Tax Savvy for Small Business Paperback – Dec 2 2011
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Most Helpful Customer Reviews on Amazon.com (beta)
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.
Marty Burbank, Esq.
Estate Tax Planning & Asset Protection
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.
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.
A week later after reading two additional chapters, I bought the book online. "It was that good." Simple as that! It made tax law come alive to me and I was able to understand taxes much more clearly.
Tax Attorney Frederick W. Daily's book, "Tax Savvy for Small Business," in my professional opinion, would be considered 'required reading' for anyone who prepares returns or represents taxpayers before the IRS, as I soon will be doing as an Enrolled Agent (EA). CPAs and lawyers are licensed by the individuals states. EAs on the other hand, are nationally licensed.
"This book IS... my study guide and bible" (if you will) in addition to... my study materials in preparation for the Enrolled Agent (EA) exam.
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