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

by Frederick W. Daily (Author) "Every small business owner wants to know how to legally minimize her tax obligations..." (more)
Key Phrases: semiweekly deposit schedule, tax code rules, schedule depositor, Writing Off Business Assets, Tax Concerns of Employers, Internal Revenue Code (more...)

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 out of print or unavailable edition of this title.

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 Press (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: 4.2 out of 5 stars See all reviews (16 customer reviews)
• Amazon.com Sales Rank: #1,013,264 in Books (See Bestsellers in Books)

  Popular in this category: (What's this?)

  #92 in

  Books > Business & Investing > Small Business & Entrepreneurship > Legal Guides

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 (Tax Savvy for Small Business, 5th ed) (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.

26 of 28 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!