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Tax Savvy for Small Business [Paperback]

Frederick W. Daily


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Paperback, Dec 2 2011 --  
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Tax Savvy for Small Business Tax Savvy for Small Business 5.0 out of 5 stars (1)
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Book Description

Dec 2 2011 Tax Savvy for Small Business
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 $104,000 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 8th edition of Tax Savvy for Small Business provides the latest tax breaks, rules, forms and publications. This edition also includes a brand new list of the Top 25 Business Deductions -- the best deductions to take and how to claim them.

An essential book for entrepreneurs, independent contractors, small-business owners and anyone else making money on their own -- get it today!

--This text refers to an out of print or unavailable edition of this title.

Product Details

  • Paperback: 367 pages
  • Publisher: NOLO; 15 edition (Dec 2 2011)
  • Language: English
  • ISBN-10: 1413316409
  • ISBN-13: 978-1413316407
  • Product Dimensions: 27.4 x 21.1 x 2.3 cm
  • Shipping Weight: 862 g

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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 4.6 out of 5 stars  36 reviews
16 of 16 people found the following review helpful
5.0 out of 5 stars A book you must buy! Nov. 25 2005
By Andrew Huynh - Published on Amazon.com
Format:Paperback
I recommend this book to individuals who run a small business or plan to start a small business.

This is a great book that goes through some tax fundamentals that all small businesses should know. Fredrick Daily has a great talent with translating complicated tax issues into plain English. The book goes through fundamentals areas such as tax basics, deductions, C and S corporations, fringe benefits, and etc.

At the very least, this book has prompted a look back at how my small business' tax structure is set up.

For those who care to save time and money, this is the book for you.
25 of 28 people found the following review helpful
5.0 out of 5 stars Excellent Planning Suggestions in a Clear & Concise Presentation Dec 5 2007
By William M. Burbank - Published on Amazon.com
Format:Paperback
As a tax attorney I find this book, a great resource. My practice is very specialized and when I need an overview of areas outside of my specialty, I find Frederick W. Daily's books to be a great first stop. Taxation of business entities (not my specialty)is arguably the most complex area of the Internal Revenue Code, This book makes these complex principals not only easy to understand, but offers invaluable tax strategies to save big tax $$$$. On more than one occasion I have loaned copies of this book to clients because it does a better job giving an overview of complex concepts in a clear and concise way.

Marty Burbank, Esq.
Estate Tax Planning & Asset Protection
marty@martyburbanklaw.com
23 of 26 people found the following review helpful
5.0 out of 5 stars Great Overview Book March 16 2005
By John Matlock - Published on Amazon.com
Format:Paperback
Taxes related to a small business are complex and even a little bewildering if you haven't gotten into them before. But as this book says, they're not rocket science difficult.

Here in one book is a general introduction to the major business taxes that we all have to face. In addition there are comments based on experience such as: "Few people ever file form 5213 (Election to Postpone Determination that Activity is for Profit), and for good reason. It draws the IRS's attention and may invite an audit." This kind of advice is hard to find in real life, but here the author has enough experience in the area to make such statements.

Most of the book is on the standard kinds of accounting records you'll need to keep, the limits and philosophies that the IRS follows, etc.
3 of 3 people found the following review helpful
5.0 out of 5 stars The perfect starting point for the smart business owner Feb. 17 2011
By The Bee Bee - Published on Amazon.com
Format:Paperback|Vine Customer Review of Free Product
I'm a nervous business owner, and I tend to worry a lot about the things I don't know that will cause barriers to my success. I am particularly concerned about taxes--how much to pay, what exemptions are correct, ad infinitum. Thankfully, Nolo's excellent "Tax Savvy for Small Business" is there to provide a fairly comprehensive review of the issues and concerns most small business owners face every year as we struggle through the burden of calculating and paying our fair share to the IRS.

Granted, "Tax Savvy for Small Business" doesn't cover everything, but it nails the core topics that we all face, like how to...

--deduct current and capitalized expenses
--write off up to $108,000 of long-term assets each year
--compare different business structures
--take advantage of fringe benefits
--keep records that will head off trouble with the IRS
--get tax breaks from business losses
--deal with payroll taxes
--negotiate payment plans for late taxes
--handle an audit
--get IRS penalties and interest reduced
--maximize retirement funds

In my opinion, a smart overview of any of these topics is worth the price of the book. Think about the value of your time, and how much you're spending to have a distracted, overworked tax specialist help you--with dubious results. Now with "Tax Savvy for Small Business" you have the knowledge of that specialist on demand, at your fingertips, 24 x 7. And that, to me, is real peace of mind.
2 of 2 people found the following review helpful
5.0 out of 5 stars Very Helpful, With Full Size Forms/Examples, Useful Jan. 27 2011
By Elisa 20 - Published on Amazon.com
Format:Paperback|Vine Customer Review of Free Product
I'm a fan of NOLO books and this is no exception. Frederick Daily takes the dull-but-important subject and presents it in a clear, organized way with numerous examples, explanations and sample forms. The large size of the book (about 8 1/2" x 12") allows generous space for information which, in turn, makes it easier to read and think about.

Beyond some things you would obviously expect--how to choose deductions and write of long-term assets-it goes into depth on the structuring of your business (LLC, C-Corporation, Sole Proprietorship, etc) and how they actually work. I wish I had read this section BEFORE setting up my business as a Sole Proprietorship.

Most of the book is a thoughtful, thought-provoking exploration of the specific pros and cons of starting a business--then also what happens when you decide to sell it, what happens if you're audited by the IRS, and so on.

I have a small business and found this extremely useful. But it would have been even better to read this book BEFORE starting your business. There's so much to know about with any business, but "follow the money" is key and knowing what you're getting into beforehand is just...wise. This is a great book to help small businesses through that process.

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