From Amazon
Problems resulting from tax law blunders aren't new. Tax attorney Michael Savage contends, however, that small businesses that run afoul of the Internal Revenue Service and face big fines are often not guilty of malfeasance; rather, he says, they simply lack the wherewithal to handle complicated regulations as competently as their larger counterparts. In Don't Let the IRS Destroy Your Small Business: 76 Mistakes to Avoid, Savage lays out major potential stumbling blocks and in easy-to-understand language outlines ways to avoid them.
From Booklist
With new businesses multiplying like rabbits, it is never too late to learn the number one critical question to ask, namely, what are the tax ramifications? That query should accompany every company strategy, every company move, from founding to estate planning. According to Manhattan tax attorney Savage, 76 mistakes are almost indigenous to small-business ventures. Many of those errors, categorized here into a dozen chapters, are generally well-known, thanks to popular media coverage (such as the home-office deduction and establishing the difference between an employee and an independent contractor). Other IRS Code rules are more arcane, including the selection of the appropriate retirement plan and the too-much-capital-not-enough-debt trap. Considering that the infamous code is more than 3,000 pages in length, it makes excellent sense to have an expert flag Uncle Sam's hot spots--well in advance. Barbara Jacobs
Book Description
In this lively book, veteran tax attorney Michael Savage provides essential tax advice to small business owners, many of whom pay exorbitant tax fees for mistakes that may have easily been avoided. Without staff attorneys at their disposal, small businesses can get into big financial trouble, not out of dishonesty, but because they don’t know where the potential tax landmines lie.Concise, practical and irreplaceably instructive, Don’t Let the IRS Destroy Your Small Business covers seventy-six areas of tax law that cause business owners the most trouble, regardless of what business they are in: payroll tax liability, excessive salaries, travel and entertainment expenses, fringe benefits, pension plans, owning multiple companies, and many more.
About the Author
Michael Savage is the senior tax partner in the New York law firm of Gersten, Savage, Kaplowitz & Fredericks, where he has represented corporations and individuals throughout the United States for twenty-three years. He is the author of Everything You Always Wanted to Know About Taxes, but Didn’t Know How To Ask and Good News/Bad News—A Tax Reform Guide. He lives in New York and Aberdeenshire, Scotland.
