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Tax Savvy for Small Business : Year-Round Tax Strategies to Save You Money, 4th ed. Paperback – November, 1999
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.
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 --This text refers to an out of print or unavailable edition of this title.
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I'm not a tax professional. I am a small businessman. I can't always call my CPA with every little question. That would cost a fortune. But for instance, this morning I'm looking at Daily's treatment of "independent contractor" status, a problem that keeps coming back to me time and time again. Is this temp secretary an employee or can I save a few bucks and call her an independent contractor? How about the guy I hire to wash the windows out front every week? The cybergeek kid next door who earns a few extra bucks working on my computers for me?
I do not want to bother my CPA with those questions. But I see here in Chapter 5 an easy to read list of factors I should consider in risking it. I like that. It's easy and I need easy. And there's a hundred other subjects simply covered as well.
I don't want to be a tax pro, that's what my CPA is for. I just want to know enough to talk to my CPA and, at the same time, not always need to call him.
One thing that bugs me about a lot of self-help financial books is you can't find what you're looking for. This book has a good index. That's important to save me time and help me find what I'm looking for. Good index. Good book.
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!
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.
With that being said, this book is a good book if your just starting out, and you want to learn the taxation aspect of a business as far as what you must do according to the IRS and what you could do to lower your taxable income legally. Most new business owners might not be aware of these gold nuggets that are listed here in the book for you to take advantage of.