two other books that were much more applicable for me — Minding Her Own Business and Small Time Operator. They talk about taxes in a language I can understand.
Review by Harinath Thummalapalli for Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
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This guide is different from the many tax guides out there from big names like Ernst & Young, etc. because it is more focussed on small businesses and you get the most relevant information in the most concise fashion. There in lies the limitation of this great book. You may have to refer to the other tax guides if your particular situation is too unique. But the conciseness and focussed approach was extremely helpful in clarifying a lot of points for me. I had tried reading several of the bigger guides (with three times as many pages as this book) and gotten confused because it was too much information. So when I saw the Nolo guide, I was pleasantly surprised that every topic in the book was relevant to me as a small business owner! It was perfect for my needs. I now started understanding the very same topics I had so much difficulty following in the other books. For example – I was trying to research the differences between S Corporations and LLCs. When I opened this Nolo guide, I went straight to the chapter on LLCs and read the section – Comparing LLCs with Other Entities. In one sentence I knew the difference between these two entities! According to the book, the basic difference being that you can allocate income and expenses disproportionately (to share ownership) in an LLC but not in a S Corporation! Wow! I liked the speed with which I could find this critical piece of information I was researching.The book is divided into 6 parts – The Basics (Business Income and Tax Deductible Expenses, Recordkeeping and Accounting, etc.), The Form of Your Business (Sole Proprietorships, Partnerships, S Corporations, etc.), Thinking Small (Family Businesses, Microbusinesses and Home-Based Businesses), Fringe Benefits (Retirement Plans etc.), Buying or Selling a Business, and Dealing with the IRS. There isn’t a single page that is irrelevant.If you have very advanced questions, you are better off looking through a bigger book but you would benefit tremendously by reading this book first. It will give you a firm grounding in the basics across the board. Good luck!
Review by for Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
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Although not the most complete guide (IRS publications give more info for free), it is the first book I have seen which reviews the tax laws as they pertain to different entities – corporations, partnerships, LLCs etc.
Review by for Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
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This is a great book. It is well organized, well documented, clearly written, and should be used to make your relationship with a tax professional more profitable. However, as mentioned in another review, you should have your tax planning and strategies reviewed by a tax professional (I prefer a CPA) who understands where you are NOW financially and where you are GOING. The purpose of a book like this is not to help you go it alone as some other moron posted, but to help you work WITH your CPA.