Customer Reviews

Tax Savvy for Small Business

5 star:		(8)
4 star:		(7)
3 star:		(1)
2 star:		(0)
1 star:		(0)

 

 

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.

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.

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.

NOLO always does a great job with their reference books and this is no different. While it's not the type of book that you could easily sit down and read straight through (unless you really like accounting), it reads so easily that you could. I've already gone to it for reference a handful of times in the month that I have had it.

For many, this book may pay for itself very quickly in using it instead of calling your CPA. I already have an S corporation formed, and am busy running the business, so having a handy resource like this is great.

I've run a small, solo proprietorship business for quite a few years. Profits have steadily grown... until this last year when the poor economy put some of my best clients out of business and, as a result, decreased my business income. This book answered many of my questions about this year of showing a probable loss on my taxes in a clean, easy-to-follow format. The material, and the way it was organized and written, was absolutely first rate. I had no problem getting directly to answers and information about specific issues, but the writing and format is such that someone new to the small business world would find it not only a useful, but very readable book to go through cover-to-cover (which I would recommend to anyone starting a small business).

I was impressed and pleased by the:
Organization--clear and concise with a good layout order of issues
Writing--very easy to read without being simplistic, clear information without ponderous text
Layout--Tips, cautions, and asides are very clearly distinguished, easy to spot the specific item on a page you may be looking for.

Very highly recommended, not just during tax season but year around as a resource to operate your business, how and why to keep records and receipts. Excellent resource.

Tax attorney Frederick Daily explained many small business tax subjects extremely well in this book, and in particular I was impressed with his explanation of Section 179.

Section 179 allows the company to deduct up to 250K (for 2008 and 2009) of depreciable property (although not buildings) in the year the equipment is placed in service. The business has to use the 179 election in the year of purchase or it waives the right to do so. This means that computers, office furniture and some vehicles get to be completely written off in the year of purchase.

I've found that my tax clients (I'm a CPA) were usually unaware of Section 179. Unfortunately, by the time a lot of people have read Tax Savvy for Small Business, it may be too late to take full advantage. The maximum deduction will drop to 125K for 2010.

I've provided this one salient example to try to sound the trumpet that this is a book some people will want to have. Besides, this book makes you feel good because you can see a sliver of light providing you have income with which to offset.

I read this while my boyfriend worked to get his LLC up and running. He hates the tedium of tax-related stuff, and this gave me the foundation to help him think about what kinds of things were worth keeping track of and what wasn't so much.

This book certainly can't take the place of a tax professional if you really want to maximize deductions and make sure you're doing it all according to the letter of the code, but it is a great way to wrap your brain around the general ideas behind the codes that apply to small businesses and get yourself started. There also seems to be a nice balance between the various forms small businesses can take (sole proprietor, LLP, LLC, etc.), although I might have liked more information about how they actually differ from each other for tax purposes (not much, really, I guess). I don't know if there are other books specifically for each form, but it may be worth looking into that if you already know what form your small business is going to take.

this book covers many topics for a person that wants to educate him/herself before consulting with a tax advisor. The information is very easy to understand, although some are in-correct or outdated (contribution limit for HSA, for example, they are still using the old formula).

Other than that, the book is a good reference to have. It gives me ideas that I can bring to my CPA and incorporate into our overall tax strategy.

As a small business owner, with little time to read, I appreciate reference books. We have an excellent, albeit, expensive CPA. This book helps me to make better use of my planning time prior to meeting with the accountant.

The table of contents, the index, and the page layout (using two columns per page) make it easy to scan and locate areas of interest.

After reviewing some of the chapters, I also understand more fully why the CPA has directed us in certain ways. Also very good: the book is continually updated. My edition (the 13th) was published 1/2010. Due to Nolo's reputation, I know that I can trust the information provided.

I just wish I had known about this book years ago before opening a business.

This review is for the 2009 completely updated thirteenth edition (released in 2010) of Tax Savvy for Small Business. Written by a tax attorney, this book is an invaluable resource for any small business owner. The author calls the book "Your Tax Savvy Companion." What small business owner doesn't need a tax savvy companion? This is a large well-organized overview of an enormous amount of small business tax information, thankfully written keeping "tax-speak" to a minimum. Tax Savvy serves as a great starting point for any small business.

The book is divided into sections. The first is-- The Basics -- which includes Tax Basics, Deductible Business Expenses, Writing Off Long-Term Assets, Bookkeeping and Accounting, Business Losses and Failures and Tax Concerns of Employers. The second section - The Structure of Your Business includes Sole Proprietorships, C Corporations, S Corporations, Partnerships, Limited Liability Companies and Qualified Personal Service Corporations. Part three -- Thinking Small -includes Family Businesses and Home-Based Businesses. Part four - Fringe Benefits - includes Fringe Benefits and Retirement Plans. Part five - Buying or Selling a Business - includes Buying a Business and Selling or Closing a Sole Proprietorship. Part six - Dealing With the IRS - includes When You Can't Pay Your Taxes, Audits, Appealing IRS Audits, Penalties and Interest, Help Beyond the Book and Answers to Frequently Asked Questions (FAQ). There is also a thorough ten page Glossary where terms are defined along with a comprehensive Index so specific areas of interest may be located quickly.

There are questions, tips, examples and cautions contained in each section which illuminate specific concepts. Questions are answered, issues raised and details are exposed. This information sprinkled throughout each section and chapter educates the reader and makes what is often inaccessible theory applicable to the business owner in clear illustrations.

The "Dealing With the IRS" section is very informative. As a small business owner, I welcome any and all insight into the IRS and how they may view particular tax situations along with audit details including how to negotiate. I also found the FAQ section at the back of the book helpful. The author is quick to note that this book does not replace professional advice. That said, the business owner is more motivated to find deductions and has a greater desire to make decisions to take advantage of any and all legal tax benefits than anyone.

This book will not make the business owner a tax expert, but it will greatly assist in communication with their tax advisor. A harried CPA being seen during their busy tax season might not mention every possibility to a client. And, the client may not think to mention a major upcoming purchase or lease or other significant change to the business. That is the value in a book like this -- and I have read many over the last twenty years that I've been self-employed - better communication with your tax advisor and improved understanding of the tax ramifications of business decisions and how to mitigate or even benefit. Tax Savvy for Small Business is a good solid resource.