Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
| Author | : | |
| Rating | : | 4.98 (614 Votes) |
| Asin | : | 0873377184 |
| Format Type | : | paperback |
| Number of Pages | : | 1 Pages |
| Publish Date | : | 0000-00-00 |
| Language | : | English |
DESCRIPTION:
News & World Report, the Miami Herald and the Chicago Tribune. He is the author of Stand Up to the IRS, Tax Savvy for Small Business and Surviving an IRS Audit. He has been featured as a tax expert on Good Morning America, and in publications across the country including Money Magazine, U.S. . Frederick W. Daily is a tax attorney with over 20 years experience helping individuals and small business owners
Knowing the ins and outs of the tax code is vital to the health of every small business. An essential book for entrepreneurs, independent contractors, small-business owners and anyone else making money on their own. 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 expensesWrite off long-term assetsWrite off up to $24,000 of long-term assets each year Compare the advantages of different legal structuresTake advantage of fringe benefits Keep records that will head off trouble with the IRSGet tax breaks from business lossesPay payroll taxes on timeDeduct home-office expensesNegotiate payment plans for late taxes Handle an auditGet IRS penalties and interest reducedMaximize retirement
Nice summary of tax law affecting different entities A Customer Although not the most complete guide (IRS publications give more info for free), it is the first book I have seen which reviews the tax laws as they pertain to different entities - corporations, partnerships, LLCs etc.. "Fred Daily's Book Saved Me [money]" according to A Customer. The material contained in Daily's "Stand Up to the IRS" helped to save me [money] this past year! Now, I just got my copy of "Tax Savvy For Small Business" and here's what I like about it: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 . "Excellent overview - concise and to the point." according to Hari Thummalapalli. 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,
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. No matter what time of year it is, small-business owners and operators must keep atop their tax situation. --Howard Rothman. 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