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

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

Product Description
Knowing a details as well as outs of a tax formula is critical to a illness of each tiny business. Virtually each preference a commercial operation creates has tax consequences which can start a bottom line — as well as a IRS is regularly watching. Fortunately, Tax Savvy for Small Business provides profitable strategies which will giveaway up your time as well as income for what counts: using your business, as well as using it effectively. It explains how to: *deduct stream as well as capitalized losses *write… More >>

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


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5 Responses to 'Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money'

  1. John Matlock - August 19th, 2010 at 8:17 am

    Taxes related to a small business are complex and even a little bewildering if you haven’t gotten into them before. But as this book says, they’re not rocket science difficult.

    Here in one book is a general introduction to the major business taxes that we all have to face. In addition there are comments based on experience such as: “Few people ever file form 5213 (Election to Postpone Determination that Activity is for Profit), and for good reason. It draws the IRS’s attention and may invite an audit.” This kind of advice is hard to find in real life, but here the author has enough experience in the area to make such statements.

    Most of the book is on the standard kinds of accounting records you’ll need to keep, the limits and philosophies that the IRS follows, etc.
    Rating: 5 / 5

  2. William M. Burbank - August 19th, 2010 at 9:35 am

    As a tax attorney I find this book, a great resource. My practice is very specialized and when I need an overview of areas outside of my specialty, I find Frederick W. Daily’s books to be a great first stop. Taxation of business entities (not my specialty)is arguably the most complex area of the Internal Revenue Code, This book makes these complex principals not only easy to understand, but offers invaluable tax strategies to save big tax $$$$. On more than one occasion I have loaned copies of this book to clients because it does a better job giving an overview of complex concepts in a clear and concise way.

    Marty Burbank, Esq.

    Estate Tax Planning & Asset Protection

    marty@martyburbanklaw.com

    Rating: 5 / 5

  3. Andrew Huynh - August 19th, 2010 at 11:22 am

    I recommend this book to individuals who run a small business or plan to start a small business.

    This is a great book that goes through some tax fundamentals that all small businesses should know. Fredrick Daily has a great talent with translating complicated tax issues into plain English. The book goes through fundamentals areas such as tax basics, deductions, C and S corporations, fringe benefits, and etc.

    At the very least, this book has prompted a look back at how my small business’ tax structure is set up.

    For those who care to save time and money, this is the book for you.
    Rating: 5 / 5

  4. JujubeMBA - August 19th, 2010 at 11:42 am

    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.
    Rating: 3 / 5

  5. Hal Jordan - August 19th, 2010 at 1:05 pm

    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.
    Rating: 4 / 5


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