Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money [Paperback]

Frederick W. Daily (Author)

Book Description

Series: Tax Savvy for Small Business | Publication Date: September 2003

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 $24,000 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 7th edition provides the latest tax breaks, rules, forms and publications. An essential book for entrepreneurs, independent contractors, small-business owners and anyone else making money on their own -- get it today!

Editorial Reviews

Amazon.com Review

No matter what time of year it is, small-business owners and operators must keep atop their tax situation. For more than two decades, author and attorney Frederick Daily has taught entrepreneurs the ins and outs of the tax code and offered suggestions to help them remain in the black and out of hot water with the IRS. The revised third edition of his Tax Savvy for Small Business contains dozens of these tips along with real-life examples that show how they are used in comparable situations. --Howard Rothman --This text refers to an alternate Paperback edition.

Review

A completely invaluable guide... keep this on your bookshelf for future reference. 5 stars (we love it) -- Inc. magazine

This plain-English guide will show you how to make the most of your tax-deductions. -- BusinessWeek

See all Editorial Reviews

Product Details

• Paperback: 352 pages
• Publisher: Nolo (September 2003)
• Language: English
• ISBN-10: 0873379721
• ISBN-13: 978-0873379724
• Product Dimensions: 10.8 x 8.4 x 0.9 inches
• Shipping Weight: 2 pounds
• Average Customer Review: 4.3 out of 5 stars  See all reviews (17 customer reviews)
• Amazon Best Sellers Rank: #1,919,992 in Books (See Top 100 in Books)
  • #100 in Books > Business & Investing > Small Business & Entrepreneurship > Legal Guides

More About the Author

Frederick (Fred) W. Daily is a tax lawyer, writer and lecturer. He is a graduate of the University of Florida and the Florida College of Law. Fred holds a Masters in Law (Taxation) and formerly served on the tax faculty at Golden Gate University in San Francisco.

His practice since 1968 is exclusively devoted to civil and criminal tax and IRS problem resolution. He is "AV" rated by Martindale-Hubbell, the highest rating earned by American attorneys.

Fred is a member of the State of California and Florida Bar Associations, and is admitted to practice before the U.S. Tax Court, U.S. Supreme Court and numerous federal District and Courts of Appeal.

He is the author of tax and small business books, including "Stand Up to the IRS," "Tax Savvy for Small Business, "Surviving an IRS Tax Audit" and "Winning the IRS Game." Two of these titles have continuously been in print since 1992 and 1995, and are updated annually. They are available for sale at major booksellers, Nolo.com and Amazon.com.

Fred's tax commentary has been utilized on software such as Intuit's Quicken and TurboTax and Microsoft Money; his tax advice is posted on Taxattorneydaily.com, Unclefed.com and Nolo.com. He has given tax programs for Enrolled Agents, CPAs, and even IRS agents. Fred attended, and provided data used in the 1998 Senate Finance Committee IRS hearings, that resulted in a sweeping IRS Reform act.

He is regularly quoted in publications including the New York Times, Maxim, U. S. News & World Report, Wall Street Journal, Time, Newsweek, Tax Hotline, Bottom Line, Redbook, Smart Money, and Money. His television appearances include ABC's Good Morning America, Fox's Burden of Proof, CBS's Street Stories; he has appeared on hundreds of local and national radio programs, including NPR's Marketplace.

Customer Reviews

Most Helpful Customer Reviews

23 of 24 people found the following review helpful:

5.0 out of 5 stars Tax Savvy is a Winner!, March 26, 2002

By 

Bobby Covic (Incline Village, NV United States) - See all my reviews

This review is from: Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money (Paperback)

Well, let's get right to the point. This is a stellar small business survival guide and it deserves a+. I've practiced administrative tax law for nearly two decades now and believe me - I've read seemingly everything that comes out in this area of law.

Tax Savvy is well-indexed, fun to read and covers everything any small businessperson might need to know to. Now even "mom and pop" can acquire the tax savvy necessary to generate more bottom-line dollars.

Here's the reason I recommend it to all my business clients: Following Daily's advice takes all the risk out of tax-planning decisions. After all, he's the man who literally wrote the book (Stand Up to the IRS) about "battling the beast". He knows what's legal, safe and sane.

Benefit example: the very first thing I looked up in Mr. Daily's book was in the RETIREMENT PLANS section. Just one paragraph in that section saved me, personally, a literal TON of dough.

This one's a winner for the little guy . . . no ivory tower legalese or attorney mumbo gumbo - just the facts, mam. Plain and simple. Thanks Nolo! This review refers to the paperback edition.

27 of 29 people found the following review helpful:

3.0 out of 5 stars A good book if you know what you're doing, January 16, 1999

By A Customer

This review is from: Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money (3rd ed) (Paperback)

This book is really complete and will be useful to professional tax preparers and those who already know about tax law. It is definitely not for the beginner (which I am) who wants some basic information. I found two other books that were much more applicable for me -- Minding Her Own Business and Small Time Operator. They talk about taxes in a language I can understand.

20 of 22 people found the following review helpful:

4.0 out of 5 stars Excellent overview - concise and to the point., August 11, 2003

By 

Harinath Thummalapalli (Austin, TX United States) - See all my reviews
(REAL NAME)   

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

This guide is different from the many tax guides out there from big names like Ernst & Young, etc. because it is more focussed on small businesses and you get the most relevant information in the most concise fashion. There in lies the limitation of this great book. You may have to refer to the other tax guides if your particular situation is too unique.

But the conciseness and focussed approach was extremely helpful in clarifying a lot of points for me. I had tried reading several of the bigger guides (with three times as many pages as this book) and gotten confused because it was too much information. So when I saw the Nolo guide, I was pleasantly surprised that every topic in the book was relevant to me as a small business owner! It was perfect for my needs. I now started understanding the very same topics I had so much difficulty following in the other books. For example - I was trying to research the differences between S Corporations and LLCs. When I opened this Nolo guide, I went straight to the chapter on LLCs and read the section - Comparing LLCs with Other Entities. In one sentence I knew the difference between these two entities! According to the book, the basic difference being that you can allocate income and expenses disproportionately (to share ownership) in an LLC but not in a S Corporation! Wow! I liked the speed with which I could find this critical piece of information I was researching.

The book is divided into 6 parts - The Basics (Business Income and Tax Deductible Expenses, Recordkeeping and Accounting, etc.), The Form of Your Business (Sole Proprietorships, Partnerships, S Corporations, etc.), Thinking Small (Family Businesses, Microbusinesses and Home-Based Businesses), Fringe Benefits (Retirement Plans etc.), Buying or Selling a Business, and Dealing with the IRS. There isn't a single page that is irrelevant.

If you have very advanced questions, you are better off looking through a bigger book but you would benefit tremendously by reading this book first. It will give you a firm grounding in the basics across the board. Good luck!