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Tax Savvy for Small Business Paperback – December 6, 2011


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Editorial Reviews

Review

...Even if you use an accountant, pick up a copy of this book for further understanding and tax management. -- Small Business Opportunities

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

This plain-English guide will show you how to make the most of your tax-deductions. -- BusinessWeek --This text refers to an out of print or unavailable edition of this title.

From the Publisher

The acclaimed tax-strategy guide every entrepreneur needs --This text refers to an out of print or unavailable edition of this title.
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Product Details

  • Series: Tax Savvy for Small Business
  • Paperback: 383 pages
  • Publisher: NOLO; 15 edition (December 6, 2011)
  • Language: English
  • ISBN-10: 1413316409
  • ISBN-13: 978-1413316407
  • Product Dimensions: 8.5 x 1 x 11 inches
  • Shipping Weight: 1.9 pounds
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (36 customer reviews)
  • Amazon Best Sellers Rank: #1,116,523 in Books (See Top 100 in Books)

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4.6 out of 5 stars
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Most Helpful Customer Reviews

16 of 16 people found the following review helpful By Andrew Huynh on November 25, 2005
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.
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25 of 28 people found the following review helpful By William M. Burbank on December 5, 2007
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
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23 of 26 people found the following review helpful By John Matlock on March 16, 2005
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.
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3 of 3 people found the following review helpful By The Bee Bee TOP 1000 REVIEWERVINE VOICE on February 17, 2011
Format: Paperback Vine Customer Review of Free Product ( What's this? )
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.
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2 of 2 people found the following review helpful By Elisa 20 TOP 1000 REVIEWERVINE VOICE on January 27, 2011
Format: Paperback Vine Customer Review of Free Product ( What's this? )
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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2 of 2 people found the following review helpful By John J. Kidd on June 8, 2008
Format: Paperback Verified Purchase
I walked into my local library one day looking for something easy-to-read concerning taxes. Mr. Daily's book title quickly captured my attention. I not only couldn't put the book down, I later checked it out of the library that day and read the first two chapters that night.

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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