Tax Savvy for Small Business [Paperback]

Frederick Daily (Author)

Book Description

Publication Date: December 6, 2009 | ISBN-10: 1413310648 | ISBN-13: 978-1413310641 | Edition: 13

The essential tax-strategy book for entrepreneurs who call themselves "boss."

Named a "Best Tax Book" by Entrepreneur magazine

Develop the best tax plan for your small business, learn the ins and outs of the tax code and create comprehensive strategies to get back the most from the IRS. Understanding the tax system 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.

Tax Savvy for Small Business provides essential information that will free up your time and money for what counts -- running your business effectively. It explains 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

use retirement funds as a tax break

The 13th edition of Tax Savvy for Small Business is completely updated and provides the latest tax breaks, rules, forms and publications. You'll also find a list of the top 25 business deductions - the best deductions to take and how to claim them, trouble-free. (20080210)

Editorial Reviews

Review

"This is an extremely valuable book, and you need it on your desk." (Paul Tulenko, syndicated business columnist 20080315)

"This book is one of the best plain-language books on small-business taxes." (The Wall Street Journal )

"A completely invaluable guide... keep this on your bookshelf for future reference. Five stars (we love it)." (Inc. )

About the Author

Frederick W. Daily is a tax attorney with over 35 years experience helping individuals and small business owners make smart tax decisions and stay out of trouble with the IRS. He has been featured as a tax expert on Good Morning America and NPR, and in publications across the country including Money Magazine, U.S. News & World Report, Newsweek, the New York Times, and the Chicago Tribune. He is the author of Stand Up to the IRS, Tax Savvy for Small Business and Surviving an IRS Tax Audit.

Product Details

• Paperback: 380 pages
• Publisher: NOLO; 13 edition (December 6, 2009)
• Language: English
• ISBN-10: 1413310648
• ISBN-13: 978-1413310641
• Product Dimensions: 10.9 x 8.4 x 0.9 inches
• Shipping Weight: 2.1 pounds
• Average Customer Review: 4.4 out of 5 stars  See all reviews (16 customer reviews)
• Amazon Best Sellers Rank: #647,047 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

4 of 4 people found the following review helpful:

3.0 out of 5 stars Written in plain terms, but a bit topical, March 12, 2010

By 

JujubeMBA (USA) - See all my reviews

This review is from: Tax Savvy for Small Business (Paperback)

(What's this?)

This book is well laid out and written in understandable language. It outlines the different types of small businesses, types of LLCs, and some of the benefits and detriments to each. However, I found that the information was very topical--it doesn't seem to go much beyond what you'll find in a basic economics class in business school. I had hoped to find more in-depth discussion about taxes for very small (1-person) businesses, but the book seems more skewed toward larger small businesses. I was hoping to find more information regarding pass-through tax and how it works, but it was only mentioned in a sideways manner in regard to LLC's. I didn't really find the book useful, as this was what I was looking for.

3 of 3 people found the following review helpful:

5.0 out of 5 stars My goto guide for small business taxes, February 18, 2010

By 

Paul "Paul" (SF Bay Area, CA) - See all my reviews

This review is from: Tax Savvy for Small Business (Paperback)

(What's this?)

I can't remember how many editions of Tax Savvy I've purchased over the years (or had included in electronic format with software purchases). You would think that with the wealth of information available online that books like this would have become obsolete - but they haven't. Tax Savvy is well organized and easy to read. When issues are beyond the scope of the book it's clearly indicated that the reader should consult a professional.

Tax Savvy isn't simply a regurgitation of tax regulations but an interpretation of these regulations as they apply to small businesses with tips and suggestions on how to make them work for your business. I have also consulted with many professional over the years and (my businesses are fairly straightforward) found that I've received better and more accurate advice from Frederick Daily's book.

I should also add that I'm a very big fan of Nolo books.

2 of 2 people found the following review helpful:

4.0 out of 5 stars Excellent overview for very small businesses, April 21, 2010

By 

Hal Jordan "A reader" (USA) - See all my reviews
(VINE VOICE)   

This review is from: Tax Savvy for Small Business (Paperback)

(What's this?)

The Nolo Series produces excellent guides to various legal issues. This volume is a must have for anyone considering starting a small business. It is written by Frederick W. Daily, a tax attorney, who writes well and has some important insights into every important tax issue facing a small business. If you have a very small business, that is, you do some selling on eBay, or free-lance writing, or something similar and you have no employees, then this book may well be all you need. Combined with good tax software you should find that this book answers all of your questions about entertainment expenses, setting up an SEP retirement account for yourself, and so forth. On the other hand, if you are actually opening a bricks-and-mortar business and intend to hire several employees, then this book only gives you an overview of the questions you need to think about. A few pages on collecting and reporting payroll taxes or setting up an employee benefits plan are just not enough in my view. In that case, you need to pay for some professional advice or bring in an experienced partner.